By Onwa Ekor
In a bid to catalyze economic growth while expanding financial horizons for local entrepreneurs, the Director-General/Chief Executive Officer of the Cross River Microfinance and Enterprise Development Agency (CR-MEDA), Great Ogban, recently paid a courtesy visit on the Managing Director/Chief Executive Officer, Development Bank of Nigeria (DBN), Dr Tony Okpanachi.
The visit, according to Ogban, signals the beginning of a high-level strategic partnership aimed at domesticating federal credit opportunities and technical support for Micro, Small, and Medium Enterprises (MSMEs) within the state.
He maintained that the partnership remains timely following the World Bank’s recent approval of the Fostering Inclusive Finance for MSMEs in Nigeria, FINCLUDE project which is a $500 million financing package.
“The FINCLUDE operation, implemented by the DBN, is designed to break longstanding barriers to formal finance that hitherto hindered small businesses.
“By aligning with the DBN, MEDA aims to ensure that Cross River entrepreneurs are positioned to benefit from this $400 million IBRD loan and $100 million IDA credit, specifically through credit guarantees delivered via the DBN’s subsidiary, Impact Credit Guarantee Limited (ICGL),” Ogban explained.
According to the DG/CEO of CR-MEDA,”recognizing that MSMEs are the backbone of the state’s economy, MEDA’s collaboration with the DBN focuses on further addressing the financing gap and increasing access to credit facility.
He asserted that the partnership will prioritize women-led enterprises and agribusinesses, which are often disproportionately affected by high collateral requirements and limited tailored financial products.
Continuing, Ogban reasoned that the strategic alignment also seeks to transform these constraints into opportunities by expanding affordable, longer-term finance for equipment, processing, and logistics.
The FINCLUDE project is expected to mobilize approximately $1.89 billion in private capital nationwide, and MEDA is determined to secure a significant share of this impact for the state.
By facilitating access to AI-enabled digital platforms for faster loan appraisal and strengthening the capacity of both MSMEs and local financial institutions, CR-MEDA is backing the people who power the economy.
Ogban further affirmed that the partnership would ensure that the drive toward a “People First” agenda translates into tangible jobs, increases productivity, and sustainable growth for all Cross Riverians.
