The Nigerian Government has highlighted interventions to support micro, small and medium enterprises (MSMEs), alongside plans for new industrial investments in Cross River State, south-south Nigeria.
The Minister of State for Industry, Federal Ministry of Industry, Trade and Investment, Senator John Owan-Enoh, disclosed this at a Manufacturing and MSME Town Hall Meeting held at the Dome, Calabar Municipal Garden.
“MSME accounted for nearly 96 percent of businesses in Nigeria, contributed 40 percent to the nation’s Gross Domestic Product (GDP) and generated about 87 percent of national employment” Enoh said
“MSMEs are actually our economy. You all seated here are the economy of Cross River and the economy of Nigeria,” he told participants, urging business owners to recognise their contribution to economic growth.
The minister announced plans for an electric bicycle assembly plant in Cross River with discussions ongoing with Governor Bassey Otu on its location ahead of a scheduled meeting soon.
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He also disclosed that 75 acres of land had been allocated in Calabar for an automotive related project, while an automotive training centre was under construction by the National Automotive Design and Development Council.
Owan-Enoh further highlighted federal grant programmes, mentorship and digital business development initiatives benefiting more than 2,000 residents across the state’s 18 local government areas.
He urged Cross River residents to support President Bola Tinubu’s re-election in 2027, saying continuity would help sustain the administration’s economic programmes.
He also unveiled a document outlining what the Manufacturing and MSME Directorate described as the President’s achievements since May 2023.
Earlier, the Director-General of the Cross River State Micro Enterprise Development Agency (MEDA), Mr. Great Ogban, said that more than 5,350 entrepreneurs in the state benefited from enterprise development, skills acquisition and financial empowerment programmes.
Ogban explained that the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) also trained 2,500 participants across the state’s three senatorial districts, while another 2,000 people benefited from a separate intervention, including 500 recipients of grants of 500,000 naira each.
He added that Cross River businesses had accessed a 200 million naira MSME intervention, single digit interest loans and 50,000 naira grants facilitated through SMEDAN and the Bank of Industry.
“More than 5,350 Cross River people have benefited from various enterprise development and empowerment interventions under the current administration,” Ogban said.
He also commended Governor Otu for providing 1,000 free Corporate Affairs Commission business registration opportunities to reduce the cost of formalising enterprises.
The town hall attracted members of the business community, many of whom raised concerns about the high cost of electricity, access to facilities needed for production and the availability of grants and affordable loans to help nano and small businesses remain viable amid prevailing economic pressures.
The meeting also featured presentations by the Special Adviser to the President on Youth, Business and Investment, the Managing Director of NEXIM Bank and the Director-General of SMEDAN.
