The Minister of State for Industry, Trade and Investment, Senator John Enoh, has unveiled a N500 million Micro, Small and Medium Enterprises intervention fund targeted at entrepreneurs, artisans in Cross River State.
The Minister disclosed this to journalists on Friday in Calabar, emphasising that the initiative is a separate program from federal and state government intervention programs, which is designed to empower both formal and informal business operators across the state.
He said, “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.
“While formal businesses would access funds through an online platform, informal sector operators such as artisans, welders, food vendors, and roadside mechanics would be reached through printed application forms distributed across the 18 local government areas.
“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,” the Minister stressed.
Enoh said that the program aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu as well as his economic reforms and ongoing efforts to boost industry and manufacturing sectors.
Speaking on behalf of the implementation committee, activist and journalist Agba Jalingo assured that the funds would be transparently managed. He explained that the program would run in four batches, with 150 beneficiaries from the formal sector and 325 from the informal sector in each batch, evenly distributed across the 18 LGAs.
He said, “Beneficiaries will receive between N100,000 and N500,000 each, depending on the category, after undergoing a compulsory one-week entrepreneurship training organised across the three senatorial districts.
“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.”
He further disclosed that the official website for applications is hmindustry.ng, while physical forms would be made available for artisans and small-scale operators who cannot access the internet.
The Calabar Chamber of Commerce, Industry, Mines and Agriculture, the Microfinance and Enterprise Development Agency, and other stakeholders were also present at the unveiling, pledging support to ensure the success of the initiative.