The Imo State Government has launched the state’s Industrial Policy (IP) geared towardspromoting 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 was designed with the technical assistance of the United Nations Industrial Development Organisation (UNIDO), to complement Governor Hope Uzodinma’s three-point agenda of Reconstruction, Rehabilitation and Recovery and serves as the roadmap and blueprint for inclusive and sustainable industrial development in Imo State.
Governor Hope Uzodinma, observed that the absence of a cohesive and sustainable industrializationroadmap to stimulate the economy and accelerate shared prosperity had robbed the state of the opportunity to live up to its true potential.
The perennial infrastructure deficit, unfavorable 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.
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He expressed the commitment of the state government to make the industrial policy work for all.
According to Uzodinma, “Imo State has all it takes to lead the economic development ofSouth Eastern Nigeria, based on its vast agricultural, mineral resources, expansive tourism potential as well as its 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 theIP is unique, as it is designed to drive Imo State’s industrialisation through key, existing and emerging subsectors 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 subsectors 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,” he concluded.
