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Gov Otu Commences Disbursement of N500m Loan to MSMEs
L-R: Commissioner for Finance, Mr. Michael Odere, Speaker of the Cross River State House of Assembly, Mr. Elvert Ayambem; Director-General of Cross River State Microfinance and Enterprise Development Agency (CR-MEDA), Mr. Great Ogban
The Cross River State Government, weekend, commenced the disbursement of a N500 million business loan facility to micro, small, and medium enterprises (MSMEs), signalling a decisive pivot to a people-centred economic philosophy.
The landmark initiative, unveiled during the state Business Community Engagement and Loan Disbursement ceremony in Calabar, underscores Governor Bassey Otu’s unyielding resolve to place citizens at the very heart of governance.
Speaking through the Speaker of the State House of Assembly, Hon. Elvert Ayambem, Governor Otu articulated a transformative vision that redefines how growth is measured and experienced.
“Recall that in October 2025, when I presented the appropriation bill,” he stated, “I made it abundantly clear that we shall no longer rely solely on Gross Domestic Product as the barometer of progress. Rather, in 2026, we embrace a paradigm shift to the Human Development Index—an index that ensures that growth is not abstract, but tangible in the lives of our people.”
He added with conviction: “Our policies must translate to fuller tables, thriving enterprises, and dignified livelihoods.”
Governor Otu described the loan scheme as a critical pillar in the state’s evolving economic architecture, developed in partnership with Sterling Bank Plc.
“This intervention,” he noted, “is not merely financial, it is a strategic economic safety net designed to catalyse productivity, ignite entrepreneurship and sustain income-generating ventures across our communities.”
Emphasizing the philosophical underpinning of his administration, he declared: “The primary essence of government is the welfare of the people, and under my watch, every programme must carry the imprint of direct human impact.”
Reinforcing his administration’s people-first doctrine, the governor affirmed that: “Government exists because of the people; therefore, it is only logical that we invest in them. The people come first in our decisions and actions—and so shall it remain.”
He assured the people of the state that the programme would not be static, promising continuous evaluation and refinement. “We shall monitor outcomes closely and make incremental adjustments where necessary to ensure maximum benefit and sustainability.”
Highlighting complementary interventions already yielding results, Governor Otu commended the state Microfinance and Enterprise Development Agency (CR-MEDA) and allied institutions for their diligence.
He revealed that: “Through the Enterprise Development Centre, no fewer than 2,500 citizens have been trained, with over 800 business ventures already verified and primed for support.”
On the Retiree Entrepreneurship Development Initiative (REDI), he disclosed: “We have disbursed N200 million to 500 trained retirees, and in the second phase, an additional 1,500 participants across the three senatorial districts will be trained and empowered.”
Earlier, the Director General of CR-MEDA, Mr. Great Ogban, clarified the structure and intent of the facility, cautioning beneficiaries against misapplication.
“This is not a grant,” he stressed. “It is a revolving loan designed to outlive this moment and continuously empower more entrepreneurs.”
He admonished recipients with pointed clarity: “This is not lunch money, it is business capital. It is meant to strengthen your operations, expand your capacity, create jobs, and ultimately stimulate the state’s economy.”
The highpoint of the event was the presentation of cheques to beneficiaries, an act that not only marked the release of funds but also ignited renewed hope among entrepreneurs.
For many, it was more than financial support; it was a reaffirmation that government sees them, believes in them, and is willing to stake resources on their potential.
