The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has launched a ₦500 million Micro, Small and Medium Enterprises (MSME) project in Cross River State aimed at supporting entrepreneurship and creating jobs.
The initiative, unveiled on Friday, August 29, 2025, in Calabar, is designed to provide grants, training and capacity development for small businesses across the state.
According to the minister, the project will target young entrepreneurs, women-led enterprises, and rural cooperatives that often struggle to access funding and markets.
Uzoka-Anite explained that the federal government’s vision is to make MSMEs the backbone of Nigeria’s economy by addressing financing gaps and empowering local producers.
She noted that small businesses currently account for more than 80 percent of Nigeria’s workforce but face challenges ranging from poor infrastructure to limited access to credit.
Cross River Governor Bassey Otu, who hosted the launch, welcomed the intervention and pledged state-level support to ensure the funds and training reach genuine entrepreneurs.
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He said the initiative would complement his administration’s programmes in agriculture, tourism, and creative industries.
The MSME scheme forms part of the federal government’s broader industrialisation agenda, which includes the establishment of industrial clusters, digital skills programmes, and export support services.
Officials stressed that the project will be closely monitored to prevent diversion of funds and ensure measurable results.
Nigeria has over 39 million MSMEs, contributing nearly 50 percent to GDP.
Policymakers say targeted investments such as the Cross River project are essential for driving inclusive growth, reducing unemployment, and diversifying the economy away from oil dependency.