N600 Billion Scheme Launched for Imo's Micro Businesses

A US-based venture, Calp Lab, has launched a N600 billion scheme to enhance entrepreneurship and capital access for micro businesses in Imo State. Mambu Sherman, the Managing Director of Calp Lab, disclosed this during an interaction with journalists in Owerri.

The initiative aims to empower 1,000 businesses and create approximately 20,000 jobs, addressing unemployment primarily in the agricultural sector, agro-processing, micro-manufacturing, and artisan services. The program is designed to leverage community and family businesses and is part of a broader economic development strategy linked to the Imo Economic Summit scheduled for December 2025.

The scheme is a partnership with Afriba and aims to bring global technology and capital to the state. It is expected to generate around N250 billion in business revenue and transform the economic landscape of rural communities in Imo State.

The initiative reflects a global shift towards modern entrepreneurship, emphasizing the need for connected support systems and alternative financing.