Imo’s ‘Industrial Policy’ to revitalise state’s real sector
By Godfrey Ofurum
The newly launched Imo State ‘Industrial Policy’ (IP) has its major target of promoting economic growth and development.
The document will also revitalise the real sector, and strengthen the capacity of the state to respond to its most significant challenges.
The 64 page Industrial Policy document was designed with the technical assistance of the United Nations Industrial Development Organisation (UNIDO), to complement Governor Hope Uzodimma’s three point agenda of Reconstruction, Rehabilitation and Recovery (the 3R mantra of Shared Prosperity) and serves as the roadmap and blueprint for inclusive and sustainable industrial development in Imo State.
Governor Hope Uzodimma, observed that the absence of a cohesive and sustainable industrialisation roadmap to stimulate the economy and accelerate shared prosperity had robbed the state of the opportunity to live up to it’s true potentials.
The perennial infrastructure deficit, unfavourable fiscal and regulatory environment, weak or non-existent primary markets, import dependency, and the lack of a homegrown development strategy are clear indicators of these unsuccessful efforts.
Uzodimma stated that his administration cannot toe the familiar path of previous governments, particularly in view of his commitment to reposition the economic architecture of the state for transformational growth, noting that a framework that prioritises a fit-for-purpose and industrial development agenda for the Imo people is critical.
He expressed the commitment of the state government to make the industrial policy work for all.
According to Uzodimma, “Imo State has all it takes to lead the economic development of South Eastern Nigeria, based on its vast agricultural, mineral resources, expansive tourism potentials as well as it’s rich and varied tertiary institutions, human capital base and public infrastructure, among others.
Jean B. Bankole, UNIDO regional director and
representative to the Economic Community of West African States (ECOWAS), explained that the IP is unique, as it is designed to drive Imo State’s industrialisation through key, existing and emerging sub sectors that have been adjudged as economic catalytic engines that will help to drive the state’s development plan for employment-generation and propel shared prosperity.
He affirmed that the existing key industrialisation sub-sectors in the state are agro-industry and agri-business, oil and gas, minerals processing, tourism and hospitality, while the emerging key sub-sectors are digital economy, fabrication, and renewable energy.
“The uniqueness of the IP is further rooted in its philosophy of people-centeredness. The IP is fit for purpose, hence, the vision of the IP is to make industries work for all Imo State people,” he stated.
Kenneth Amaeshi, a professor and economic adviser to the Imo State Government, noted that the IP is focused on job creation and shared prosperity.
According to Amaeshi, it is this thinking that makes this industrial policy employment-led instead of the conventional investment-led approach. However, it does not mean that investors are secondary and unimportant.
“Rather, we believe that a good investment is one that equally prioritises the interests of investors and the societies in which they invest. This is at the heart of the sustainable development agenda. In that regard, Imo State is keen to attract investors, who are committed to creating quality jobs and promoting shared prosperity in line with the philosophy of Imo people and the strategic focus of the Imo State Government”.
Imo State is located in the South East of Nigeria, with Owerri its capital. The state is home to some of the most iconic cultural imprints of the Igbo people. It is rich in natural resources and boasts of significant investment opportunities, particularly in the areas of commerce, sustainable energy, agriculture, and industrial processing.
The state also has abundant human resources, with immense opportunity to become a leading economic hub in the region.
The wealth of untapped opportunities in emerging sectors like renewables, digital economy, and technological innovation, presents attractive prospects to usher in real development in the state. Yet, the magnitude of these opportunities pales in significance to the enormity of setbacks that have hampered development over the years.