– Anayo Ezugwu

THE Imo Economic Development Initiative, IEDI, has expressed concern over the sad and troubling state of economic development of Imo State. The group made up of Imo elites is particularly concerned over the declining state of the economy of the state with its rising debt profile.

Maurice Iwu, chairman, IEDI, in a letter made available to Realnews said as at December 31 2016, according to the Debt Management Office, Imo State was owing N93.27 billion, up from N26 billion in 2011. He stated that a review of the states’ sustainability index, a report which profiles the viability and sustainability of states showed that Imo State ranked number 22 in the whole country, a marked decline from the 17^th position it occupied on the same index three years ago (2015).

“We are concerned about our poor position in the ease of doing business ranking in the country. We are currently ranked 34^th out of 36 states. With such a dismissal rank, Imo has little or no hope of attracting new businesses to alleviate the unemployment and generally boost the economy of the state. We are concerned about the poor contribution of our legacy industries to job creation efforts, despite considerable government investment in these industries. These legacy industries include ADAPALM, Standard shoe, Cardboard and Packaging, and Resin and Paint Industry,” Iwu said in the letter written on behalf of the group.

The group similarly pointed out the obvious low activity level of international multilateral funding and donor agencies assisted projects in the state. It noted that in the past, funds from these organisations had gone a long way in assisting the delivery of government projects.

Besides, it noted the “low level of participation by the state in federal government intervention funding mechanisms especially in agriculture, health and SMEs activities.”

As if that was not bad enough, it said: “We are concerned about the transportation challenges especially in Owerri municipality. These challenges have been heightened by the stopping of tricycles from plying the roads without the provision of an adequate alternative means of mass transit.

According to the group, the economic stagnation in the state is a big concern, charging: “We believe this is as a result of poor money circulation within the lower strata of the society.”

Hence, the letters advised the state government: “We suggest that government should ensure that salaries are paid as and when due to minimise the hardship in the state. In conclusion, we are of the view that if effort is made, and measures introduced, to improve our rankings in various crucial indices; pay workers, pensioners and contractors as and at when due, key into external and alternative funding sources as well as find a lasting solution to urban mass transit issues; the economy of the state will improve considerably.”

According to Iwu, the IEDI seeks primarily to contribute to the development of Imo State through private sector funding and leveraging on available federal and state governments resources. Its membership is made up of key stakeholders in Imo State including captains of industry, members of the academia, technocrats, retired senior military and security personnel, as well as other professionals of Imo State origin.

The group is interested in various aspects of the socio-economic development of the state and possible ventures that would empower the people, create wealth, reduce poverty – while at the same time yield benefits to promoters.

– Jan. 9, 2018 @ 12:53 GMT /