500 retirees receive N250m from C/River govt

Five hundred retirees under the Retiree Entrepreneurship Development Initiative (REDI) in Cross River State have received N500,000 each in grants to start off individual micro or small-scale businesses. This follows the launch of the initiative on Wednesday in Calabar by the state governor,  Senator Bassey Otu.  In disbursing the grant, Otu reaffirmed his administration’s commitment […]

Five hundred retirees under the Retiree Entrepreneurship Development Initiative (REDI) in Cross River State have received N500,000 each in grants to start off individual micro or small-scale businesses.

This follows the launch of the initiative on Wednesday in Calabar by the state governor,  Senator Bassey Otu. 

In disbursing the grant, Otu reaffirmed his administration’s commitment to inclusive economic development and social justice.

Represented at the event by his Deputy, Dr Peter Odey, Otu said the action marked a bold step in repositioning senior citizens as active contributors to the state’s economy.

Otu described the initiative as “expanded reciprocity” for those who committed their prime years to public service, Governor Otu said REDI was part of his broader vision to promote human capital development and economic empowerment under his “People First” agenda.

 

“This government recognizes the value of our retirees and seeks to reintegrate them into productive life. The REDI programme offers both skills training and funding support to help them transition from public service to private enterprise,” the governor stated.

 

While noting that the disbursement marks the first phase of the initiative, he said it would soon be replicated in the Central and Northern senatorial districts of the state.

 

Otu assured beneficiaries of continued support through the state’s Microfinance and Enterprise Development Agency (MEDA), including access to soft loans for business expansion.

 

Director General of MEDA, Mr. Great Ogban recounted how, in June, 500 retirees graduated from a specialized entrepreneurship training course, and just one month later, the promise of financial empowerment had been fulfilled.

 

“This is more than money—it is the planting of seeds for economic revival. Each retiree’s business will create jobs, strengthen local economies, and inspire community growth,” Ogban said. 

 

He announced that the next phase of the programme will target 1,000 additional retirees, 500 each from the Central and Northern senatorial districts.

 

Speaking on behalf of other beneficiaries, editor-in-chief of Nigerian Chronicle, Florence Oluohu,  expressed deep appreciation to Governor Otu for giving retirees a fresh opportunity at self-reliance.

 

“This is a new lease of life. Many of us now have the resources and skills to start something meaningful. We ask that this programme be expanded to include more retirees who need such support,” she said.