The Cross River State Micro, Small, and Medium Enterprises (MSMEs) formed the nexus of the inaugural listening meeting between the Small, Medium Enterprise Development Agency (SMEDAN), the Cross River State Microfinance and Enterprise Development Agency (CRSMEDA), and the newly inaugurated executive members of the Calabar Chambers of Commerce, Industry, Mines and Agriculture (CALCCIMA).
Hosted by Dr. Charles Odii, the Director-General/CEO of SMEDAN, the meeting addressed key challenges facing the state’s MSME ecosystem, including multiple taxation, access to credit facilities, capacity building, export opportunities, bridging communication gaps, and enhancing existing facilities to improve economic value.
Dr. Odii commended Governor Bassey Otu for his commitment to MSME development in Cross River State and praised CALCCIMA for their ongoing collaboration. He highlighted that, according to current data from the Federal Agency, 96% of businesses in Nigeria are classified as small and medium enterprises. He explained that the scale of a business is determined by metrics such as employee count and annual turnover.
He defined the categories of businesses as follows:
Nano businesses: Fewer than 3 employees with an annual turnover of less than Three Million Naira.
Micro businesses: 3 to 10 employees with an annual turnover of less than Twenty-five Million Naira.
Small scale businesses: 10 to 50 employees with an annual turnover not exceeding One Hundred Million Naira.
Medium scale businesses: 50 to 200 employees with an annual turnover below One Billion Naira.
Dr. Odii also announced an ongoing data revalidation exercise initiated by the Presidency to further strengthen the MSME ecosystem. He emphasized the importance of quarterly listening meetings to ensure that small businesses are equipped with vital information and opportunities.
In closing, he urged the community to support local businesses by patronizing made-in-Cross River products, reinforcing the local economy. This initiative is part of the Grow Nigeria program, which aims to promote the use of local products and services.
