The Cross River State Government has disbursed N250 million in grants to 500 retirees under its Retiree Entrepreneurship Development Initiative (REDI).
At a ceremony held in Calabar on Wednesday, Governor Bassey Otu, represented by Deputy Governor Peter Odey, awarded N500,000 each to the beneficiaries to support the launch of micro and small-scale enterprises. The initiative, he noted, reflects the administration’s People First agenda, focused on human capital development and economic inclusion.
“This government recognises the value of our retirees and seeks to reintegrate them into productive life,” said Otu. “REDI combines skills training with funding support to help retirees transition from public service to private enterprise.”
The program, which began with 500 retirees who completed entrepreneurship training in June, is set to expand into the Central and Northern Senatorial Districts with an additional 1,000 beneficiaries.
The Director-General of the state’s Microfinance and Enterprise Development Agency (MEDA), Mr Great Ogban, praised the initiative as a “seed for economic revival,” stating that these businesses will not only empower individuals but also generate jobs and stimulate community-level growth.
Governor Otu also highlighted ongoing efforts to improve retiree welfare, including the harmonisation of pensions, clearing a backlog of gratuities from 14 to 4 years, and the establishment of Senior Citizens Centres in Calabar, Ikom, and Ogoja.
One of the beneficiaries, Ms Florence Oluohu, expressed gratitude: “This is a new lease of life. Many of us now have the resources and skills to start something meaningful.”
REDI is seen as a pioneering model in Nigeria for integrating retirees into the MSME space and promoting sustainable livelihoods post-service.
