Asuquo Ekpenyong Facilitates N40 Million Grant to Empower 400 Small Businesses in Cross River!

Reported by Musa Antiketu (Journalist) | Sele Media Africa

A targeted intervention aimed at strengthening grassroots entrepreneurship is underway in southern Nigeria, as Senator Asuquo Ekpenyong, representing Cross River South Senatorial District in the National Assembly of Nigeria, has facilitated a ₦40 million grant scheme to support 400 small scale business owners across his constituency.
The initiative, designed to boost productivity and stimulate local economic growth, provides financial grants to micro and small enterprises operating within communities in Cross River State. Beneficiaries were drawn from various sectors including retail trade, agriculture, food processing, and services.
Speaking during the distribution event, Ekpenyong emphasized that the intervention was part of broader efforts to strengthen small and medium sized enterprises (SMEs), widely regarded as the backbone of Nigeria’s local economies. According to him, supporting small businesses directly translates into job creation, community resilience, and inclusive economic development.
“Small businesses remain the engine of grassroots economic growth. By providing this grant, we are empowering entrepreneurs to expand their operations, create employment, and contribute meaningfully to the development of our communities,” the senator stated.
Strengthening Local Enterprise
The grant programme allocates funds to 400 beneficiaries, each receiving financial support intended to stabilize and expand their business operations. Local community leaders and programme coordinators noted that the selection process prioritized entrepreneurs already engaged in productive economic activity but facing financial constraints.
Observers say such constituency driven empowerment programmes are becoming increasingly important as Nigeria navigates economic pressures affecting small enterprises, including inflation, supply chain challenges, and limited access to formal financing.
According to economic analysts, direct financial support at the grassroots level can help sustain micro-businesses that often operate outside traditional credit systems.
SMEs and Nigeria’s Economic Landscape
Across Nigeria, SMEs account for a significant share of employment and economic activity. Data from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) indicates that micro, small, and medium enterprises represent over 90 percent of businesses in the country, underscoring their importance in national development strategies.
Development economists argue that constituency level interventions such as the Cross River grant scheme complement broader national policies aimed at expanding financial inclusion and strengthening entrepreneurial ecosystems.
In Cross River State, where many residents rely on small scale trade, agriculture, and services for livelihood, stakeholders believe such initiatives could help improve household incomes and stimulate local markets.
Community Response
Beneficiaries of the programme expressed optimism that the grants would enable them to purchase inventory, upgrade equipment, and expand their operations. Some participants noted that access to even modest capital injections can significantly improve business sustainability.
Local community leaders also commended the initiative, urging beneficiaries to deploy the funds responsibly to maximize long term economic impact.
Broader Policy Context
Nigeria’s federal and state governments have in recent years introduced several initiatives targeting SME growth, recognizing the sector’s potential to drive economic diversification and reduce unemployment.
Programmes facilitated by lawmakers at the constituency level increasingly complement national interventions by delivering direct financial support to entrepreneurs who may not easily access formal government schemes.

Sources:
The Nation Newspaper; The Guardian Nigeria; Punch Newspapers; Vanguard Newspaper

Antiketu Musa

Musa Antiketu is a journalist with Sele Media Africa from Kogi State, Nigeria, driven by a deep commitment to truth and integrity in reporting. She is passionate about crafting compelling narratives on current affairs, sports, and trending international news, bringing clarity and insight to complex issues. Currently pursuing a degree in History and International Studies at Prince Abubakar Audu University, she combines strong research ability with effective communication skills to produce engaging, impactful content that advances organizational goals while fostering her continuous professional growth.

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