The Cross River State Governor, Bassey Otu, has reaffirmed his administration’s commitment to strengthening businesses and improving household livelihoods with the disbursement of N500 million in loans to entrepreneurs across the state.
Represented by the Speaker of the State House of Assembly, Elvert Ayambem, the governor, said the intervention forms part of deliberate efforts to build economic resilience and promote inclusive growth.
Speaking at the event on Friday in Calabar, he noted that the administration has adopted a strategic shift from relying solely on Gross Domestic Product indicators to prioritising the Human Development Index as a more practical measure of development that directly impacts families.
“This administration has adopted a strategic shift from relying solely on Gross Domestic Product indicators to prioritising the Human Development Index as a more practical measure of development that directly impacts families,” Otu said.
He disclosed that through the State Medium Enterprises Development Agency, over 2,500 citizens have been trained at the Enterprise Development Centre, while about 800 businesses have been verified for financial support.
He further revealed that N250 million had earlier been disbursed to 500 beneficiaries under the Retiree Entrepreneurship Development Initiative, with another phase scheduled to train and empower 1,500 participants from across the three senatorial districts.
“Over 2,500 citizens have been trained at the Enterprise Development Centre, while about 800 businesses have been verified for financial support.
“There is another phase scheduled to train and empower 1,500 participants from across the three senatorial districts,” he added.
The governor also highlighted the establishment of a N2 billion rolling fund in partnership with the Bank of Industry to support Micro, Small and Medium Enterprises at single-digit interest rates, noting that 50 women entrepreneurs had received grants ranging from N200,000 to N1 million through collaboration with NEXIM Bank.
Describing the N500 million funding scheme being implemented with Sterling Bank as part of the state’s economic safety net, Otu emphasised that strengthening businesses would translate into stronger households and sustainable economic growth.
He commended the Director-General of the Microfinance and Enterprise Development Agency, Mr Great Ogban, for his dedication and outstanding performance in driving enterprise development and supporting the government’s economic initiatives.
The governor noted that Ogban’s commitment to duty has contributed significantly to strengthening small businesses and empowering entrepreneurs across the state.
He urged beneficiaries to invest the funds in viable ventures that would improve their living standards and contribute meaningfully to the overall development of Cross River State.
“I want to urge beneficiaries to invest the funds in viable ventures that would improve their living standards and contribute meaningfully to the overall development of Cross River State,” he added.
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