The Akwa Ibom State Government has disbursed ₦2 billion in business grants to 3,496 beneficiaries across the state’s 31 local government areas. This initiative aims to stimulate commercial activities, strengthen micro, small and medium-sized enterprises (MSMEs), and attract fresh investments. The Commissioner for Trade and Investment, Captain Iniobong Ekong (rtd.), disclosed this during a ministerial briefing in Uyo.
The 2026 budget provides ₦31 billion for an empowerment programme targeting traders, youths, women, farmers, transport operators, and MSMEs. This programme is part of Governor Umo Eno’s administration pursuits of its ARISE Agenda. The Ministry of Trade and Investment has the ministerial mandate to reposition Akwa Ibom State as a leading investment destination and a hub for trade, industrialisation, and MSME growth.
The grants were designed to provide beneficiaries with working capital to expand their businesses, restock their shops, and meet growing customer demand. Ekong said the state was developing strategies to improve the business environment, support local entrepreneurs, and attract investors into sectors with significant potential for economic growth.
As part of its investment promotion drive, the ministry plans to convene an investment forum in the first quarter of 2027 to bring together investors, business operators, and other stakeholders to explore opportunities in the state. The government is also planning an investment platform, business roundtables, a comprehensive investment centre, and a non-oil export summit to promote locally produced goods and connect businesses with wider markets.
On market infrastructure, Ekong said the Ikot Ekpene modern market project, designed to accommodate 1,200 shops across 30 market blocks, was progressing, with its perimeter fencing 95 per cent complete. Installation of the gates remains outstanding. The project includes wholesale and distribution warehouses, an administrative building, a dedicated power station, borehole water supply, a cooling facility, a modern slaughterhouse, two restaurants, and internal roads.
The ministry is also planning industrial complexes for agricultural processing to encourage value addition, attract investment, and create more economic opportunities for local producers. Ekong said the state was collaborating with the Nigerian Export Promotion Council to promote non-oil exports and develop mechanisms to help local businesses access broader domestic and international markets.
The commissioner also highlighted the State Action on Business Enabling Reforms (SABER) programme, supported by the World Bank, which is reviewing regulations, permits, fees, and administrative procedures that affect businesses. The initiative seeks to improve transparency, reduce administrative bottlenecks, and make it easier for entrepreneurs to establish and operate businesses in the state.
Key points
- The Akwa Ibom State Government has disbursed ₦2 billion in business grants to 3,496 traders and entrepreneurs.
- The 2026 budget earmarks ₦31 billion for an empowerment programme targeting various economic groups.
- The state plans an investment forum in the first quarter of 2027 to attract investors and expand business opportunities.
