Owan Enoh Launches N500 Million MSME Fund in Cross River State to Boost Economic Development
By Missang AKPET
The Minister of State for Industry, Trade, and Investment, Senator John Owan-Enoh, has introduced a N500 million Micro, Small, and Medium Enterprises (MSMEs) intervention fund to support entrepreneurs and artisans in Cross River State.
The fund which was launched on August 29, aims to empower over 1,000 beneficiaries in its initial phase and is designed to foster economic growth, create jobs, and aid young people and artisans in building sustainable livelihoods.
Speaking during a briefing at the Ernest Etim Bassey Press Center in Calabar the Minister of State for Industry, Trade, and Investment, Senator John Owan-Enoh said the intervention is a grant and not a loan which is intended to support both formal and informal business operators throughout the state.
"The programme will unfold in four batches, with plans to distribute 150 beneficiaries from the formal sector and 325 from the informal sector in each batch
"This initiative is also supported by some key stakeholders including the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA) and the Microfinance and Enterprise Development Agency (MEDA).
"My hope is that this efforts however modest will help our people understand that they do not have to always wait for government jobs. Industry and entrepreneurship are the future of employment," Senator Owan-Enoh said.
The Minister noted that the Tinubu administration has allocated ₦500 billion in the 2025 budget for the Bank of Industry to ensure single-digit interest lending to MSMEs adding that his Empowerment programme aligns with the federal government's ongoing efforts to uplift the manufacturing and industrial sectors in Nigeria.
Comrade Agba Jalingo, a renowned journalist and activist, has been appointed to represent the implementation committee in a bid to providing assurances of transparent management of the funds.
The official website for applications is https://hmindustry.ng, while physical forms will be made available across the 18 local government councils for artisans and small-scale operators who may lack internet access.
