Nigeria Minister highlights MSME interventions in Cross River

Senator John Owan-Enoh, Nigeria’s Minister of State for Industry, has emphasized the critical role of Micro, Small and Medium Enterprises (MSMEs) in national economic growth. During a Manufacturing and MSME Support Roundtable in Calabar, the minister noted that MSMEs constitute approximately 96% of Nigerian businesses, contributing 48% to the country’s Gross Domestic Product and 87% to employment.

Great Ogban, Director-General of the Cross River State Micro Enterprise Development Agency (MEDA), reported that over 5,350 local entrepreneurs in Cross River State have benefited from various empowerment programs. These interventions include direct cash grants, skill acquisition, and capacity-building initiatives. Specific support includes training provided by SMEDAN for 2,500 participants and a separate program benefiting 2,000 individuals, with 500 recipients accessing grants of N500,000 each.

The federal government has established a N200 billion MSME intervention program involving agencies such as the Bank of Industry, NEXIM Bank, and SMEDAN to provide financing and grants to nano businesses and manufacturers.