Small and medium-sized enterprises (SMEs) in Imo State have received a significant boost with the launch of new federal funding platforms designed to provide much-needed capital for growth and expansion.
Vice President Announces Funding at Owerri Summit
The announcement was made by Nigeria's Vice President, Kashim Shettima, during the Imo State Economic Summit 2025 held in Owerri. Shettima described Imo as an emerging growth hub within the nation's broader economic diversification strategy, highlighting the state's renewed importance on the national agenda.
He revealed that the Federal Government is introducing fresh financing channels specifically aimed at strengthening small businesses, agro-processing units, and gas-based industries across the southeastern state.
New Financing Windows Through BOI and DBN
A central part of the new initiative involves the Bank of Industry (BOI) and the Development Bank of Nigeria (DBN) opening dedicated funding pathways for local entrepreneurs. These financial windows are tailored to assist SMEs that are ready to scale up their production, integrate new technologies, or access wider markets.
For many micro and small business owners in Imo, securing capital has been a persistent and major obstacle. This intervention targets key sectors including:
- Food processing
- Tailoring and fabrication
- Logistics and retail
- Technology services
The funding is expected to help these businesses formalize their operations, strengthen their capacity, and create more employment opportunities for residents.
Broader Economic Revival Through Partnerships and Infrastructure
Beyond direct financing, the summit outlined a broader vision for Imo's economic revival. The government signaled plans for new Public-Private Partnerships (PPPs) in critical areas like housing, transport, and renewable energy. These projects are anticipated to unlock commercial opportunities for youth-led ventures and stimulate investment in foundational economic sectors.
Discussions also emphasized the urgent need to develop industrial clusters and enhance digital skills training throughout the state. Participants pointed to Imo's agricultural potential, noting its capacity to supply raw materials for processing hubs focused on palm oil, cassava, rice, spices, and livestock.
Strengthening these value chains could connect rural producers to larger domestic and even export markets, provided improvements are made in packaging, storage, and quality standards. Stakeholders consistently identified reliable electricity and efficient transport networks as essential infrastructure for enabling small-scale manufacturers to operate competitively and reduce losses.
A Call for Collaborative Growth
In his closing remarks, Vice President Shettima stressed that national prosperity relies on each state unlocking its full economic potential. He called for a shared responsibility, where state governments shape their economic direction while collaborating closely with investors, innovators, and development partners.
Imo State officials at the summit echoed this commitment, expressing readiness to work with the private sector and agencies to renew infrastructure and expand job-creating sectors.
If effectively implemented, these newly announced interventions could position Imo State as a competitive manufacturing and tech-support base in the South East, driven by resilient SMEs that improve livelihoods and foster inclusive community growth.
