The Cross River State Government has disbursed N500 million to support 1,500 entrepreneurs as part of efforts to stimulate small businesses and improve household livelihoods across the state.
Governor Bassey Edet Otu said the intervention underscores his administration’s commitment to building a resilient economy driven by inclusive and people-centred policies.
The governor, who was represented by the Speaker of the Cross River State House of Assembly, Elvert Ayambem, at the Business Community Engagement and Loan Disbursement Programme held in Calabar, noted that the initiative forms part of deliberate steps to strengthen Micro, Small and Medium Enterprises.
He explained that the state government was shifting from reliance on Gross Domestic Product indicators to the Human Development Index as a more practical benchmark for measuring development outcomes that directly impact citizens.
According to him, over 2,500 residents have already been trained through the state’s enterprise development programmes, while about 800 businesses have been verified for financial support.
Otu further disclosed that N250 million had earlier been disbursed to 500 beneficiaries under the Retiree Entrepreneurship Development Initiative, adding that another phase of the programme would train and empower 1,500 participants across the three senatorial districts.
The governor also highlighted the establishment of a N2 billion rolling fund in partnership with the Bank of Industry to provide single-digit interest loans to small businesses.
He added that 50 women entrepreneurs had benefited from grants ranging from N200,000 to N1 million through collaboration with the Nigerian Export-Import Bank.
Describing the N500 million scheme implemented in partnership with Sterling Bank as part of the state’s economic safety net, Otu said strengthening businesses would ultimately translate into improved living standards for residents.
He commended the Director-General of the Microfinance and Enterprise Development Agency, Great Ogban, for his role in driving enterprise support initiatives in the state.
The governor urged beneficiaries to invest the funds in viable ventures capable of generating income, creating jobs, and contributing to the overall development of Cross River State.
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