Cross River State Governor, Senator Bassey Edet Otu, will on Friday, March 20, 2026, flag off the disbursement of N500 million in loans aimed at boosting local businesses and driving economic growth across the state.
The event, organised by the Cross River State Microfinance and Enterprise Development Agency (MEDA), is scheduled to hold at Bishop Moynagh Avenue, State Housing Estate, Calabar, by 10 a.m.
According to the Director General of MEDA, Mr. Great Ogban, the initiative is part of the governor’s “People First” mandate and is designed to stimulate the local economy through direct financial support to indigenous entrepreneurs.
Ogban explained that the intervention targets Micro, Small and Medium Enterprises (SMEs), equipping them with the capital needed to expand operations, enhance productivity, and generate sustainable employment.
He noted that beneficiaries were selected through a rigorous screening process to ensure that genuine entrepreneurs across the 18 local government areas benefit from the scheme.
“Our goal is to move nano-enterprises to micro, and small businesses to medium-scale giants,” he said.
“This N500 million fund is not just a loan; it is an investment in the ingenuity of our people and a testament to Governor Otu’s commitment to making Cross River an enterprise-driven state,” Ogban added.
The MEDA boss further stated that the programme reflects the administration’s broader commitment to fostering a conducive business environment through infrastructure development, policy reforms, and targeted financial interventions.
Kingsley Agim
