Cross River State has thrown its weight behind the Federal Government’s ₦200 billion Presidential Grants and Loans Scheme for Micro, Small, and Medium Enterprises (MSMEs), describing it as a game-changer for sustainable economic development, not just in Nigeria, but across Africa.
Speaking on behalf of Governor Bassey Edet Otu, Commissioner for Wealth Creation and Employment, Paddy Egbede, reaffirmed the state’s commitment to building a thriving MSME ecosystem through capacity development and financial support.
“This initiative presents a golden opportunity for entrepreneurs in Cross River and positions the state as a rising hub for investment and enterprise,” Egbede said.
At a stakeholder engagement session, Nigeria’s Minister of State for Industry, Senator John Owan Enoh, urged MSMEs across the continent to seize the opportunity by registering and applying for the scheme. He emphasized that “Africa’s economic future lies in the hands of entrepreneurs,” and reassured businesses of continued government support.
Enoh also called on the Bank of Industry (BOI) to give special consideration to Cross River in its disbursement plans. “The impact here can set the tone for MSME transformation across the country,” he noted, revealing plans for a personal visit to monitor the initiative’s rollout.
Special Adviser on Job Creation and MSMEs, Mr. Tola Adekunle-Johnson, alongside BOI Managing Director, Dr. Olasupo Olusi, praised the resilience and drive of Cross River’s entrepreneurs. Both reiterated that the scheme supports President Tinubu’s Renewed Hope Agenda, which focuses on inclusive economic growth and digital transformation.
Director-General of the Cross River State Microfinance and Enterprise Development Agency (MEDA), Mr. Great Ogban, described the initiative as a pivotal turning point.
“For too long, Cross River’s economy has leaned heavily on the civil service. This fund empowers us to shift toward a dynamic, innovation-driven economy,” Ogban said.
MEDA is targeting the training of 20,000 MSMEs and empowering 5,000 businesses by 2027. Ogban highlighted the BOI scheme as a strategic driver of that vision, aiming to create long-term jobs and attract tech-forward investments to the state.
