The Minister of State for Industry, Trade and Investment has unveiled a ₦500 million intervention fund designed to empower more than 1,000 entrepreneurs, artisans, and small business operators in Cross River State.
Announcing the initiative in Calabar, the minister explained that the scheme is a personal project distinct from existing federal and state programmes. He said the goal is to strengthen the backbone of the local economy by supporting micro, small, and medium enterprises with direct grants that can stimulate job creation and improve livelihoods.
Beneficiaries will include both registered businesses and informal sector operators such as welders, food vendors, and roadside mechanics. Depending on their business needs, they will access between ₦100,000 and ₦500,000 each. Unlike loan schemes that require repayment, the minister stressed that this support is structured as a grant to allow entrepreneurs to focus on growth without the burden of debt.
To ensure accountability, an implementation committee has been set up to oversee the selection and disbursement process. A member of the committee assured that transparency will guide the exercise, adding that successful applicants must undergo a one-week entrepreneurship training programme before receiving their funds. This requirement, he said, is aimed at equipping beneficiaries with business skills that can guarantee long-term sustainability.
Application will take place through dual channels. Formal businesses can apply online via the dedicated portal hmindustry.ng, while artisans and informal operators will access physical application forms across the 18 local government areas of the state.
The minister also acknowledged the recent ₦1 billion counterpart fund launched by the state government in partnership with the Bank of Industry, describing it as a complementary effort that will widen access to finance for small businesses and reduce dependence on scarce government jobs.
Stakeholders at the event noted that such interventions could mark a turning point for Cross River’s economy if properly implemented. They emphasised that supporting MSMEs not only strengthens household incomes but also drives local production, creates employment, and expands opportunities for young people.
With unemployment and underemployment still posing challenges in the state, the ₦500 million intervention is expected to provide immediate relief for small-scale operators and set the stage for broader economic inclusion.
