The Minister of State for Industry, Trade and Investment, Senator John Enoh, has launched a ₦500 million intervention fund to support Micro, Small and Medium Enterprises (MSMEs), artisans, and entrepreneurs in Cross River State.

Speaking to journalists in Calabar on Friday, Enoh explained that the initiative is a personal project, separate from federal and state government intervention schemes, and is designed to empower both formal and informal business operators.

“This intervention fund is a personal initiative born out of a sincere commitment to society. It will support over 1,000 beneficiaries in its initial phase,” the minister said.

While formal businesses will apply online, artisans such as welders, food vendors, and roadside mechanics will access the scheme through printed forms distributed across the 18 local government areas.

He stressed that the intervention is a grant, not a loan, aimed at stimulating economic growth, job creation, and sustainable livelihoods, in line with President Bola Tinubu’s Renewed Hope Agenda.

“This is not for politics or immediate consumption like paying rent. It is to grow businesses, create jobs, and help artisans build sustainable livelihoods,” Enoh added.

Activist and journalist Agba Jalingo, who spoke on behalf of the implementation committee, assured of transparent management of the funds. He revealed that the scheme will run in four batches, with each batch covering 150 formal sector beneficiaries and 325 informal sector beneficiaries across all 18 LGAs.

Beneficiaries will receive between ₦100,000 and ₦500,000 after completing a one-week entrepreneurship training to be held across the three senatorial districts.

“This is not government money; it is the minister’s private initiative. Every kobo will go directly to the people who need it most,” Jalingo stressed.

Stakeholders including the Calabar Chamber of Commerce, Industry, Mines and Agriculture and the Microfinance and Enterprise Development Agency pledged their support to ensure the success of the initiative.

Applications can be made via the official website, hmindustry.ng, while physical forms will be available for artisans and small-scale operators without internet access.