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AKSG, BOI COLLABORATE ON ENTREPRENEURSHIP DEVPT.

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The Akwa Ibom State Government and the Bank of Industry (BOI) have signed a memorandum of understanding (MoU) on the N4 billion counterpart funding to be used in driving entrepreneurship development in the state.

Speaking at the MoU signing ceremony, Tuesday, February 18, 2025, the Managing Director/Chief Executive Officer of Akwa Ibom Investment Corporation (AKICORP), Pastor Imo-Abasi Jacob, noted that the event was another proof of Governor Umo Eno’s sincere commitment to the development of entrepreneurship in Akwa Ibom.

Pastor Jacob, who led the government’s team, recalled that two previous administrations in the state had tried to bring the Bank of Industry to the state but could not, adding that the presence of BOI in Akwa Ibom today was as a result of Governor Eno’s doggedness and determination.

“The first time we had an opportunity like this to engage BOI was in 2012 when we seriously thought of bringing BOI to the state, but it didn’t happen. Two successive governments had tried to bring BOI to the state but could not. It is within that context that we must celebrate His Excellency’s doggedness and determination to bring BOI to the state. It started with a low hanging fruit of giving the bank an office in the state.

“What we are doing today is very significant for the state and our people. Both partners, Akwa Ibom State Government and Bank of Industry have come together to develop a joint fund of 4 billion naira with two counterparts. First, is BOI’s 2 billion naira and then the state government’s 2 billion naira.

“The significance of this joint funding is that both parties have agreed that by coming together, we can drive the interest rate below the commercial rates. This is a very good news for entrepreneurs in our state. And we have agreed to work together to ensure this is achieved,” he said.

While commenting on the strategies adopted by the state to ensure that the loan scheme is effectively implemented to achieve its purpose, Pastor Jacob disclosed that AKICORP will work closely with the Ibom Leadership and Entrepreneurial Development Centre (Ibom-LED) to see to it that only trained entrepreneurs with capacity are considered.

He commended the teams from the state government and Bank of Industry for working painstakingly on the MoU to the satisfaction of both parties, assuring that the bank will be actively involved in monitoring the implementation of the loan.

Earlier, the Executive Director, MSME of the Bank of Industry, Mr Shekarau Omar, had commended Governor Eno for his commitment to entrepreneurship development in the state, adding that entrepreneurs in Akwa Ibom will enjoy a lot of support from the governor’s numerous programmes and initiatives.

Mr Omar, who was speaking on behalf of the bank’s MD/CEO, Dr. Olasupo Olusi, disclosed that BOI as the oldest government financing institution in Nigeria, is the most reliable and trust-worthy in financing businesses in the country, assuring that with their presence in Akwa Ibom, there will be an economic boom.

“Between February last year when we opened our office in Akwa Ibom and now, we have disbursed over N2 billion to entrepreneurs in the state. We are also working on disbursing additional N3 billion between now and next month,” he disclosed.

He further revealed that Nigeria was in partnership with various institutions to generate funds in millions of dollars that will be injected into entrepreneurship development as grants in the country and that Akwa Ibom was going to be among the benefiting states.

“We are happy to have presence in Akwa Ibom because this is a state that is focused. At the Bank of Industry, we have a leadership that believes in the development of the people, the development of entrepreneurs, and that leadership is proud to partner with Akwa Ibom state government. This MoU signing is only one of the many positives that will come from this partnership.

“When we finish signing this, the impact will be felt. The people of this state will benefit. The whole N4 billion will come and stay in this state. It is for the development of entrepreneurs in the state. For the marching funds, we will make sure that it is the right people that benefit,” he said.

While assuring that BOI will maintain strict professionalism and operate with integrity, he appealed that capacity and competence to handle funds be considered when selecting the entrepreneurs to benefit from the funding.

In her brief vote of thanks, the General Manager of Ibom-LED, Mrs Ekaette Umoh, assured that the Centre will play its role in training the potential beneficiaries in order to ensure that the funds create the desired impacts when they are disbursed, assuring that Akwa Ibom was poised to become the economic hub of Nigeria and thanked Governor Eno for driving the vision.

“We don’t want Akwa Ibom to be a civil service state with a little bit of business. We want Akwa Ibom to become the economic hub of Nigeria. So, Lagos should watch out for us because we are coming,” she said.

Highpoint of the event was the signing of MoU which was done by Pastor Jacob on behalf of Akwa Ibom State Government and Mr Omar, on behalf of the Bank of Industry.

Other team members from BOI present at the event were, Executive Director (CS & C), Mr Usen Effiong; Company Secretary, Mrs Olufunlola Salami; Divisional (MSME-South I), Dr Kings Jack; Legal Adviser, Ireti Daramola; Divisional Head (MSME-South II), Mr Pacqueens Irabor; Regional Manager (South-South), Mr Babatunde Ajala, and State Manager, Akwa Ibom, Mr Tolulope Toluwase.

On the state government team were, State Solicitor General, Mrs Mfonobong Edemekong; Legal Adviser, AKICORP, Ime Obot; SSA to the Governor on Entrepreneurship, Mr Ime Uwah, and SSA to the Governor on Tourism, Mrs Ime Udoh.

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Nigerians urged to take advantage of new China market-access opportunity

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Nigeria’s aquatic products have secured zero-tariff access to China’s market of about 1.4 billion consumers under a new protocol.

This is even as bilateral trade between both countries reaches $18 billion in the first half of 2026 (H1’26).

The development is expected to boost Nigerian exports and foreign exchange earnings, with Chinese Ambassador to Nigeria, Yu Dunhai, disclosing that Nigerian exports to China rose by 80 per cent in the first half of the year.

The Minister of Power, Joseph Tegbe, who received the Ambassador during a courtesy visit and reception following the signing of the Nigeria-China Aquatic Products Protocol, urged Nigerian exporters and businesses to move swiftly to take advantage of the new market-access opportunity.

In a statement the ministry said the protocol was concluded after nearly five years of negotiations and grants eligible Nigerian aquatic products zero-tariff access to the Chinese market.

Welcoming the Chinese Ambassador, Tegbe expressed appreciation for his continued support for the Nigeria-China Strategic Partnership and efforts to deepen trade and business relations between both countries.

The Minister noted that bilateral trade had reached $18 billion in the first half of 2026, compared with $28 billion recorded for the whole of 2025.

He said implementation of the aquatic products protocol would further strengthen economic ties and help fast-track other initiatives, including the Zero Tariff Agreement for African countries.

Tegbe therefore urged Nigerian exporters and businesses to move quickly to take advantage of the new market-access opportunity. Ambassador Yu reaffirmed the Chinese Embassy’s commitment to supporting implementation of the protocol and facilitating the entry of qualified Nigerian aquatic products into the Chinese market.

He described Tegbe’s appointment as a testament to his leadership, vision and pragmatism, while citing a 35 per cent increase in bilateral trade and an 80 per cent rise in Nigerian exports in the first half of 2026 as evidence of the significant potential for further cooperation.

The Ambassador also assured the Minister of the Chinese government’s support for Nigeria’s efforts to modernise and expand its power system.

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Gov Eno Signs MoU with Rural Electrification Agency, declares energy insecurity over in the state

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Akwa Ibom State Governor, Pastor Umo Eno, has declared that electricity remains the single most important driver of the State’s development agenda, stressing that the era of energy insecurity in the state is over.

Speaking at the Rural Electrification Agency (REA) and Akwa Ibom State Strategic Roundtable held in Abuja, Governor Eno said Akwa Ibom is now pivoting from policy formulation to practical implementation and delivery of electricity solutions that will transform lives and power industries.

“We have moved from aspiration to legal and institutional foundation. Today, we pivot to implementation and delivery,” the Governor said.

He explained that the State has, within the past year, delivered the Akwa Ibom State Electricity Policy (2024), enacted the Electricity Law (2025), and established regulatory frameworks for the implementation of the new regime.

Governor Eno stressed that electricity is central to the ARISE Agenda, enabling agriculture, industry, schools, hospitals, digital hubs, women-led enterprises, and job creation across the State. He assured investors that his administration will provide land, expedite permits, ensure regulatory clarity, and facilitate financing to guarantee project success.

“Electricity is the key driver of our purpose to ensure that every Akwa Ibomite, in every corner of this State, can live with dignity and opportunity in the 21st century,” he said, urging RESCOs and private sector investors to move from ideas to concrete projects within 15–18 months.

The Governor added that Akwa Ibom will adopt approaches that will leverage the rich natural gas and small hydro resources in the State while creating room for renewable energy, to achieve a sustainable energy transition.

Deputy Governor, Dr. Akon Eyakenyi, in her welcome remarks, described the event as a “critical milestone” in the State’s journey to deliver universal electricity access, noting that off-grid deployment is vital to reaching unserved and underserved communities.

Managing Director of the Rural Electrification Agency, REA, Aliyu Baba, commended Governor Eno’s commitment to rural development, stressing that the ARISE Agenda aligns with the national electrification initiative. He noted that REA will continue to partner with states to attract private sector investors and ensure affordable electricity for rural dwellers.

Commissioner for Power, Rt. Hon. Iniobong Robson Etebe, in his presentation on Renewable Energy Opportunities in the Akwa Ibom State Electricity Market, highlighted investment prospects in solar, hydro, and gas-to-power solutions. He assured that the government has created a conducive environment for investors to thrive, with policies designed to make projects viable and sustainable.

The roundtable also featured an overview of the REA Community Mapping Tool by the Technical Adviser of the Nigerian Electrification Program (NEP) and the formal signing of a Memorandum of Understanding (MoU) between the Akwa Ibom State Government and the REA to strengthen collaboration.

Governor Eno was accompanied to the roundtable by the Deputy Governor, Senator Akon Eyakenyi; the Secretary to the State Government, Prince Enobong Uwah; the Executive Assistant and Chief Delivery Advisor, Mr. Aniefiok Johnson; the Attorney General and Commissioner for Justice; the Commissioner for Local Government and Chieftaincy Affairs; as well as the Commissioners for Power, Finance, and Information, and the Special Adviser on Rural Development and Cooperatives.

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Gov Umo Eno visits decaying Ibom Hotels

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“Once we sort this out, I am told we should be able to deliver the first 40 rooms in October, so that we can start using it in December, preparatory for Christmas.”

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Akwa Ibom State Governor, Pastor Umo Eno, has said hospitality facilities belonging to the state government would no longer be ran at a loss, under his administration.

Governor Eno gave the assurance while fielding questions from Government House Correspondents shortly after his inspection tour of the ongoing renovation of facilities at the Ibom Hotel and Golf Resort.

The Governor who said the State has numerous hospitality facilities including; the Ibom Hotel and Golf Resort, the Four Points by Sheraton in Ikot Ekpene, the ongoing ARISE Resort, and facilities in Lagos and Abuja, insisted that they must be strategically managed as profit-making ventures.

“We can’t put so much money into facilities like this, and they keep reporting deficit because we want an international brand. We can be our own brand,” he stated.

To ensure that the State hospitality facilities are delivering efficiently and profitably, the Governor, who is a Fellow of the Nigerian Hotel and Catering Institute (NHCI), said government would put in place a strategic hospitality management group to properly develop a State brand.

“Five or six years ago, Ibom Air was not a brand, but today, it is a brand to reckon with. You can create your brand. Each and everyone of us has our identity. It is now left for us to develop our identity,” he said.

Governor Eno called on indigenous professional hoteliers both at home and in the diaspora to look inward and be part of the Akwa Ibom hospitality brand.

“There is no hotel in this country that you will not find an Akwa Ibom son or daughter at the hierarchy of management. So we call on them to return home and put that same energy in turning around our hotel facilities.”

The Governor emphasized that experienced indigenous hoteliers who have made their marks in the hospitality industry will be given a chance to showcase their proficiency in the running of the hotel.

Pastor Eno explained that he came to see the prototype rooms to ensure its readiness for usage come December as expected.

“Once we sort this out, I am told we should be able to deliver the first 40 rooms in October, so that we can start using it in December, preparatory for Christmas.”

He disclosed that the ongoing upgrade of facilities in the hotel will be done in phases to meet up its total overhaul.

Governor Eno further highlighted that the State has an amazing hospitality assets that require expertise in different areas including; front desk management, house keeping, engineering, reservation and audit to form a strong group that would develop the State’s operational manual in the sector.

“This is necessary and important so that if I am here in Uyo or in Abuja, we already know the standard and it would be the same. Uniforms, attitude, and the likes must be the same. It takes a lot of training and retraining to achieve that,” he said.

The Governor who took time to move round the facility, especially the areas of the undergoing renovation, was accompanied by the Secretary to the State Government Prince Enobong Uwah, members of the State Executive Council, Delivery Advisors, and others.

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