In a proactive move to catalyze economic growth and expand financial horizons for local entrepreneurs, the Director-General/Chief Executive Officer of the Cross River State Microfinance and Enterprise Development Agency (MEDA), Great Ogban, recently paid a courtesy visit to Dr. Tony Okpanachi, Managing Director/Chief Executive Officer, Development Bank of Nigeria (DBN). This visit marks the beginning of a high-level strategic partnership aimed at domesticating federal credit opportunities and technical support for Micro, Small, and Medium Enterprises (MSMEs) within Cross River State.
This partnership is particularly timely following the World Bank’s recent approval of the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project—a $500 million financing package. The FINCLUDE operation, implemented by the DBN, is designed to break longstanding barriers to formal finance that have historically hindered small businesses. By aligning with the DBN, MEDA aims to ensure that Cross River State entrepreneurs are positioned to benefit from this $400 million IBRD loan and $100 million IDA credit, specifically through credit guarantees delivered via the DBN’s subsidiary, Impact Credit Guarantee Limited (ICGL), Great Ogban asserted.
Recognizing that MSMEs are the backbone of the state’s economy, MEDA’s collaboration with the DBN focuses on further addressing the financing gap and increasing access to credit facility. The partnership will prioritize women-led enterprises and agribusinesses, which are often disproportionately affected by high collateral requirements and limited tailored financial products. This strategic alignment seeks to transform these constraints into opportunities by expanding affordable, longer-term finance for equipment, processing, and logistics.
The FINCLUDE project is expected to mobilize approximately $1.89 billion in private capital nationwide, and MEDA is determined to secure a significant share of this impact for the state. By facilitating access to AI-enabled digital platforms for faster loan appraisal and strengthening the capacity of both MSMEs and local financial institutions, MEDA is backing the people who power the economy. This partnership ensures that the drive toward a “People First” agenda translates into tangible jobs, increased productivity, and sustainable growth for all Cross Riverians.
