The Cross River State Government has disbursed N500 million in business loans to entrepreneurs as part of a broader strategy to strengthen small businesses and improve household livelihoods across the state.
The intervention, unveiled during the Cross River State Business Community Engagement and Loan Disbursement Programme at Hogis Royale, reflects a deliberate policy direction aimed at building economic resilience through enterprise support. Governor Bassey Edet Otu, represented by the Speaker of the State House of Assembly, Rt. Hon. Elvert Ayambem, described the initiative as a practical response to the economic realities facing citizens.
According to Ayambem, “this intervention forms part of deliberate efforts to build economic resilience and promote inclusive growth,” stressing that the administration is focused on ensuring that economic policies translate into real benefits for families and local businesses.
He further explained that the government is shifting away from relying solely on Gross Domestic Product metrics and is instead prioritising the Human Development Index as a more accurate measure of progress. “We are adopting a people-centred approach that directly impacts households and improves livelihoods,” he said.
The loan disbursement is backed by ongoing investments in enterprise development. Through the State Medium Enterprises Development Agency, over 2,500 individuals have received training at the Enterprise Development Centre, while about 800 businesses have been screened and verified for financial support. Ayambem also disclosed that “N250 million had earlier been disbursed to 500 beneficiaries under the Retiree Entrepreneurship Development Initiative,” with plans underway to train an additional 1,500 participants across the state’s three senatorial districts.
Beyond the current loan scheme, the state has established a N2 billion rolling fund in partnership with the Bank of Industry to provide Micro, Small and Medium Enterprises with access to single-digit interest financing. The Governor also noted that targeted support has been extended to women entrepreneurs, with “50 women receiving grants ranging from N200,000 to N1 million through collaboration with NEXIM Bank.”
Describing the N500 million facility implemented with Sterling Bank as part of the state’s economic safety net, the Governor emphasised that strengthening businesses would ultimately lead to stronger households.
He also commended the Director-General of the Microfinance and Enterprise Development Agency, Mr. Great Ogban, for his role in driving enterprise support, while urging beneficiaries to invest the funds in viable ventures that will improve their living standards.
