The Akwa Ibom State Government has disclosed that it disbursed 2 billion Naira in business grants to 3,496 traders across the state’s 31 local government areas as part of efforts to strengthen grassroots enterprises and stimulate economic activities. The Commissioner for Trade and Investment, retired Captain Iniobong Ekong, announced the disbursement during the 12th edition of the State Inter-Ministerial Briefing held in Uyo on Thursday, October 29. Ekong explained that the financial intervention was designed to provide working capital for traders, enabling them to restock their businesses, expand operations and respond to growing consumer demand. The initiative forms part of Governor Umo Eno’s ARISE Agenda, which prioritises enterprise development, investment promotion and broader economic participation.
Speaking during the briefing at Government House, Ekong explained that the grants were intended to strengthen micro, small and medium enterprises, which contribute significantly to commercial activities and employment opportunities in Akwa Ibom State. He said many small businesses face financial constraints that limit their ability to purchase additional stock, acquire equipment and expand their customer base. By providing financial assistance to selected beneficiaries, the government hopes to improve business sustainability and support economic activities within local communities. The commissioner presented the intervention as part of a wider transition by the Ministry of Trade and Investment from policy formulation towards practical support for entrepreneurs, investors and commercial operators.
The commissioner clarified that the 2 Billion Naira Traders’ Grant Programme was separate from the 31 Billion Naira economic empowerment initiative provided for in the state’s 2026 budget. The larger programme targets a broader range of beneficiaries, including women, youths, farmers, transport operators, traders and owners of small and medium enterprises. According to Ekong, the administration intends to spread economic opportunities across the state’s 31 local government areas rather than concentrate support within major urban centres. While the government has confirmed the total grant disbursement and number of beneficiaries, the reports reviewed did not provide a complete breakdown of individual payments or the number of recipients in each local government area.
The grants are expected to benefit traders operating in different sectors of the local economy, including food distribution, retail activities, household merchandise and other small-scale commercial enterprises. Access to additional working capital can help business owners purchase stock in larger quantities, maintain regular supplies and reduce interruptions caused by insufficient funds. This support is particularly relevant to traders whose income depends on the rapid turnover of goods and the ability to respond to changing market demand. However, the government’s announcement does not establish how many businesses have expanded, created additional employment or recorded higher earnings since receiving the grants. Measuring these outcomes will require follow-up assessments and reliable information from beneficiaries.
Local markets in Akwa Ibom provide employment and income for traders, farmers and small business operators.
The Ministry of Trade and Investment also disclosed that it was adopting a data-driven approach to identifying beneficiaries and improving transparency in government empowerment programmes. Ekong said the administration would not tolerate fraudulent practices in the selection or distribution process, stressing the need for accountability in public financial interventions. The approach is intended to ensure that support reaches legitimate businesses and contributes to measurable economic activity. Transparent beneficiary selection is especially important where demand for public grants exceeds the funds available. Although the commissioner described the selection process as data-driven, the public reports did not include a comprehensive beneficiary register, the eligibility criteria applied or the auditing arrangements for the disbursement.
Another major focus of the briefing was the state’s effort to improve the business environment by reviewing regulatory procedures, permits and administrative charges. Ekong explained that the government was undertaking reforms under the World Bank-supported State Action on Business Enabling Reforms programme, commonly known as SABER. The measures are intended to improve transparency in official fees, strengthen accountability and make it easier for entrepreneurs to conduct business. The ministry is also providing advisory services, technical guidance and business development support to help small enterprises improve product quality and competitiveness. These initiatives are intended to complement direct financial grants by addressing some of the administrative and operational difficulties that limit business growth.
The Ikot Ekpene International Market project is expected to strengthen commercial infrastructure and expand trading opportunities in Akwa Ibom.
The commissioner also highlighted the ongoing construction of the Ikot Ekpene International Market as an important investment in the state’s commercial infrastructure. According to the government, the first phase of the project is designed to accommodate 1,200 modern shops across 30 blocks, alongside warehouses, administrative offices, security facilities and essential utilities. The market is also expected to include cold rooms, an abattoir, restaurants, internal roads and dedicated electricity and water facilities. Ekong disclosed that perimeter fencing was approximately 95 percent complete, with additional work required on the gatehouses and related infrastructure. The government expects the facility to attract traders, improve the movement of goods and support employment opportunities when it becomes operational.
The latest disbursement builds on earlier empowerment initiatives introduced by the administration. In February 2025, the state government announced a support package valued at more than 5.1 Billion Naira for farmers, traders and entrepreneurs under the ARISE Agenda. The programme included provisions for validated traders across the 31 local government areas, agricultural grants and equipment assistance for small businesses. Subsequent empowerment activities were conducted in different federal constituencies, with selected beneficiaries receiving business grants, farming support and productive equipment. These earlier programmes provide historical context for the latest announcement and demonstrate the administration’s continuing use of financial assistance as an instrument of grassroots economic development.
Earlier ARISE Agenda empowerment programmes provided grants and equipment to selected farmers, traders and entrepreneurs in Akwa Ibom State.
Beyond domestic trade, the Ministry of Trade and Investment is pursuing measures to strengthen non-oil exports and attract additional private investment. Ekong disclosed that the ministry was collaborating with the Nigerian Export Promotion Council to support exporters and improve the quality of locally produced commodities. Agricultural products identified for inspection and standardisation include cocoa, palm oil, palm kernel, rubber and ginger. The ministry is also considering agro-processing industrial clusters in Eket, Ikot Abasi and Oron, alongside a proposed investment forum and the establishment of a One-Stop Investment Centre. These initiatives are intended to connect local producers with larger markets, encourage value addition and expand economic opportunities beyond traditional retail activities. Their success will depend on implementation, infrastructure development and sustained participation by businesses and investors.
As of November 2, 2026, the Akwa Ibom State Government has reported disbursing 2 Billion Naira to 3,496 traders across its 31 local government areas, while maintaining a separate 31 Billion Naira empowerment allocation in its 2026 budget. The Ministry of Trade and Investment has identified business financing, market development, regulatory reforms and investment promotion as priorities for sustaining economic activity. However, the government has not published a complete public assessment showing how the grants have affected individual businesses, employment or household income. The next important step will be monitoring how beneficiaries use the funds, ensuring transparent administration and evaluating whether the financial assistance produces lasting commercial improvements. For traders across Akwa Ibom, the initiative represents an opportunity to strengthen their businesses, while its broader economic significance will depend on measurable results and continued support for enterprise development.
