CALABAR — Governor Bassey Otu of Cross River State has empowered no fewer than 500 retirees with ₦500,000 each under the Retiree Entrepreneurship Development Initiative (REDI), a programme aimed at transforming retired civil servants into active entrepreneurs and promoting post-service economic stability.
The initiative, implemented through the Cross River State Microfinance and Enterprise Development Agency (MEDA), forms part of the administration’s broader “People First” agenda focused on economic inclusion, job creation, and the expansion of Micro, Small and Medium Enterprises (MSMEs) across the state.
According to information contained in The MSME Story, a documentary produced by MEDA, the beneficiaries were carefully selected from retired civil servants who had earlier undergone structured entrepreneurship and financial literacy training designed to prepare them for business ownership.
Each of the 500 beneficiaries received a grant of ₦500,000, bringing the total disbursement under the first phase of the programme to ₦250 million. The funds are intended to help retirees establish and sustain small and medium-scale businesses across various sectors of the economy.
Governor Otu, while speaking during the implementation phase of the programme, said the initiative reflects his administration’s commitment to ensuring that retirement does not translate into economic dependency or hardship.
“This programme is designed to reintegrate our retirees into productive economic life. We want them to remain active, self-reliant, and contributors to the state’s economic growth even after service,” the governor was quoted as saying.
He noted that the government’s investment in retirees through entrepreneurship support aligns with broader efforts to strengthen the state’s MSME ecosystem and reduce poverty through sustainable empowerment programmes.
Also speaking, the Director-General of MEDA, Great Ogban, described the initiative as a strategic intervention that goes beyond financial support, stressing that it is aimed at building capacity and promoting long-term economic sustainability among retirees.
“REDI is not just about giving grants; it is about rebuilding confidence, transferring skills, and ensuring that our retirees remain economically relevant,” Ogban said.
He added that the success of the first phase of the programme has led to its expansion, with Phase Two already launched to accommodate additional beneficiaries across Cross River State’s three senatorial districts.
The documentary further revealed that participants underwent training in entrepreneurship development, business planning, and financial management before accessing the grants, ensuring that the funds are effectively utilized for income-generating ventures.
Some beneficiaries expressed appreciation to the state government, describing the intervention as timely and life-changing. They noted that the programme had provided them with renewed opportunities to pursue business ideas they had long considered but lacked the capital to implement.
The Retiree Entrepreneurship Development Initiative is one of MEDA’s flagship programmes under the state’s MSME development strategy, which seeks to promote inclusive growth, expand access to finance, and encourage self-employment among different demographic groups.
Analysts say the initiative represents a growing trend among subnational governments in Nigeria to integrate social protection with economic empowerment, particularly for vulnerable and transitioning populations such as retirees.
The Cross River State Government maintained that it will continue to expand similar interventions aimed at strengthening livelihoods, boosting grassroots enterprise development, and deepening economic participation across the state.
With the rollout of REDI, the Otu administration says it is redefining retirement in Cross River State—not as an end, but as the beginning of a new phase of productivity and enterprise.
0 comments: