Organized Private Sector prescribes economic direction for Okorocha

The organized private sector in Imo State under the aegis of Owerri Chamber of Commerce, Industry, Mines and Agriculture (OCCIMA) has prescribed an economic direction for Governor Rochas Okorocha in his second term of office, which if he pursues vigorously, OCCIMA believes would work to expand the state’s economic base through industrialization, new businesses and create the much needed jobs the governor plans to provide.

Meanwhile, Governor Okorocha last Friday, at his swearing-in ceremony at Dan Anyiam Stadium, Owerri, announced that he has a daunting challenge of creating jobs in Imo, a state that churns out over 2,000 graduates annually, given that education is its biggest industry.

First of all, OCCIMA has asked the governor to pay up the state’s counterpart fund to Bank of Industry (BOI) for release of funds that would benefit 200 companies in the state.

According to Kelvin Mbawuike, the president of OCCIMA, while speaking at the chamber’s second quarter general meeting in Owerri last week, said, the chamber has been reliably informed by the Bank of Industry, that it (BOI) has idle cash for 200 companies in Imo State, but which cannot be accessed because the state government has not paid its counterpart fund.

To this end, Mbawuike has called on Governor Okorocha to “take a firm position to support businesses in the state through programmes such as the BOI business support initiative; saying that OCCIMA cannot do much alone.”

The Owerri chamber of commerce boss said that: “At our meeting with the consultant of Bank of Industry, we were told that there is enough fund in BOI for 200 companies in Imo State; but we can’t access it unless the State government puts down its own counterpart fund. He, however, did not state how much was involved.

“That is what we are pleading, for Governor Okorocha to hasten and pay up the BOI counterpart fund; so that most of our member-companies can use the fund to expand their businesses, thereby creating more employment opportunities for teeming youths,” he stated.

Mbawuike, who is also the director of Echo Power Resources Limited, Owerri, stated that the chamber was also calling on the Imo government to make it mandatory for businesses operating in the state to join OCCIMA, as a condition for getting any contract from government; in line with what obtains in other states.

He said, “people come in here to take contracts from the state government and run away, without identifying with chamber of commerce. It is not easy to go to Rivers State and Akwa lbom, or other states and get contracts from government without belonging to the chamber.  But, unfortunately that of Imo is different.”

The OCCIMA boss informed of the chamber’s resolve to “ensure that people coming here to do business are also recognised companies, who cannot take contract money and run away. That is why we are looking for this partnership with the state government. And the time is ripe now that government is poised in working with us. We would use the partnership to offer our own little knowledge and contact to make this new programme work.”

A 2011 survey of the states of the Federation by the Central Bank of Nigeria (CBN) indicated that Imo State had the highest unemployment rate in all of the South East zone; which was estimated at over 1.25 million unemployed.

However, Mbawuike said OCCIMA was ready for credible partnership with the Okorocha administration, being an extension of the business community in Owerri city, and a part of the national business group in Nigeria, the NACCIMA (Nigeria Association and Chambers of Commerce, Industry Mines and Agriculture).

He stressed that Bank of Industry was disbursing funds to small companies and businesses, and it was expedient that OCCIMA members benefited from it.

“They have told us what is required, and a few of us have applied, and we are working on it. We are also looking for another opportunity available to our members like the Central Bank of Nigeria’s (CBN’s) N20 billion MSMEs fund. We are encouraging our members to go and apply. We believe that is the only way we can be a strong member of NACCIMA,” he stated.

Meanwhile OCCIMA would soon honour its past presidents and people who have made contributions to the growth of businesses in Owerri since 1976.

The city chamber is also setting up committees that will provide services to entrepreneurs in Imo who are looking for what to do; and encouraged young entrepreneurs to visit OCCIMA to get support services at the chamber.

BEN EGUZOZIE & VICTORIA NNAKAIKE