By Our Reporter
CALABAR (CONVERSEER) – The Minister of State for Industry, Trade and Investment, Senator John Owan-Enoh, has unveiled a N500 million Micro, Small and Medium Enterprises (MSMEs) intervention fund targeted at entrepreneurs and artisans in Cross River State.
The Minister made the announcement on Friday, during an interactive session with journalists at the Nigeria Union of Journalists (NUJ) Press Centre in Calabar.
He said the MSMEs intervention fund, a personal initiative separate from federal and state government programs, is designed to empower both formal and informal business operators across the state.
According to him, the initiative was born out of a “sincere commitment and responsibility to society” and aims to support over 1,000 beneficiaries in its initial phase.
He explained that while formal businesses would access funds through an online platform, informal sector operators such as artisans, welders, food vendors, and roadside mechanics would be reached through printed application forms distributed across the 18 local government areas.
“This intervention is a grant, not a loan. It is meant to grow our economy, create jobs and help young people and artisans build sustainable livelihoods, not to be diverted for politics or immediate consumption like paying rent,” the Minister stressed.
He disclosed that the programme aligns with ongoing federal efforts to boost industry and manufacturing, recalling that the current administration earmarked ₦500 billion in the 2025 budget for the Bank of Industry (BoI) to maintain single-digit interest lending to MSMEs.
He also commended Governor Bassey Otu for providing a N1 billion counterpart fund to BoI, enabling a matching facility that would further support small businesses in the state.
Highlighting his engagements before arriving in Calabar, the Minister said he had visited free trade zones in Lagos and Cross River, as well as tertiary institutions where the National Automotive Design and Development Council (NADDC) is establishing Automotive Training Centres.
He noted that such projects, coupled with the MSME intervention, would “help Cross River build a strong private sector base and reduce dependence on government jobs.”
“In a country of over 220 million people, MSMEs remain the engine of growth. My hope is that this effort, though modest, will help our people realise that not everyone must wait for government jobs. Industry and entrepreneurship remain the future of employment,” he said.
Speaking on behalf of the implementation committee, activist and journalist Agba Jalingo assured that the funds would be transparently managed. He explained that the programme would run in four batches, with 150 beneficiaries from the formal sector and 325 from the informal sector in each batch, evenly distributed across the 18 LGAs.
Beneficiaries, he added, would receive between N100,000 and N500,000 each, depending on the category, after undergoing a compulsory one-week entrepreneurship training organised across the three senatorial districts.
“This is not government money; it is a private initiative of the Minister. Not a dime will be stolen. Our duty is to ensure that every kobo goes directly to the people who need it most,” Jalingo assured.
He further disclosed that the official website for applications is www.hmindustry.ng, while physical forms would be made available for artisans and small-scale operators who cannot access the internet.
The Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA), the Microfinance and Enterprise Development Agency (MEDA), and other stakeholders were also present at the unveiling, pledging support to ensure the success of the initiative.
