In order to cushion effects of pervading hardship in the country and boost Micro, Small and Medium Enterprises (MSMEs) in Cross River state, the Minister of State for Industry, Trade and Investment, Senator John Owan-Enoh, has launched a N500 million grant tagged, ‘Owan-Enoh MSMEs Support Fund.’
Speaking during the unveiling of the programme at the NUJ Press Centre, Calabar Friday, the minister said he was targeting at least 1,000 beneficiaries in its initial phase and that the programme was designed to support both formal and informal sectors.
“In a country of over 220 million people, MSMEs remain the engine of growth. This effort, though modest, will help our people realise that not everyone must wait for government jobs. Industry and entrepreneurship remain the future of employment,” he said.
He said the programme was personal but aimed at complementing what the Bank of Industry, SMEDAN and other agencies of government were doing to improve the quality of lives of Nigerians.
“This intervention is a grant, not a loan, and is intended to stimulate economic growth, create jobs, and help young people and artisans build sustainable livelihoods,” he said and noted that “Governor Bassey Otu had also contributed a N1 billion counterpart fund to BoI to further support small businesses in the state.”
Shedding more light on the programme, Agba Jalingo, an activist and journalist, who is heading the implementation committee, disclosed that while those in the formal sector would receive a maximum of N500,000 grant, those in the informal sector would get maximum of N150,000, noting that the said funds would be managed transparently.
He said the programme would run in four batches evenly across the 18 local government areas, adding, “This is not government money; it is a private initiative of the minister. Not a dime will be stolen. Our duty is to ensure every kobo goes directly to the people who need it most.”