By Ogu Bundu Nwadike
The seeds of the overseas economic trips sowed by the governor of Imo State, His Excellency, Rt. Hon. Emeka Ihedioha, CON, KSC, FNIFST are beginning to bear ripe fruits. That’s my own way of summarizing the $50 million (about N18 billion) investment establishment (not loan) centre that the African Export Import (AfrExim) Bank has just approved to be sited in Imo State for the benefit of other States in the Southeast and South South geo-political zones.
It may be recalled that in the month of June, precisely between June 20 and June 22, 2019 Gov. Ihedioha was a special guest of honour to the AfrExim Bank Annual General Meeting, where a potpourri of international investors, international multi-lateral finance agencies, international fund custodians converge to chart the way forward for the AfrExim Bank.
The establishment in Imo State of the investment centre by AfrExim Bank is indeed a big plus to the integrity test of which by it Imo State has been qualified and certified good, trustworthy and conducive enough for economic growth and development partnership to warrant the investment in the State for appropriation by the States in the Southeast and South South zones.
As captured earlier in this short essay, the partnership with Imo State by AfrExim Bank in this instance is a testimony, a confirmation and a vote of confidence in Imo State and her leader, Gov. Ihedioha. It’s a case of the governor and the State passing a leadership performance integrity test.
In a press release dated October 29, 2019 and signed by the governor’s Chief Press Secretary, Hon. Chibuike Onyeukwu, the purpose of the investment was expressed.
It read thus: “The $50 million (N18 billion) investment/Centre, under the Quality Assurance Facility of the bank, will provide certification and inspection services for various products for export from Imo State and other parts of the region to the international market.
“The centre, which is the first of its kind in the entire South East and South South regions, is an indication of the responses to the investment drive of the governor as well as the remarkable improvement on the Ease of Doing Business rating of Imo State.
“It will also provide capacity building to industrialists, make Imo State a business hub, and more importantly, provide employment opportunities and boost economic development of Imo State.
“The Centre is a reflection of the efforts of Governor Ihedioha to restore confidence of investors and development partners in Imo State as an investment destination.”
According to the release: “The AfrExim Bank is an export-import Bank which strongly supports expansion, diversification, promotion and development of intra- and inter-African trade.”
The bank will make Imo State a huge investment hub, by setting up an Africa Quality Assurance Centre (AQAC) for the entire South East and South South regions in the country.
All one would add to the above facts is that apparently, this investment by AfrExim Bank is very significant to the dawn of social and economic growth and development of Imo State!
To God be the glory! By God’s grace, Imo must be rebuilt!
Nwadike is the Special Assistant to the Imo Governor on Research