The Cross River State Government has begun disbursing a ₦500 million loan facility to micro, small, and medium enterprises (MSMEs), in a bold move aimed at stimulating grassroots economic growth and placing citizens at the centre of governance.
The initiative was formally launched during the State Business Community Engagement and Loan Disbursement ceremony in Calabar, where the government outlined its renewed commitment to redefining economic progress through direct human impact.
Governor Bassey Otu, represented by the Speaker of the State House of Assembly, Elvert Ayambem, said the programme reflects a strategic departure from conventional economic measurements toward a more inclusive development model.
He recalled that during the presentation of the 2025 appropriation bill, his administration made it clear that reliance on Gross Domestic Product (GDP) alone would no longer suffice as a measure of progress.
More Read
“Beginning from 2026, we are embracing the Human Development Index as a more realistic indicator—one that ensures growth is felt in the daily lives of our people,” the governor stated. “Our goal is simple: policies that translate into fuller tables, thriving businesses, and dignified livelihoods.”
Describing the loan scheme as a cornerstone of the state’s evolving economic framework, Otu noted that the intervention—developed in partnership with Sterling Bank Plc—is designed to go beyond financial assistance.
“This is not just funding; it is a deliberate economic safety net aimed at boosting productivity, igniting entrepreneurship, and sustaining income-generating ventures across our communities,” he said.
More Read
He reiterated that the primary responsibility of government remains the welfare of its citizens, stressing that all programmes under his administration must deliver measurable human benefits.
“Government exists because of the people. Therefore, investing in them is not optional—it is essential. The people come first in our decisions and actions, and that principle will continue to guide us,” he added.
The governor further assured that the loan programme would be closely monitored, with adjustments made where necessary to ensure sustainability and maximum impact.
Highlighting complementary initiatives, Otu commended the State Microfinance and Enterprise Development Agency (CR-MEDA) for its role in strengthening enterprise development. According to him, more than 2,500 individuals have already received training through the Enterprise Development Centre, with over 800 businesses verified and positioned to benefit from financial support.
He also disclosed progress under the Retiree Entrepreneurship Development Initiative (REDI), revealing that ₦200 million has been disbursed to 500 retirees. Plans are underway to train and empower an additional 1,500 beneficiaries across the state’s three senatorial districts.
More Read
In his remarks, the Director General of CR-MEDA, Great Ogban, emphasized that the facility is a revolving loan scheme and not a grant, urging beneficiaries to utilize the funds judiciously.
“This is not for personal consumption—it is business capital,” Ogban cautioned. “It is meant to strengthen your operations, expand your capacity, create jobs, and contribute meaningfully to the state’s economy.”
The event reached its climax with the presentation of cheques to selected beneficiaries, symbolizing not just the release of funds but also a renewed sense of hope and confidence among entrepreneurs.
For many recipients, the initiative represents more than financial support—it is a clear signal that the government is committed to empowering local businesses and fostering sustainable economic growth from the ground up.
