ADDRESS BY GOVERNOR HOPE UZODIMMA AT THE LAUNCHING OF THE IMO INDUSTRIAL POLICY HELD IN OWERRI ON WEDNESDAY, NOVEMBER 2, 2022.
Today’s event – the launching of the Imo Industrial Policy – is yet another audacious step in our determination to put Imo State firmly on the road to economic growth and prosperity. Only yesterday, I flagged off the Hope Green Revolution project – an economic stimulus plan that buys into the investment opportunities presented by climate change to promote enterprise and investment in the state.
That singular initiative has already guaranteed a foreign direct investment of USD 10 Billion (Ten Billion United States Dollars) to our dear state, Imo. This is why I feel, not just delighted at this launch, but also excited, because it further underscores the fact that Imo State is irreversibly marching on a well-laid-out roadmap towards industrialisation and economic growth. As I pointed out yesterday, the fact that our state is the first sub-national in sub-Saharan Africa to establish a Ministry of Digital Economy and e- governance is a strong indication of our clear developmental vision for the state.
Part of what the Imo Industrial Policy is set out to achieve is to identify all the economic potentials in the state where we have comparative advantages and to clearly outline how, with proper government tutelage and incentives, these potentials can be harnessed into growing enterprises which will manifest in the emergence of countless Small and Medium Scale Entrepreneurs. In other words, the Imo Industrial Policy should serve as our strategic master plan to stimulate the growth and development of all sectors of the economy of Imo State. Identify and priotize the law hanging fruits for immediate harvesting
I am also glad that the industrial policy has been distilled from the inputs made by stakeholders at a meeting convened by the government for this purpose a short while ago. This being so, I have no doubt that the policy must have taken full cognizance of the different sectors of the economy where our state has comparative advantage. In addition, the policy would also reflect the priority industrial needs of our people from a geopolitical perspective.
To this end, the Imo State Industrial Policy has been carefully articulated to offer fresh, pragmatic and actionable insights into the state’s thinking and approach to industrialisation. The ultimate ambition is to place Imo on the path to long-term economic renaissance. The emphasis, therefore, is that this industrial policy is a long-term, sustainable initiative which will outlive this administration.
Whereas economists had long posited that governments, because of their configuration tilt towards welfarism, and are incapable of running successful businesses, this administration wants to, through the industrial policy, provide the fillip to drive the economic rejuvenation of the state. The emphasis would be to provide the enabling environment for the flourishing of our economy.
As you are aware, no nation or state can drive any industrial policy without the supporting infrastructure. Luckily, in the state, this administration has been proactive in that respect. With more than 100 roads constructed and reconstructed across the state, we have prepared the state for economic development and growth. The newly dualised Owerri-Orlu road and Owerri-Okigwe road are good examples of how to stimulate economic development through infrastructural development.
Apart from road infrastructure, we have ensured that the ease of doing business in the state is top-notch. Apart from the Ministry of Digital Economy created by this administration, the state civil service has been automated to handle all kinds of transactions within hours.
Again, the recent move by my administration to dredge the Orashi River to join the Atlantic Ocean is aimed at accelerating the economic activities in the state. I believe that a dredged Orashi River will present investors with enormous potential in the oil and gas industry. With an enabling environment on ground and a booming economy, it becomes easier for the implementation of the Imo State Industrial Policy.
Therefore, our goal for the institution of a viable industrial policy is to ensure that our youths are offered employment in the many business concerns that will spring up as a result of this policy. As we know, the state government has been doing a lot to empower our youths economically. At the last count, more than 18,000 youths have been trained and empowered by the government to run their own businesses and even be able to employ others. It is a contract exercise.
After the revamping of Adapalm Nigeria Limited, which in the next few months from now will provide over 40,000 jobs, this administration has been working hard to bring back the Imo Shoe Factory and the Avutu Modern Poultry to life to boost the economy of the state and offer employment to our youths. We are determined to grow our economy working with the private sector through Public Private Partnership.
Ladies and gentlemen, the launching of this industrial policy is not just an initiative to drive the economy of the state, but also a plan that will guarantee the future of our youths, prolong lives and guarantee prosperity. This is why I will do all that is necessary to ensure its success.
I am convinced that with a faithful implementation of this policy, and given the enabling policies already in place, Imo State is set to become one of the top industrial hubs of not just the South – East of Nigeria, but the entire nation. I, therefore, use the auspicious occasion of this launch to call on investors to take advantage of the robust and friendly investment climate that we have deliberately put in place, to invest in different areas of the economy, particularly in the Digital Economy, the Agro industry, Tourism, Oil and Gas, mining, fabrication, of course, in the allied industries that will be thrown up from our green revolution initiative.
To facilitate this, my administration will strengthen and support Imo Investment and Promotion Agency to be able to fast-track all applications for investment in the state
Ladies and gentlemen, it is now my pleasure to formally launch the Imo Industrial Policy.
Thank you all, and may God bless us and our efforts.
Sen. Hope Uzodimma
Governor, Imo State