Business
C’ River Achieves 7.5 % Economic Growth -Commission
The economy of Cross River state has grown by an average of 7.5 per cent since 2011, Prof. Ndem Ayara, Vice Chairman, State Planning Commission said in Calabar on Tuesday.
Ayara who made this known while briefing newsmen, said that since the law establishing the commission came into effect in 2007; it had ensured implementation of government policies and programmes in line with the medium-term economic plan.
He said that from 2009 to date, the state had implemented more than 70 per cent of its medium-term plan.
“The plan contains activities usually a performance contract between Ministries, Departments and Agencies (MDAs), government and the people of Cross River, ‘’ he said.
Ayara listed funding and capacity gap as some of the challenges facing the commission.
He observed that the various MDAs in the state were gradually building their capacity to enable them key into the various reforms being implemented by government.
He stated that the population of Cross River was 3.2 million in 2011.
Ayara said Gov. Sen. Liyel Imoke had signed into law, the bill to make the Bureau of Statistics a parastatal agency under the commission.
According to the special adviser, planning assists the government in comparing its performances each year, while the commission undertakes a lot of research.
He said the commission was also responsible for the publication of economic performance review.
“The review enables us do adjustment where necessary; enables us to know the feelings of the communities and individuals on social services provided by the government.
“It also helps us to get information on the poverty level of the rural people and the impact of government empowerment programmes.
“It also helps to ascertain the infrastructure needs of the communities,” Ayara added.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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