The Cross River State Government has launched a ₦500 million loan facility for micro, small, and medium enterprises. The loan is aimed at supporting businesses in the state and promoting economic growth. Commissioner for Finance Michael Odere, Speaker of the State House of Assembly Elvert Ayambem, and Director-General of Cross River State Microfinance and Enterprise Development Agency Great Ogban were present at the ceremony in Calabar.
Governor Bassey Otu spoke through the Speaker, articulating a vision that prioritizes the welfare of citizens. He emphasized that growth should be measured by its tangible impact on people's lives. The loan scheme is part of the state's efforts to shift its economic focus from Gross Domestic Product to the Human Development Index.
Governor Otu described the loan scheme as a critical component of the state's economic architecture, developed in partnership with Sterling Bank Plc. He noted that the intervention is not just financial but also a strategic safety net designed to boost productivity, entrepreneurship, and income-generating ventures.
The Cross River State Government's ₦500 million loan facility for MSMEs is a welcome move, but it's the implementation that matters. Governor Bassey Otu's emphasis on prioritizing human development over GDP is a step in the right direction. However, the state's economic architecture remains unclear, and the partnership with Sterling Bank Plc raises questions about the role of private sector involvement. The loan scheme's success will depend on its accessibility, interest rates, and the state's ability to monitor and refine the programme. For everyday Nigerians, this means tangible benefits such as fuller tables, thriving enterprises, and dignified livelihoods. The Governor's promise to continuously evaluate and refine the programme is a reassuring sign that the state is committed to delivering on its promises.
