By BASSEY ITA.
The fact that Cross River State only needs to harness it’s enormous potentials to gain a place on the map of wealthy entities in the country,is one consideration the State Governor, Sen.Bassey Edet Otu has always alluded to.
During the campaigns leading to his emergence as Governor, Sen.Otu made some thought-provoking remarks that have propelled today’s commitment towards the economic prosperity of the people of the state.
Accordingly, he noted that naysayers would always find excuses for why the state should remain a “Civil Service State” as often portrayed.
“They say Cross River State is poor. But I say it is a lie! We are blessed and rich in abundance of arable land and natural resources, tapped and untapped. All we need is to properly harness our resources for the benefit of us all.”
Interestingly, the policy direction of the State Government tilts towards reshaping the economy of the state, and is indeed a project which harnesses all sectors of the economy to achieve the objectives of sustainable livelihoods and or improved living conditions for the people of the state.
Experts have always asserted that developing the economy requires that all the variables including both physical, mental and social infrastructures must be put in place as a complementary therapy for achieving the desired result.
This year’s “People First” Budget of about ₦297 billion is a clear testament to the avowed commitment of the Government to diversify and grow the economy especially with huge capital outlay to fix infrastructure, review the social security framework for enhanced social welfare of Cross Riverians, as a means to encourage the scaling up private sector participation in the economic process, among others
The state’s security architecture has also undergone some rejigging to ensure that a sustainable peaceful climate that will engender unhindered development is achieved.
What more?
The state government is seriously considering growing the economy by enabling the informal sector to function at optical capacity and drive the economy substantially and sustainably.
Interestingly too, many Cross Riverians have come to terms with the fact that white collar jobs alone can no longer guarantee the sustainability of their own domestic needs and therefore are compelled to think the diversification of the economy.
The yearning amongst them to initiate the ownership of Medium,Small and Micro Enterprises, otherwise known as MSMEs has already reached sky-high.
Statistical analysis of the contributions of MSMEs to economic development has always been appreciative.
A national survey of MSMEs conducted in 2010 and 2013 revealed that micro enterprises represent 99.8%(17,261,753) and 99.80% (36,994,578) of total enterprises in Nigeria respectively. In 2010, the total number of persons employed by the MSMEs was put at 15,641,460 representing 90.41% of total number of employed persons,who were mostly youth and women. The figure improved substantially in 2013 with a total 57,836,391 representing 96.88% of total number of persons employed nationwide. MSMEs also accounted substantially for the upward rise of the nation’s Gross Domestic Product, GDP.
Against this backdrop, it can be affirmed that the MSMEs have enormous part to play towards the growth and development of any economy.
But can it be said that Cross River share in or is counted amongst the Generators of such statistical analysis? The answer is a capital No!
It has been a case of a man who is conscious of having power supply in his abode, but failing to switch on the bulbs: perpetual darkness he would remain except knowledge meets the political will and aggressive push to desire the supply.
That the economy of Cross River State has witnessed poor growth over the years has been a notable lack of political will and the bluntness of past administrations to fully harness the rich economic potentials of the state, whether in terms of human capital, social capital and or infrastructure capital; to the advantage of the economy.
Steps taken so far by the Sen. Prince Bassey Otu led administration to rejig the economy are quite commendable.
From the recent constitution of the State Economic Management Team, the Micro Enterprises Development Agency (MEDA) among others such Regulatory Authorities, the People- First Administration of Sen. Otu has demonstrated the political will towards enhancing the economic prosperity of the Cross River people.
Besides, the ‘rush’ by the burgeoning population of young men and women to join the promising business league so far, is an interesting scenario.
Already, engaging the services of a leading Economic Management Consortium such as the MSMEs Development Consultancy Limited to rejig the process towards economic prosperity, is a well thought out development.
Over 100,000 MSMEs are being targeted to benefit from basic training and capacity building, post-training intervention and support services, guaranteed access to grants and credit facilities, market and professional counseling services among others.
Government is also expected to subsidise certain requirements so as to attract the huge army of Cross River Business Owners and Operators already standing by to drive the economy.
The MSMEs Development Consultancy Limited, the firm consulting for the Government on the development has already mapped out a three year plan of action.
In a document made public recently, the Consultants lament the weak strength or invisibility of MSMEs on the economic scene over time, and suggested a productive and sustainable action to address the sector.
“At present, the number and productivity of MSMEs in Cross River State is very low,” it lamented.
The document quoted the Consultancy outfit as also affirming that “MSMEs are a strategic asset for development, which are capable of creating huge job opportunities; absorb 70% of labour, and add substantial value to the GDP.”
Interestingly, it expressed optimism that the new approach by the State Government is bound to witness a new wave of prosperity in the state that will culminate in so many other fringe benefits to the people.
There is a possibility of developing the rural economy to check rural to urban migration, curb youth restiveness, unemployment, and criminal activities.
In fact, to a greater extent, the development is bound to create an atmosphere for sustainable economic growth and development. This flagship program is in all intents and purposes, a groundbreaking achievement that will help reshape the future of Cross River State.
It is also important to mention that the expectations of the Government and people of Cross River State is to see the springing up of industrial clusters based on the renascence and boosting of the informal sector after the three to four years gestation period of the action plan.
Bassey Ita is a Public Affairs Analyst, and writes from Calabar.
