The Cross River State government has expressed support for the Federal Government’s N200 billion Presidential Grants and Loans Scheme aimed at Micro, Small and Medium Enterprises (MSMEs), highlighting its potential to significantly enhance the state’s economy.
Senator Apostle Bassey Edet Otu, represented by the state Commissioner for Wealth Creation and Employment, Paddy Egbede, reaffirmed the state government’s commitment to fostering sustainable business development.
He noted the ongoing initiatives focused on capacity-building and financial support for MSMEs, pointing out that the scheme creates valuable opportunities for residents of Cross River State and further establishes the state as an attractive investment location.
Minister of State for Industry, Senator John Owan Enoh, urged entrepreneurs to register and apply for the programme, emphasising that Nigeria’s economic strength is rooted in entrepreneurship.
He promised continued government’s backing and encouraged the Bank of Industry (BOI) to prioritise Cross River State in allocating funds, with a future visit planned to support successful initiatives.
Special Adviser on Job Creation and MSMEs, Mr. Tola Adekunle-Johnson, alongside with BOI Managing Director, Dr. Olasupo Olusi, praised the entrepreneurial spirit in Cross River and confirmed the scheme’s alignment with the Renewed Hope Agenda.
Director-General of the Cross River State Microfinance and Enterprise Development Agency (MEDA), Mr. Great Ogban lauded the initiative as a crucial step towards transforming Cross River into an innovation hub, moving away from a primarily civil service-driven economy.
He expressed hope that the BOI scheme will address the historical neglect of the state’s MSME sector, with MEDA aiming to train 20,000 MSMEs and empower 5,000 by 2027, viewing the BOI scheme as a key driver for the transformation.
“This initiative aligns perfectly with our strategic objective of developing Cross River State into a vibrant centre for innovation and enterprise, reducing reliance on a civil service economy,” Ogban added.
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