Senator John Owan Enoh, Minister of State for Trade, Industry and Investment, has launched a 500 million Grant tagged Owan Enoh MSMEs Support Fund.
The Micro, Small and Medium Enterprises (MSMEs) are to be carried out in all Local Government Areas of Cross River State.
Speaking during the unveiling of the programme at the NUJ Press Centre, Calabar, this Weekend, the minister explained that 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 realize that not everyone must wait for government jobs. Industry and entrepreneurship remain the future of employment,” he stated.
He explained that 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 life 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.”
Also speaking was media icon and activist Agba Jalingo, who is heading the implementation committee, disclosed further that while those in the formal sector would receive a maximum of N500,000 grant, those in the informal sector would get a 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.”
He urged prospective applicants for the grants to get their application forms at hmindustry.ng, with physical forms available for artisans and small-scale operators without internet access.
“Selected beneficiaries will undergo compulsory one-week entrepreneurship training at the Entrepreneurship Development Centre (EDC), Calabar,” he stated.
