Boom seen in Imo economy on projects, plans for transformation

By Saby Elemba, in Owerri 

A number of economic actions being taken and planned by the Imo State government are being seen to catapult the state’s economy to a state of boom with these game changing economic plans and projects expected to lead to rapid socio-economic transformation in all aspects of the state. 

Gerald Nkwekegbu, vice president, SME, contact and mobilisation, Owerri Chamber of Commerce,  Industry,  Mines and Agriculture (OCCIMA), and also vice chairman, services, Nigerian Association of Small Scale Industrialists (NASSI), expressed this optimism when he spoke with Business A. M.,  in Owerri. 

According to Nkwekegbe, Waltersmith Petroleum Nigeria Limited,  an indigenous oil company, and the United Nations Development Organisation (UNIDO), in a mutual collaboration with the United Nations Economic Commission for Africa (UNECA) and the state government, are to establish the Imo Industrial Park in Ohaji/Egbema with potential  “that about one million jobs will be created.”

As a result there’s going to be jobs for the youths. Imo State, currently with the country’s highest unemployment rate at about 48.75 percent, is expecting to see the unemployment rate drastically reduced. 

Nkwekegbu noted that the Industrial Park, as a private sector  project initiated by Waltersmith and with the collaborative efforts of other partners, has the aim to create economic development in Imo State, South East and Nigeria in general as the industrial park  will cover all  the sectors of economic development. 

While commending Waltersmith Petroleum,  UNIDO,  UNECA for providing the infrastructures, he has he praised Governor Uzodinma and his government’s ability to provide an enabling environment for this world class industrial park, according to him, what  “an investor will do is to just go in there with his working capital and start something” because there are structures and enabling environment. 

The Industrial Park, he said, will be like the Jubail Industrial City in Saudi Arabia, Tahoe-Renoe in the United States,  Alberta’s Heartland  in Canada, the ones in Germany, Japan and in China.

And according to him, the Republic of China which has many successful and diverse industrial parks in the world today enjoys above 250 flourishing industrial parks with world class recognition,  the biggest being  that of Suzhou Industrial Park which covers  about 278 square kilometres. 

According to Nkwekegbu, in the African continent,  the Hawassa Industrial Park, in Sidama Region, Ethiopia,  which was established in 2016 is an example of what Imo’s Industrial Park will look like when completed. 

But while the Hawassa Industrial Park which is an  Ethiopian government supported venture,  focuses on manufacturing and production of textile materials,  garments and apparel, Imo’s Industrial Park will be more diverse,  manufacturing all kinds of products for both internal and export trade. 

According to him, with the dredging of Oguta Lake and Orashi River combined to enhance coastal links up to the Atlantic Ocean and with the Egbema Industrial Park, “Imo economy will be exposed  to the world businesses and investors, Imo will be one of the world’s booming economies, “Imo will be exposed to international trade because  international business will boom, everydown thing that has to do with economic development  and opportunity will flourish”.

And when asked how the Imo Industrial Park, the dredging of Oguta Lake and the opening up of the Orashi River to the outside world will affect  internally generated revenue of the state, he said, ” you know what Lagos is enjoying now, if these projects take off, and the Owerri-Onitsha Road Industrial Layout at Irete, “which contains about 260 industrial plots, takes off, once again, after it is revamped, what Lagos is enjoying  is what Imo State will enjoy, a flourishing economy,  and the state will have continuous increase in its  internally generated revenue (IGR) to run the government.