US Venture Launches $600 Billion Plan to Support Imo State MSMEs

Tony Icheku in Owerri

A US‑based venture studio, Calpe Labs, has announced a N600 billion program aimed at boosting entrepreneurship and capital access for 50 grassroots micro‑businesses in Imo State.

Mr Mambu Sherman, Managing Director of Calpe Labs, revealed the initiative during a press briefing in Owerri.

The beneficiaries were chosen under the State Government’s One Kindred One Business Initiative (OKOBI), a local program that seeks to harness community and family enterprises to tackle unemployment.

Selected micro‑businesses operate mainly in agribusiness and agro‑processing, micro‑manufacturing and production, artisanal and skilled services, trade, and commerce.

Sherman said the enterprise development effort emerged from the successful Imo Economic Summit hosted by the State Government in December 2025, which aimed to promote inclusive economic growth in the state.

He noted that Africa Business Affairs (AfriBA), a business development organization, initiated the scheme.

AfriBA is partnering with Calpe Labs, InnoPower Africa, and EvaTech Global to strategically implement the program, bringing global technology and capital innovation to the state.

According to Sherman, EvaTech Global will provide advanced digital underwriting and business analytics.

“This technology will help local entrepreneurs in the state strengthen capital readiness and seamlessly improve access to vital financing opportunities,” he said. “One of the greatest challenges facing MSMEs is not a lack of ambition or opportunity, but fragmented support systems,” the director added.

Sherman also said the partnership reflects a broader global shift, noting that modern entrepreneurs need connected support systems and alternative finance rather than isolated, uncoordinated programmes.

He explained that InnoPower Africa, a workforce and economic development organization focused on entrepreneurship, innovation, and talent development, will help connect people, institutions, and opportunities to drive 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,” he added. “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 bold outcomes are achievable through a systematic removal of persistent barriers.

The platform will provide coordinated growth capital and technology‑enabled business infrastructure.

Sherman said lessons learned from the pilot cohort will help refine the model, and that partners plan to prepare for broader expansion across other markets throughout Africa.