From left, The CRS NUJ Chairman, Comrade Archibong Bassey, Minister for State, Investment Trade and Industry, Sen. John Owan-Enoh, and Comrade Agba Jalingo
By Ita Williams, Calabar
In a move aimed at promoting economic development, the Minister of State for Industry, Trade, and Investment, Senator John Owan-Enoh has floated a new N500 million Micro, Small, and Medium Enterprises (MSMEs) intervention fund specifically tailored for entrepreneurs and artisans in Cross River State.
He announced this on Friday, August 29, during a media briefing with journalists at the Nigeria Union of Journalists (NUJ) Ernest Etim Bassey Press Centre in Calabar.
“This initiative is more than just numbers; it’s about fostering growth and empowering those who drive our local economies,” Enoh stated.
He stressed that this fund represents a personal initiative distinct from existing federal and state government programmes and is designed to assist both formal and informal business operators throughout the state.
The Minister elaborated that the initiative is forged out of a “sincere commitment and responsibility to society,” aiming to impact over 1,000 beneficiaries in its initial phase.
“Our goal is to create opportunities for those who have been sidelined in the traditional job market,” he said, adding that, those running formal businesses, the access to funds will be facilitated through an online platform, while informal sector operators, including artisans, welders, food vendors, and roadside mechanics, will receive printed application forms available across the 18 local government areas of the state.
“This intervention is a grant, not a loan. It is designed to foster economic growth, create jobs, and aid young people and artisans in building sustainable livelihoods”, he said.
Enoh advised that the funds should not be misused for political motives or immediate consumption like paying rent.
The programme, according to the Minister, aligns seamlessly with the federal government’s ongoing efforts to uplift the manufacturing and industrial sectors in Nigeria.
He noted that the current administration has allocated ₦500 billion in the 2025 budget for the Bank of Industry (BoI) to ensure single-digit interest lending to MSMEs.
Expressing gratitude, Enoh commended the State Governor, Senator Bassey Otu for earmarking a N1 billion counterpart fund to the BoI, thus establishing a matching facility to further support small businesses in the region, noting that, “this partnership is pivotal in strengthening our local economy”.
Earlier, Enoh outlined his engagements, including visits to free trade zones in Lagos and Cross River, as well as several tertiary institutions where the National Automotive Design and Development Council (NADDC) is in the process of establishing Automotive Training Centres.
These projects, he argued, alongside the MSME intervention, are integral in cultivating a robust private sector base in Cross River, thereby reducing dependence on government jobs.
“In a country with over 220 million people, MSMEs serve as the engine of growth. My hope is that with these efforts—however modest—they will help our people understand that they do not always have to wait for government jobs. Industry and entrepreneurship are the future of employment,” the Minister maintained.
To ensure accountability in the process, a journalist and an activist who is also known to be a whistle-blower in the state, Comrade Agba Jalingo, represented the implementation committee of the initiative, and gave provided assurances of transparent management of the funds.
He said that the programme will unfold in four batches, with plans to distribute 150 beneficiaries from the formal sector and 325 from the informal sector in each iteration across the state’s local government areas.
For those seeking to apply, Jalingo confirmed that the official website for the applications www.hmindustry.ng, and physical forms will be made available for artisans and small-scale operators who may lack internet access.
On hand to support the initiative were representatives from the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA), the Microfinance and Enterprise Development Agency (MEDA), and other stakeholders who pledged their support for the successful implementation of the initiative.
