The Minister of State for Industry, Trade and Investment, Senator John Enoh, has launched a N500 million Micro, Small, and Medium Enterprises (MSME) fund in Calabar, designed to support small business owners and artisans across Cross River State.
At the unveiling held at the Nigeria Union of Journalists (NUJ) center, Senator Enoh made it clear that the fund was a private commitment to society and not tied to government intervention programs.
He explained: “This intervention fund is a personal initiative designed to empower our people. This initiative was born out of a sincere commitment and responsibility to society and aims to support over 1,000 beneficiaries in its initial phase.”
Inclusive Structure for Beneficiaries
Formal businesses are to apply via an online portal, while informal sector workers such as roadside mechanics, food vendors, and artisans will use physical forms distributed across all 18 local government areas.
The Minister emphasized: “This intervention is a grant, not a loan. It is meant to grow our economy, create jobs and help young people and artisans build sustainable livelihoods, not to be diverted for politics or immediate consumption like paying rent.”
Link to Federal Agenda
The project reflects the Renewed Hope Agenda of President Bola Ahmed Tinubu, aimed at revitalizing industries and expanding Nigeria’s manufacturing sector.
Implementation and Transparency
Implementation committee representative Agba Jalingo guaranteed accountability. According to him, the program will run in four phases, with hundreds of participants per batch after mandatory entrepreneurship training in the three senatorial districts.
He assured: “This is not government money; it is a private initiative of the Minister. Not a dime will be stolen. Our duty is to ensure that every kobo goes directly to the people who need it most.”
The official application portal is hmindustry.ng, with offline access available for those without internet.
Business stakeholders, including the Calabar Chamber of Commerce and the Microfinance and Enterprise Development Agency, expressed readiness to partner for success.
Frontpagenews.ng reports that this landmark initiative has been welcomed by local entrepreneurs as a bold step to stimulate economic activity in the state.
