FG Opens New Funding Platforms For Small Business Owners in Imo
- There is hope for small business owners in a Southeastern state following the launch of a new funding platform
- Nigeria’s Vice President, Kashim Shettima, announced the new platform during the Imo State Economic Summit 2025
- Shettima said these new windows are designed to support small and medium enterprises looking to scale production
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Imo is gaining renewed attention at the national level as the Federal Government introduces new financing channels aimed at strengthening small businesses, agro-processing and gas-based industries across the state.
The announcement came during the Imo State Economic Summit 2025 in Owerri, where the Vice President described the state as an emerging growth hub in Nigeria’s economic diversification drive.
Source: Twitter
New SME financing windows through BOI and DBN
A major highlight of the summit was the disclosure that the Bank of Industry and the Development Bank of Nigeria will open fresh funding pathways for entrepreneurs.
These new windows are designed to support small and medium enterprises looking to scale production, adopt new technology or access broader markets.
For many micro and small enterprises in Imo, access to capital remains one of the toughest hurdles.
With these financing opportunities, business owners in food processing, tailoring, fabrication, logistics, retail and tech services could finally gain the support needed to transition into the formal economy, strengthen operations and hire more workers.
Public-private partnerships to spur jobs
The government also signalled plans for new Public-Private Partnerships across housing, transport and renewable energy.
These projects are expected to open more commercial opportunities for youth-led ventures while boosting investment in sectors that power everyday economic activity.
According to stakeholders, such interventions could help address infrastructure gaps that have held back small businesses for years.
The message from the summit was clear: revival of Imo’s economy depends on job creation, innovation and stronger collaboration between the public and private sectors.
Building Industrial Clusters and Stronger Value Chains
Beyond funding, conversations at the summit focused on the need to build industrial clusters and improve digital-skills training across the state.
Participants highlighted Imo’s agricultural corridor, noting its capacity to supply raw materials to processing hubs for palm oil, cassava, rice, spices and livestock products.
Strengthening these value chains, they argued, could link rural producers to larger markets and even support export opportunities once packaging, storage and quality standards are improved.
Reliable electricity and functioning transport networks were also identified as essential for small-scale manufacturers. With better infrastructure, producers would be able to process goods more efficiently, reduce post-harvest losses and compete more effectively on price.
A Call for shared responsibility in economic growth
In his remarks, the Vice President stressed that national prosperity depends on every state unlocking its full economic potential.
He noted that each region must take responsibility for shaping its economic direction while collaborating closely with investors, innovators and development partners.
Imo officials at the summit echoed this commitment, expressing readiness to work with private-sector players and development agencies to renew infrastructure and expand sectors that create sustainable jobs.
Source: Getty Images
If the newly announced interventions are implemented effectively, Imo could emerge as a competitive manufacturing and tech-support base in the South East, driven by resilient SMEs that improve livelihoods and set the pace for inclusive growth across communities.
Abia government begins payment of 20-year pension arrears
Legit.ng earlier reported Abia State Governor, Alex Otti, has announced the commencement of the gradual payment of verified gratuity and pension arrears owed to retirees since 2001.
Speaking during his monthly media briefing at the Government House in Umuahia, the governor revealed that the total verified outstanding pensions exceed N60 billion, reflecting more than 20 years of unpaid dues.
Otti explained that the state government had carefully reviewed all pending pension claims in collaboration with the Nigerian Union of Pensioners to ensure that payments are accurate and properly verified before disbursement.
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Source: Legit.ng
