Investment opportunities in Imo State
Imo State is blessed with abundant raw materials and mineral resources, which are vital to the growth of its agricultural and industrial sectors. Its industrial potentials are staggering. Industrial development in Imo State dates back to the colonial era when renowned organizations like the Royal Niger Company and John Holt encouraged the processing of palm fruit and kernel for export. When Nigeria gained independence, some industrialists moved their businesses to Imo State in order to enjoy the prevalence of material resources, which exist in the area.
One of the companies set up at this time, which is still in operation is the Modern Shoe Company Limited (now Standard Shoe Company Limited). After the civil war, the Federal Government and the then East Central State government evolved a strategic industrial development programme which was meant to extensively exploit all resource potentials available in the region. On creation of Imo State in 1976,fund for small-scale industries was established to encourage private entrepreneurs to undertake industrial investments.
Successive governments in the state have since then implemented several industrial policies that were aimed at turning the states economy around. The present state government has gone beyond the provision of soft loans under the establishment of industrial estates, the opening of roads, the extension of electricity and pipe-borne water to both the rural and urban areas of the state. A Raw Materials Display Centre has been established in the state in collaboration with the Raw Materials Research and Development Council (RMRDC) in order to encourage industrialists to utilise local raw materials available in the state.
The Imo State government has been making frantic efforts in
recent times to develop its co-operative societies. Regarded as the medium
through which its citizens could be mobilised for increased production of food,
establishment of small-scale industries and distribution of essential
commodities, the development of the societies has added a lot of impetus to the
overall growth of the states economy. The co-operative department in the
state Ministry of Commerce, Industry and Tourism has been continuously tasked
with the responsibility of promoting and regulating the activities of the
co-operative societies in the state. There is a co-operative college at Umuowa
in Orlu Local Government Area which, trains Co-operative Inspectors and other
personnel to ensure effective running of the co-operative societies. Presently,
Imo State has over 1,821 registered Co-operative Societies with a total share
capital and savings of N10 million.
In order to assist entrepreneurs in obtaining industrial plots, the government has embarked on the provision of industrial estates in three industrial zones of the state. Basic amenities like electricity, pipe-borne water and good roads have been provided in each location. Prospective entrepreneurs wishing locate their companies in Imo State do not have to satisfy too much stringent conditions which exist in other places. Land will be allocated to such an industrialist if he accompanies his application with the following:
Two copies of the Feasibility Study Report on the project;
Two copies of the site and building plans of the project;
Photostat copy of the certificate of incorporation of the company
One copy of the memorandum and articles of association of the company
Copy of audited account in case of existing companies seeking expansion;
Photostat copy of the company tax clearance certificate
Photostat copy of the Managing Directors tax clearance certificate and ;
One file jacket
Apart from those industries directly promoted by the state government like the Standard Shoe Company and the Aluminum Extrusion Industries Plc, many private entrepreneurs have established their companies in Imo State.
Please call the chief press secretary to the governor on +083-230250 for more information.