Cross River State is set to roll out a ₦500 million loan scheme aimed at supporting small businesses across all 18 local government areas, in a move to strengthen local enterprise and drive economic growth at the grassroots.
The initiative, being implemented through the Cross River State Microfinance and Enterprise Development Agency (MEDA), is designed to provide direct financial support to Micro, Small and Medium Enterprises (SMEs), enabling them to scale operations, improve productivity, and create jobs within their communities.
According to the Director General of MEDA, Mr. Great Ogban, the programme is part of Governor Bassey Edet Otu’s broader economic agenda focused on empowering indigenous entrepreneurs and stimulating economic activity across the state.
He noted that beneficiaries were carefully selected through a rigorous screening process to ensure that credible business owners from all 18 local government areas are included.
“Our goal is to move nano-enterprises to micro, and small businesses to medium-scale giants,” Ogban said, stressing that the intervention is structured to deliver long-term business growth rather than short-term relief.
He further described the scheme as a strategic investment in the capacity and potential of local entrepreneurs.
“This ₦500 million fund is not just a loan; it is an investment in the ingenuity of our people and a testament to the government’s commitment to building an enterprise-driven state,” he added.
The programme is also expected to complement ongoing efforts to improve the business environment through targeted policies and infrastructure development.
