News Editor
By David Odama
The minister of state for Industry, Trade and investment, Senator John Owan Enoh has vowed to grow businesses and boost economic activities in Cross River State.
This is even as the minister has boost scheme with the launched of a N500 million Micro, Small and Medium Enterprises (MSMEs) support fund to assist entrepreneurs and artisans across the state return to small businesses, take the unemployed youths off the streets and make the useful to themselves and the society at large. .
The Minister who made the unveiling at a press conference in Calabar Friday, said the MSME fund, which is a personal initiative I’d different from the federal and state government programmes, targeting at over 1,000 beneficiaries in its initial phase.
Speaking during the launch, Senator Owan-Enoh stressed that the intervention is a grant, not a loan, intended to stimulate economic growth, create jobs, and help young people and artisans build sustainable livelihoods rather than being diverted for political or short-term expenses.
The initiative, according to him, aligns with federal government efforts to boost industry and manufacturing, with the current administration allocating N500 billion in the 2025 budget to the Bank of Industry (BoI) for MSME lending at single-digit interest rates. “Governor Bassey Otu of Cross River State has also contributed a N1 billion counterpart fund to BoI, creating a matching facility to further support small businesses in the state,” he said.
“The programmes is initiated and designed to support both formal and informal business operators, with formal businesses applying online and informal sector workers such as artisans, welders, food vendors, and roadside mechanics receiving printed application forms distributed across the 18 local government areas of the state”.
“In a country of over 220 million people, MSMEs remain the engine of growth. This effort, though modest, will help our people realize that not everyone must wait for government jobs. Industry and entrepreneurship remain the future of employment,” he stated.
The Minister highlighted his recent visits to free trade zones in Lagos and Cross River, and tertiary institutions where the National Automotive Design and Development Council (NADDC) is setting up Automotive Training Centres. These projects, coupled with the MSMEs fund, he emphasized, “aim to build a strong private sector and reduce reliance on government employment”, Senator Enoh declared.
Agba Jalingo, an activist and journalist representing the implementation committee, assured that the funds would be managed transparently.
He said that the programme will run in four batches, each supporting 150 formal sector beneficiaries and 325 informal sector beneficiaries distributed evenly across the 18 local government areas.
He also explained that beneficiaries will receive between N100,000 and N500,000 after completing a compulsory one-week entrepreneurship training conducted across the three senatorial districts.
“This is not government money; it is a private initiative of the Minister. Not a dime will be stolen. Our duty is to ensure every kobo goes directly to the people who need ii. Applications can be submitted online at hmindustry.ng, with physical forms available for artisans and small-scale operators without internet access,” he said.
