Gov. Otu Unveils ₦1bn Matching Fund to Empower MSMEs in Cross River

Cross River State Govt. Injects ₦1bn into MSMEs Development.

In a bid to boost economic growth, the Cross River State Government has committed ₦1 billion in matching funds to support the development of Micro, Small, and Medium Enterprises (MSMEs) in the state.

Governor Senator Bassey Otu made the announcement on Wednesday in Abuja during a meeting with a delegation from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), led by Director General/CEO Mr. Charles Odii.

The governor emphasized his administration’s commitment to supporting MSMEs through enterprise training, capacity building, business development support, and access to affordable finance.

The Cross River State Microfinance and Enterprise Development Agency (MEDA) will serve as the implementing agency for the state government.

SMEDAN’s Director General/CEO, Mr. Charles Odii, praised the collaboration, stating it aims to pool resources and strengthen entrepreneurial development services by linking training with finance for the benefit of MSMEs in Cross River State.

The Memorandum of Understanding was signed by Governor Otu, with Cross River State Microfinance and Enterprise Development Agency’s Director General, Mr. Great Ogban Usetu, co-signing on behalf of the state government. SMEDAN’s representatives, Mr. Charles Odii and Mr. Yusuf Salman, also signed the agreement.

The ₦1 billion matching fund collaboration is expected to provide a significant boost to MSMEs in Cross River State, enabling them to access critical resources and support.

Governor Otu emphasized the importance of MSMEs in driving economic growth and job creation, stating that his administration is committed to creating an enabling environment for businesses to thrive.

The partnership with SMEDAN is a key component of the state government’s economic development strategy, aimed at harnessing the potential of MSMEs to drive growth and prosperity.

With the signing of the Memorandum of Understanding, MSMEs in Cross River State can expect to benefit from a range of support services, including training, capacity building, and access to finance.

The collaboration is also expected to strengthen the entrepreneurial ecosystem in the state, providing a platform for innovation and entrepreneurship to flourish.

As the state government continues to implement its economic development plans, the partnership with SMEDAN is seen as a critical step towards achieving the goal of making Cross River State a hub for MSMEs in Nigeria.