The Minister of State for Industry, Trade and Investment, Sen. John Owan-Enoh, has described the N200 billion MSME intervention fund as a crucial financing pipeline designed to empower underserved businesses.
Speaking at a town hall meeting on the presidential grant and loan scheme in Calabar, the minister said the fund is “democratising access to finance” and urged entrepreneurs in Cross River to seize the opportunity.
“MSMEs are the true engine of national growth, yet they face barriers like high interest rates and limited access to capital. This intervention aims to change that,” Owan-Enoh stated.
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He emphasized that Nigeria’s economic future lies beyond oil, with small and medium enterprises holding the key to industrial prosperity.
Presidential aide on Job Creation and MSMEs, Mr. Temitola Johnson, said the fund is part of post-subsidy palliatives and allows businesses to access up to N5 million.
So far, over N107 billion has been disbursed to nearly 900,000 MSMEs nationwide.
Governor Bassey Otu, represented by Commissioner Patrick Egbede, praised the initiative, revealing that 2,000 of Cross River’s 8,168 registered MSMEs have already benefitted.
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