The Minister of State for Industries, Senator John Owan Enoh, has unveiled a N500 million grant for Medium, Small and Micro Enterprises in Cross River State.

Enoh, who announced this during a briefing in Calabar, said the grant, christened Senator John Owan Enoh Intervention Programme for Enterprises and MSMEs, is his personal contribution towards growing the economy of the state.

The minister said it is important that Cross River State builds its private sector through creating a cadre of entrepreneurs.

“This is a personal project, and my contribution to the ecosystem. This is a grant and not a loan. It is not for politics but intended to grow the economy and get people to do better.

“We are targeting 1,000 Cross Riverians and we hope they will be able to join the pool of 40 million MSME in Nigeria,” he said.

He said beneficiaries would undergo a training programme before getting the grant, maintaining the intervention was his little contribution to complement the efforts of President Bola Tinubu and Governor Bassey Otu.

Also speaking, Agba Jalingo, a technical partner for the initiative, said entrepreneurs in both formal and informal sectors would be eligible for the grant.

He disclosed that those in the formal sector would apply through a proposal in a dedicated website with successful applicants accessing between N100,000 to N500,000.

He added that those in the informal sector would apply through a form which will be taken to all the 18 local councils in the state.

He further said there would be no disparity as anyone resident and doing business in the state would be eligible.