Eno signs ₦31bn empowerment scheme for Akwa Ibom residents

Governor Umo Eno signed into law a ₦31 billion economic empowerment scheme aimed at directly supporting 165,912 Akwa Ibom residents with capital grants and micro-credit access.

Governor Umo Eno signed into law a ₦31 billion economic empowerment scheme aimed at directly supporting 165,912 Akwa Ibom residents. The funding allocation provides direct capital grants and micro-credit access for small-scale traders, agricultural cooperatives and youth-led enterprises across all 31 local government areas.

The scheme is one of the largest economic empowerment initiatives in Akwa Ibom’s history. The focus on small-scale traders and agricultural cooperatives reflects the government’s recognition that economic growth must be inclusive. The provision of micro-credit access is particularly important, as it provides a pathway for entrepreneurs to access finance.

This echoes the 2010s economic empowerment programmes in other states, which also sought to support small-scale businesses. The mechanism then was different, but the result was the same: a recognition that economic growth must be inclusive.

The winners: 165,912 Akwa Ibom residents, who will benefit from the scheme; and the Akwa Ibom State Government, which has taken a proactive step. The losers: the Nigerian government, which must complement state efforts with federal support; and the Nigerian public, who must wait for the benefits to materialise.

Bottom Line: Akwa Ibom has signed a ₦31 billion economic empowerment scheme. The goal is to support small businesses. The question is whether the scheme will be implemented effectively or remain on paper.