Cross River State Launches N500m MSME Loan Scheme

Governor Bassey Otu of Cross River State commenced the disbursement of a N500 million loan to support micro, small, and medium enterprises (MSMEs) during a ceremony in Calabar. This initiative is part of Otu's commitment to a people-centered economic philosophy, emphasizing human development over mere GDP metrics.

The loan scheme, developed in partnership with Sterling Bank PLC, is intended as a revolving fund to empower entrepreneurs and create jobs, rather than a one-time grant. Otu highlighted the importance of continuous evaluation and refinement of the program to ensure maximum benefit for the citizens.

The Cross River Microfinance Enterprise Development Agency (CRMEDA) has already trained 2,500 citizens and verified 800 business ventures for support. The first phase of the initiative has disbursed N200 million, with plans to train an additional 1,500 participants across three senatorial districts.

Otu cautioned beneficiaries against misusing the funds, reinforcing that the loans are meant to strengthen business operations and expand capacities.