02/11/2022
*IMO STATE PUBLIC ENLIGHTENMENT*
[ *OVERVIEW* ]
▪Imo Industrial Policy
Imo State is one of the five States in the South-East of Nigeria.Although the State's economy is mainly based on commerce and agriculture, its agriculture is predominantly subsistence. Imo State also has a sizable number
of Micro, Small, and Medium Enterprises (MSMEs).Going by the 2017 National Survey of MSMEs, the number of MSMEs in Imo State was 1,402,868 employing 1,646,965 employees out of a total population of 5.4 million people. This clearly shows that the majority of the MSMEs belong to the micro category and unemployment is
a major challenge in the State.
Apart from agriculture and commerce, other aspects of theImo State economy include education, hospitality, tourism, solid mineral and oil and gas. After a careful examination of these existing sectors and their potentials
(especiallyin relation to job creation and shared prosperity), as well as an assessment of global trends and
the future of the Imo economy, opportunities were also identified in the digital economy,renewable energy, and fabrication sectors. As such, the State is determined to align with the existing and emerging sectors and take advantage of the opportunities they offer. This rethinking has necessitated this industrial policy, which
encapsulates the industrial pathway for Imo State.
Anecdotal evidence suggests that prior to now, Imo State had mainly been associated with the industrialisation achievements of Chief Sam Mbakwe (1979-1983) in the Second Republic. Therefore, the need to lay out a clear policy direction for the State's industrialisation signifies a deliberate commitment towards developing and implementing an industrialisation agenda in alignment with the industrial development priorities of the State.
Although industrialisation is not neutral, it is context dependent. As such, it differs from place to place. Politics, culture, philosophy, and belief systems have always had a strong influence onhow nations and societies approach industrial evolution.
In that regard, an industrial policy should be able to address the needs of the domestic economy and the
people, first and foremost. This will entail a robust articulation of the underlying market philosophy that will help strengthen the factors required forindustrial growth-i.e.,human capabilities, market capabilities, resource
capabilities, as well as other comparative and competitive capabilities. To achieve this, it is necessary to engage with all relevant stakeholder groups with the intention of understanding their issues and formulating a fit-for-
purpose industrial policy.
Given the quest for inclusive society and economy, as well as environmental protection, sustainable development is another important consideration in articulating a contemporary industrialisation agenda.
Therefore, the Imo State Industrial Policy has been developed with these considerations. In developing the policy, the philosophy of Africapitalism, the dominant worldview of Imo people, and the strategic focus of the Imo State Government,were employed, as they clearly align with the tenets of sustainable development.
The industrial policy starts with a current situation analysis of the Imo State economy in chapter 2. Based on the identified challenges of the State from chapter 2, the policy then explores the type of industrialisation suitable for Imo State and suggests one driven by job creation and shared prosperity in chapter 3. Chapter 4 considers the industrialisation opportunities in Imo State and offers a pragmatic action plan for the realisation
of these opportunities. This is followed by chapter 5, which examines and discusses the ways and channels to access funding that will facilitate the development of the key action plans outlined by the industrial policy.
Chapter 6 lays the institutional framework that will enhance the implementation of the policy. In chapter 7, the document outlines a Monitoring and Evaluation (M&E) framework for the policy to have a successful implementation.The policy document ends with a conclusion in Chapter 8.