Cross River Gov’t partners SMEDAN on N1 Billion MSME Development Fund

The Cross River State government has entered into a N1 billion matching fund collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost the development of Micro, Small, and Medium Enterprises (MSMEs) in the state.

Governor Senator Bassey Otu made the announcement during a meeting in Abuja with a delegation from SMEDAN, led by the agency’s Director General and Chief Executive Officer, Mr. Charles Odii.

Governor Otu emphasized his administration’s commitment to fostering the growth and development of both new and existing MSMEs through various initiatives.

These include enterprise training, capacity building, business development support at the Cross River State Entrepreneurship Development Centre (CRSEDC), and providing access to affordable finance, as well as ongoing monitoring and evaluation.

The governor also revealed that the Cross River State Microfinance and Enterprise Development Agency (MEDA) would serve as the special purpose vehicle (SPV) responsible for implementing the state government’s MSME initiatives.

In his remarks, SMEDAN’s Director General, Charles Odii, stated that the collaboration aims to pool resources and enhance entrepreneurial development by linking training with access to finance.

This effort is intended to drive the overall growth of Nano, Micro, Small, and Medium Enterprises across Cross River State.

The Memorandum of Understanding (MoU) was signed by Mr. Great Ogban Usetu, Director General of Cross River State Microfinance and Enterprise Development Agency, on behalf of the state government. SMEDAN’s DG/CEO, Charles Odii, and the agency’s legal officer, Mr. Yusuf Salman, signed on behalf of the federal agency.