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US-based Venture launches N600bn  Scheme to Boost Imo’s Grassroots Business initiatives 
June 11, 2026 552 Views

US-based Venture launches N600bn  Scheme to Boost Imo’s Grassroots Business initiatives 

A US-based venture studio, Calpe Labs, says it has launched a N600 billion scheme, which targets to boost entrepreneurship and capital access of 50 grassroots micro-businesses in Imo.
The Managing Director of Calpe Labs, Mr Mambu Sherman, disclosed this in an interview on Wednesday in Owerri.
The beneficiaries were selected under the state Government’s One Kindred One Business Initiative (OKOBI), a local initiative designed to leverage communal and family businesses in addressing unemployment.
The micro-businesses are mainly into agribusinesses and agro-processing, micro-manufacturing and production, artisanal and skilled services, trade, and commerce.
Sherman said the enterprise development initiative stemmed from the successful Imo Economic Summit hosted by the state Government in December 2025 to drive inclusive economic growth in the state.
He said Africa Business Affairs (AfriBA), a business development organisation, initiated the scheme.
He said AfriBA was partnering Calpe Labs, InnoPower Africa, and EvaTech Global, for the strategic implementation of the scheme to bring global technology and capital innovation to the state.
According to him, EvaTech Global integrates advances digital underwriting and business analytics.
“This technology will help local entrepreneurs in the state to strengthen capital readiness and seamlessly improve access to vital financing opportunities.
“One of the greatest challenges facing MSMEs is not a lack of ambition or opportunity, but fragmented support systems,” the director said.
Sherman also said that the partnership reflected a broader global shift, saying  modern entrepreneurs required connected support systems and alternative finance rather than isolated, uncoordinated programmes.
He said InnoPower Africa, a workforce and economic development organisation which focuses on entrepreneurship, innovation, and talent development, would help connect people, institutions, and opportunities to drive an inclusive economic growth.
Sherman said: “The initiative ultimately aims to empower over 1,000 businesses across the State.
“Partners project a massive N600 billion total economic impact and 20,000 new jobs.
“Furthermore, the programme is expected to generate approximately N250 billion in business revenue, directly transforming the economic landscape of rural communities within the state.”
He expressed optimism that the projected bold outcomes are achievable through a systematic removal of persistent barriers.
The platform provides coordinated growth capital and technology-enabled business infrastructure.
He said lessons gathered from the  pilot cohort would help refine the model, disclosing that partners plan to prepare for broader expansion across other markets throughout Africa.
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