Cross River To Benefit From Presidential MSME Support Funds

The Cross River State Government has enthusiastically welcomed the Federal Government’s Two Hundred Billion Naira Presidential Grants and Loans Scheme for Micro, Small and Medium Enterprises (MSMEs), recognizing its potential to significantly boost the state’s economy.

His Excellency, Sen. Apostle Bassey Edet Otu, who was represented by the Commissioner for Wealth Creation and Employment, Hon. Paddy Egbede, reiterated the state Government’s dedication to sustainable business growth. He emphasized the state’s ongoing efforts in capacity-building and financial aid for MSMEs, highlighting the scheme’s ability to unlock substantial opportunities for Cross Riverians and build upon the state’s growing appeal as an investment destination.

Minister of State for Industry, Senator John Owan Enoh, encouraged entrepreneurs to register and apply, stressing that Nigeria’s economic strength lies in entrepreneurship. He assured continued government support and urged the BOI to prioritize Cross River State in fund disbursement, promising a future visit to launch successful ventures.

Presidential Special Adviser on Job Creation and MSMEs, Mr. Tola Adekunle-Johnson and BOI Managing Director, Dr. Olasupo Olusi, commended the entrepreneurial drive in Cross River, affirming 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, hailed the initiative as a transformative step towards making Cross River a hub of innovation, moving beyond a primarily civil-service based economy. He expressed optimism that the BOI scheme would rectify past neglect of the state’s MSME sector and highlighted MEDA’s goals to train 20,000 MSMEs and empower 5,000 by 2027, viewing the BOI scheme as a vital catalyst.

“This initiative perfectly supports our strategic goal of transforming Cross River into a dynamic center for innovation and enterprise, away from a civil service-dependent economy,” Mr. Ogban concluded.