Cross river: More than 1,000 micro, small, and medium-sized enterprises (MSMEs) in Cross River State, southern Nigeria, are set to receive financial support aimed at boosting business growth and creating employment. The programme, spanning all 18 local government areas of the state, will provide beneficiaries not only with funding but also with technical assistance from strategic partners, including the National Automotive Design and Development Council (NADDC) and the state-owned Microfinance and Enterprise Development Agency (MEDA).
According to Voice of Nigeria, Nigeria’s Minister of State for Trade and Industry, Senator John Owan-Enoh, launched the funding scheme tagged ‘JOE-MSME Support Initiative’, which is meant to provide grants to the selected beneficiaries as a private intervention for small businesses. Senator Owan-Enoh emphasized the importance of the financial support in lifting struggling nano, micro, small and medium-scale businesses out of economic doldrums and contributing to the expansion of the Cross River State and Nigerian alternative economy.
‘The JOE-MSME Initiative I have unveiled today was driven by a sincere commitment and responsibility to society. The presence of stakeholders in the growth of the nation’s economy at this unveiling is a testament to the importance of building the Cross River private sector,’ he stated. The Minister of State reiterated the significance of micro, small and medium enterprises to economic growth, maintaining that private sector industries and manufacturing remained the greatest employers of labour globally.
Owan-Enoh further acknowledged the deliberate interventions of the Nigerian President Bola Tinubu and Governor Bassey Otu of Cross River State geared towards MSMEs development and imbuing entrepreneurial spirit in the unemployed. He expressed hope that his contribution to the initiative would complement the efforts already made by President Tinubu and Governor Otu in supporting various business categories.
Senator Owan-Enoh also disclosed that renowned journalist and social activist Agba Jalingo has been given the mandate to select the beneficiaries for the intervention across the state. He emphasized the necessity of maintaining a non-political approach in the selection process and condemned practices where individuals resell starter packs or equipment for cash, which often leads to further economic hardships.
In a brief remark, the JOE-MSME Support Initiative team lead, Comrade Jalingo, explained that there were two beneficiary categories with four grant award batches carefully documented in the available forms published on its website. He highlighted that one major criterion for selection is for beneficiaries to indicate the place of business premises rather than the state or local government of origin.