Economic impact of town square meetings empowerment

By Emmanuel Nicholas

In recent weeks, Akwa Ibom State has witnessed a significant boost in its local economy through targeted empowerment initiatives spearheaded by Governor Umo Eno.

This strategic financial support has empowered local entrepreneurs and farmers, allowing them to invest in their businesses, purchase necessary equipment, and ultimately increase their output.

The empowerment initiatives are not merely financial handouts; they are investments in human capital that foster self-sufficiency and economic resilience.

Let us evaluate the extent of empowerment that has been achieved thus far through the town square meetings conducted in three federal constituencies, with plans to extend this initiative to the remaining seven constituencies.

In Abak Federal Constituency a total of six beneficiaries were awarded grants of five million naira each, while 178 farmers received N500,000 each under the ARISE Farmers Grant, aimed at bolstering agricultural development within the federal constituency.

Additionally, 442 other recipients from various sectors were granted amounts ranging from N150,000 to N700,000, determined by their specific business needs.

Furthermore, 198 individuals engaged in trades such as vulcanizing, tailoring, hairdressing, and welding, among others, were slated to receive equipment support, thereby ensuring that local businesses are equipped with the necessary tools to enhance their operations and boost productivity.

The aggregate sum of funds allocated through grants reached a substantial total of 268 million naira; nevertheless, an evaluation of the expenditures associated with the procurement or market valuation of 11 minibusses designated for transporters, along with 6 vehicles donated to the stakeholders, reveals an estimated cost of around 220 million Naira.

Consequently, the overall financial outlay for the Abak Federal Constituency exceeded 488 million Naira.

In the Oron Federal Constituency, 198 individuals engaged in similar trades were also earmarked for equipment support, reinforcing the initiative to empower local businesses with the tools required to improve their productivity.

A total cash disbursement of N335 million Naira was allocated to traders, farmers, and business owners across the five local government areas within the federal constituency, which includes Oron, Okobo, Udung Uko, Urue Offong Oruko, and Mbo.

Furthermore, minibusses and various vehicles were allocated to beneficiaries, and it is anticipated that the market value assessment of the distributed equipment and vehicles will surpass 280 million Naira.

Upon conducting my assessment, I determined that the overall expenditure within the Oron Federal Constituency amounted to 415 million Naira.

In the Ikot Ekpene Federal Constituency, a total of 655 entrepreneurs, encompassing farmers and small-scale business owners, have received business support grants totaling N260 million, along with equipment support from Governor Umo Eno.

This encompasses the allocation of six minibusses designated for transporters, as well as four vehicles intended for stakeholders. Upon conducting a thorough personal evaluation of the financial implications associated with the minibusses, vehicles, and equipment, I have determined that there will be an incremental expenditure amounting to 250 million Naira. Consequently, the overall financial requirement for the Ikot Ekpene Federal Constituency is projected to reach approximately 486 million Naira.

In every federal constituency, no fewer than 620 individuals are poised to benefit from the empowerment initiatives championed by Governor Umo Eno.

Comprehensive analysis indicates that by the time the town square meetings conclude, a minimum of twenty thousand and five hundred individuals will have experienced the advantages of the empowerment programmes, with an anticipated total exceeding 15 billion Naira allocated in grants, vehicles and equipment across the ten federal constituencies.

Through this comprehensive empowerment initiative, Governor Umo Eno aspires to invigorate the local economy and elevate the financial productivity of the State, thereby striving to eradicate poverty from this land of promise.

With the provision of financial support and essential equipment, local businesses are poised to operate with greater efficiency. For instance, farmers can invest in superior tools and high-quality seeds, which will ultimately lead to increased agricultural yields. In a similar vein, tradespeople can enhance the quality of their services, thereby attracting a larger customer base and subsequently boosting their income.

One of Governor Umo Eno’s paramount ambitions in implementing this empowerment initiative is to generate employment opportunities, as the growth of businesses necessitates a larger workforce to meet the expanding demands.

The empowerment initiatives are expected to create numerous job opportunities across various sectors. For instance, as farmers expand their operations, they may hire additional labourers. Similarly, tradespeople may need apprentices or assistants, contributing to a decrease in unemployment rates in the State.

The funds distributed to beneficiaries will circulate within the local economy. As individuals spend their grants on goods and services, local businesses will experience increased sales, leading to further economic activity. This circulation of money can stimulate demand, prompting businesses to expand and hire more employees.

The empowerment initiatives are also poised to have a significant impact on Akwa Ibom State’s internally generated revenue (IGR) and gross domestic product (GDP). As local businesses thrive, they will contribute more to the state’s IGR through taxes and levies.

Increased economic activity will also lead to a broader tax base, allowing the state government to collect more revenue to fund public services and infrastructure projects.

The empowerment initiatives led by Governor Umo Eno represent a transformative approach to economic development in Akwa Ibom State. By investing in the potential of its citizens, the state is not only addressing immediate financial needs but also laying the groundwork for sustainable economic growth.

As the benefits of these initiatives unfold, Akwa Ibom State stands to witness a revitalization of its local economy, characterized by increased productivity, job creation, and enhanced revenue generation. With continued support and strategic planning, the future looks promising for the people of Akwa Ibom.

As Governor Umo Eno concludes the town square meeting, it is anticipated that no fewer than ten thousand individuals may have been lifted out of poverty, over 200,000 jobs are likely to have been created, and more than 15 billion Naira will have been infused into the local economy.

This initiative will significantly contribute to the growth of Akwa Ibom State’s GDP, driven by heightened production and consumption, thereby enhancing the overall economic vitality of the State.

The influx of capital into the local economy, in conjunction with job creation and increased productivity, will foster a more resilient economic structure. This empowerment demonstrates that Governor Umo Basset Eno, PhD, is a perceptive leader who prioritizes the welfare of the populace.