By Onwa Ekor
In a bid to drive a people centred growth, Cross River government has commenced the disbursement of N500m business loan to micro, small and medium enterprises across the state.
Speaking at the State Business community engagement and N500m loan disbursement event held in Calabar, the governor, Prince Bassey Otu, said the gesture was in line with his earlier decision to make a paradigm shift from Gross Domestic Product (GDP) to the Human Development Index (HDI) in determining economic growth.
Otu represented by the Speaker of the State House of Assembly, Rt. Hon Elvert Ayambem, added that the move remains an indicator to ensure that families benefit directly from the programmes and projects of government.
“Recall that in October 2025 when I presented the state appropriation bill and budget estimate to the Cross River House of Assembly, I made it abundantly clear that we shall no longer use the Gross Domestic Product to determine our economic growth, rather in 2026, we will be having a paradigm shift to the Human Development Index, an indicator to ensure that families benefit directly from the programmes and projects of the government,” the governor said.
He remarked that the event remains one of the series of economic strengthening programmes of the state government which will establish a N500m business funding model with the Sterling Bank Plc, adding that, “it represents an important aspect of the state economic safety net whereby the loan would be invested in income generating activities.”
Otu who informed that the primary essence of government is to cater for the welfare and wellbeing of people, maintained that “the same government under my watch shall continue to initiate programmes and projects with direct impact on our people.”
He assured that his administration will continue to evaluate the impact of this financial intervention and make incremental adjustment where necessary.
“The government is for the people, so it is logical to invest in the people. The people come first in our decision and action and so shall it be,” Otu said.
Applauding the State Microfinance and Entreprise Development Agency (CR-MEDA) as well as other sister agencies for enhancing the livelihood of the people through various budget implementations along Human Development Index, the governor disclosed that through the Enterprise Development Centre, a total of 2500 citizens have been trained with 800 business enterprises already verified for support.
He added that, in the Retiree Entrepreneurship Development Initiative (REDI), N200M was disbursed to 500 trained participants while the second phase will see 1500 participants drawn from the three senatorial districts of the state, trained and financially empowered.
Director General of MEDA, Great Ogban, on his part, remarked that the facility is not a grant but a revolving loan designed to continuously empower more entrepreneurs across the state.
To the beneficiaries, Ogban advised, “this is not lunch money, it is business capital meant to strengthen your operations, expand your capacity and ultimately create jobs and stimulate the economy.”
Special Adviser, General Duties to the governor, Barr. Ekpenyong Akiba, reiterated that the gesture by Otu was in fulfilment of his campaign promises especially in making funds available for small business owners.
“No matter how small the finance is, when properly utilised it can yield profits.
“There will be no other investment than investing in people that are into business because when you invest in business, you can be sure of profit and expansion,” Akiba said.
Highpoint of the event was the presentation of cheques to beneficiaries.
