By Onwa Ekor
The Cross River State Microfinance and Enterprise Development Agency (CR-MEDA) and the State Geographic Information Agency (CRGIA) have announced plans through a robust collaboration, to empower small business owners by leveraging land ownership as collateral.
This is in line with the present administration’s efforts in the state to tackle financial barriers which hitherto posed a threat to businesses, to seeing them attracting high level investment.
It would be recalled that the administration of Prince Bassey Otu, since assumption of office on May 2023, has not rested on its oars as it continuously initiate avenues for accessible financing and adequate land administration in the State.
Director General of Cross River MEDA, Great Ogban, while briefing newsmen after the symbolic meeting with CRGIA team in Calabar, pointed out the persistent challenges faced by Micro, Small and Medium Enterprises (MSMEs) in accessing funding due to collateral constraints.
“For too long, the lack of accessible collateral has stifled the growth of our SMEs.
“This partnership with CRGIA will ensure that residents efficiently obtain Certificates of Occupancy (C of O) and unlock vital capital for business expansion while attracting crucial investment into our state,” Ogban said.
On his part, Director General of CRGIA, William Archibong, assured of his agency’s commitment to revitalize land administration processes.
His words: “Following a period of inactivity, CRGIA is undergoing a comprehensive rehabilitation to modernize and streamline its services.
“This partnership aims to transform land ownership into a powerful economic tool, providing a silver lining for small business owners who have long struggled with collateral requirements.
“This initiative is also expected to stimulate economic growth across Cross River by unlocking the inherent value of land,” Archibong explained.
The collaborative meeting attracted key personnel from both agencies, demonstrating a unified commitment to the success of the expected goal.
It also marks a significant step towards realizing Governor Bassey Otu’s vision for a prosperous and economically vibrant state where access to finance would no longer pose a threat to businesses.
