Cross River Governor Disburses N500m Business Loans

On Friday, Governor Bassey Otu of Cross River State announced the disbursement of N500 million in business loans aimed at supporting entrepreneurs across the state. This initiative is part of the administration's commitment to strengthen the economy and improve household livelihoods.

During the event in Calabar, Otu highlighted the strategic shift from relying solely on gross domestic product to prioritizing human development indices that directly impact families. The state’s Medium Enterprises Development Agency has trained 2,500 citizens through enterprise development centers, with 800 businesses verified for financial support.

Earlier, N250 million was disbursed to 500 beneficiaries as part of an entrepreneurship development initiative. The governor also mentioned a N2 billion rolling fund in partnership with banks to support micro, small, and medium enterprises at single-digit interest rates.

Additionally, 50 women entrepreneurs received grants ranging from N200,000 to N1 million. Otu commended Great Ogban, the Director General of the Microfinance Enterprises Development Agency, for his contributions to empowering entrepreneurs in the state.