Senator John Enoh, the Minister of State for Industry, Trade and Investment, has launched a N500 million intervention fund aimed at bolstering micro, small, and medium enterprises (MSMEs) in Cross River State. This substantial investment is a personal initiative of the Minister, separate from existing federal and state government programs, designed to empower both formal and informal business operators across the state. The fund is structured as a grant, not a loan, effectively removing the burden of repayment and encouraging sustainable growth and development among recipients. This approach underscores the Minister’s commitment to fostering economic empowerment and creating a more robust and dynamic business landscape within the state.
The intervention is strategically designed to reach a diverse range of businesses, encompassing both established entities and informal sector operators. Formal businesses will have access to the funds through a dedicated online platform, ensuring efficient and accessible application procedures. Meanwhile, informal sector operators, including artisans, welders, food vendors, and roadside mechanics, will be accommodated through printed application forms distributed across all 18 local government areas within the state. This dual approach ensures inclusivity, acknowledging the varying levels of technological access among the target beneficiaries. The initiative aims to support over 1,000 beneficiaries in its initial phase, demonstrating a significant commitment to impacting a substantial number of businesses and individuals.
Crucially, the Minister emphasized that the fund is intended for business development and growth, not for personal expenses or political activities. Beneficiaries are expected to utilize the funds to enhance their operations, expand their businesses, and create new employment opportunities. This focus on sustainable economic activity aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, emphasizing the importance of economic reforms and the revitalization of key sectors like industry and manufacturing. The initiative complements national economic strategies and aims to contribute to the overall growth and prosperity of the nation.
The implementation committee, headed by activist and journalist Agba Jalingo, has pledged to ensure transparent and accountable management of the fund. The distribution will be conducted in four batches, with each batch comprising 150 beneficiaries from the formal sector and 325 from the informal sector. This phased approach allows for careful monitoring and evaluation of the program’s impact. The beneficiaries will be selected from across all 18 local government areas, ensuring equitable distribution of resources and maximizing the reach of the initiative across the state. This balanced distribution contributes to inclusive growth and avoids concentration of resources in specific areas.
Each beneficiary will receive between N100,000 and N500,000, depending on their business category and needs. However, before receiving the grant, beneficiaries are required to complete a one-week entrepreneurship training program. This training, organized across the three senatorial districts of Cross River State, aims to equip recipients with the necessary skills and knowledge to effectively manage their businesses and maximize the impact of the grant. By investing in training, the program emphasizes sustainable development and empowers beneficiaries to utilize the funds effectively.
The program has garnered significant support from various stakeholders, including the Calabar Chamber of Commerce, Industry, Mines and Agriculture, and the Microfinance and Enterprise Development Agency. These organizations have pledged their commitment to ensuring the success of the initiative, recognizing its potential to significantly impact the local economy and stimulate entrepreneurial activity. The collaboration between government, private sector, and civil society actors reinforces the program’s comprehensive approach to economic development and community empowerment. The launch of the hmindustry.ng website provides a digital platform for formal businesses to apply for the grant, further enhancing accessibility and efficiency. The provision of physical forms for informal sector operators ensures that everyone has an equal opportunity to benefit from the initiative, regardless of their level of internet access. This multi-faceted approach reinforces the program’s commitment to inclusivity and its focus on reaching all segments of the entrepreneurial community.
