The Cross River State Government has entered into a major collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) through a ₦1 billion Matching Fund Agreement designed to advance the growth of Micro, Small, and Medium Enterprises (MSMEs) in the state.
This agreement was officially signed on Wednesday in Abuja, with Cross River State Governor, Senator Bassey Otu, hosting a delegation from SMEDAN led by its Director General/Chief Executive Officer, Mr. Charles Odii. Governor Otu reaffirmed his administration’s strong dedication to fostering the development of both new and established MSMEs in Cross River State. He emphasized that the state’s efforts will center around offering enterprise training, capacity building, and business development support through the Cross River State Entrepreneurship Development Center (CRSEDC), as well as facilitating access to affordable financing and implementing comprehensive monitoring and evaluation.
Governor Otu further announced that the Cross River State Microfinance and Enterprise Development Agency (MEDA) would act as the special purpose vehicle (SPV) for the execution of this initiative, ensuring the fund’s effective and targeted application.
In his address, SMEDAN’s Director General, Mr. Charles Odii, highlighted that the partnership aims to consolidate resources and improve entrepreneurial development services within Cross River State. The goal is to connect entrepreneurial training with financial access, thereby enhancing the growth of Nano, Micro, Small, and Medium Enterprises (NMSMEs) in the area.
The Memorandum of Understanding (MoU) was signed by Governor Bassey Otu, with Mr. Great Ogban Usetu, the Director General of Cross River State Microfinance and Enterprise Development Agency, co-signing on behalf of the state. SMEDAN’s representatives included Mr. Charles Odii and the agency’s legal officer, Mr. Yusuf Salman.
This collaboration reflects a mutual vision between the Cross River State Government and SMEDAN to drive economic growth through the empowerment of MSMEs, which play a crucial role in both the state’s and the nation’s economic framework.
