The Cross River State Microfinance and Enterprise Development Agency (CRSMEDA) has successfully commenced the disbursement of N500 million in business loans, marking a significant milestone in Governor Bassey Edet Otu’s “People First” economic agenda.
The disbursement, which took place during the Cross River State Business Community Engagement at Hogis Royale, reaffirms the administration’s commitment to moving beyond traditional economic metrics to focus on the Human Development Index (HDI), directly impacting the livelihoods of families and entrepreneurs.
Representing His Excellency, Governor Bassey Edet Otu, the Speaker of the State House of Assembly, Rt. Hon. Elvert Ayambem, emphasised that this intervention is a deliberate strategy to build economic resilience.
Through CRSMEDA, the state has achieved remarkable milestones in a short period including training over 2,500 citizens successfully at the Enterprise Development Centre (EDC), rigorously vetting approximately 800 businesses for financial support, and disbursing N250 million to 500 beneficiaries under the Retiree Entrepreneurship Development Initiative (REDI), with plans to empower 1,500 more across all three senatorial districts.
CRSMEDA continues to expand the state’s financial safety net through high-level institutional collaborations such as the Bank of Industry (BoI), NEXIM Bank, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), and Sterling Bank.
The Governor extended high commendations to the Director-General of CRSMEDA, Mr. Great Ogban, for his dedication and outstanding performance. He noted that Mr. Ogban’s leadership has been instrumental in translating government policy into tangible empowerment for small businesses across the state.
Strengthening our businesses translates directly into stronger households, the Governor stated. ‘We are not just looking at GDP; we are looking at the prosperity of our people.”
In his closing remarks, the Governor urged all beneficiaries to utilise the funds strictly for viable ventures. He reminded entrepreneurs that their success is the engine of Cross River State’s overall development and a testament to the effectiveness of the CRSMEDA framework.
