The Cross River State Government has entered into a significant collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) by signing a ₦1 billion Matching Fund Agreement aimed at boosting the development of Micro, Small, and Medium Enterprises (MSMEs) within the state.
The agreement was formalized on Wednesday in Abuja, where Cross River State Governor, Senator Bassey Otu, hosted a delegation from SMEDAN, led by its Director General/Chief Executive Officer, Mr. Charles Odii. Governor Otu emphasized his administration’s unwavering commitment to supporting the growth and development of both new and existing MSMEs in Cross River State. He highlighted that the state would focus on providing enterprise training, capacity building, business development support at the Cross River State Entrepreneurship Development Center (CRSEDC), and access to affordable finance, along with rigorous monitoring and evaluation.
Governor Otu also announced that the Cross River State Microfinance and Enterprise Development Agency (MEDA) would serve as the special purpose vehicle (SPV) to implement this initiative on behalf of the state government, ensuring effective and targeted use of the fund.
In his remarks, SMEDAN’s Director General, Mr. Charles Odii, noted that the collaboration aims to pool resources and enhance entrepreneurial development services in Cross River State. The initiative seeks to link entrepreneurial training with access to finance, thereby fostering the overall development of Nano, Micro, Small, and Medium Enterprises (NMSMEs) in the region.
The Memorandum of Understanding (MoU) was signed by Governor Bassey Otu, with Mr. Great Ogban Usetu, the Director General of Cross River State Microfinance and Enterprise Development Agency, co-signing on behalf of the state. Representing SMEDAN were Mr. Charles Odii and the agency’s legal officer, Mr. Yusuf Salman.
This partnership underscores a shared vision between the Cross River State Government and SMEDAN to promote economic growth through the empowerment of MSMEs, which are vital to the state’s and nation’s economic landscape.
