By Martins Azuwike
If Imo state aims to become the second state in terms of economic size, some key actors need to handle vital responsibilities. The state must also collaborate with other crucial players beyond its domain. Rising to the enviable position of Nigeria’s second-largest economy will be an uphill battle.
Policy crafting and implementation of this vision must be purpose-driven. It will demand sacrifices, tenacity, and unshakable commitment. Yet, it can be achieved, driven by a mix of government policy support, private investments, technology, agro-industrial ventures, and gas utilization projects.
Imo State must be at the vortex of transformation to make this a reality. It would be a momentous transformation. First, the Federal Government has a crucial role to play in this effort. That role includes providing policy support and funding.
Meanwhile, the State Government leads diversification and infrastructure development, the private sector and SMEs drive innovation and grassroots growth (fostering inclusive prosperity that builds wealth from the bottom up), and natural resources and human capital serve as the foundation for transformation. In league, these influences, when adeptly balanced, can make Imo state a rising economic powerhouse in Nigeria.
There is a need for the Federal Government to provide policy stability and investment de-risking, open financing pathways for entrepreneurs and SMEs, and structured Public-Private Partnerships (PPPs) to boost the state’s economic base. The main actors at the state level are the Governor and the Executive Council.
They need to develop and communicate a clear vision, steer the economy away from over-reliance on human capital export, and unlock natural wealth. They also need to approve a multi‑year economic plan and flagship projects, secure seed funding, sign PPP and incentive frameworks, and appoint leadership for the State Development Agency.
At all curves, Imo State needs to be strategically focused, prioritizing technology, agro-industrial processing, and gas utilization to position the economy as a hub for innovation and industrial growth. The Economic Summit The State is already on the right path with the Imo State Economic Summit 2025, which recently brought key stakeholders together to align on growth strategies and add an international perspective to development discussions.
It’s cheery that the Summit held in Owerri from December 4-5, attracted major international personalities, including former UN Secretary-General Ban Ki-moon, former British Prime Minister Boris Johnson, former President of Mauritius Ameena Gurib-Fakim, and President of Liberia Joseph Boakai, with global institutions and investors.
While Ban Ki-moon denoted global diplomatic support, Johnson emphasized European interest in Imo state’s investment opportunities. Boakai, on his part, embodied West African regional cooperation, and Gurib-Fakim remained the star advocate in science and innovation.
On the domestic front, President Bola Ahmed Tinubu, represented at the summit by Vice President Kashim Shettima, confirmed federal backing for the state’s economic transformation. Perception influences the market for reasons that are sometimes hard to explain.
Ban Ki-moon’s presence at the Summit demonstrated the UN’s interest in sustainable development partnerships as well as the efforts of international organizations in investment, infrastructure, and economic reform. They were not alone.
Corporate executives and investors from Africa, Europe, and Asia were also there to explore opportunities in agriculture, manufacturing, mining, technology, and healthcare, as participation by regional governments emphasized cross-border collaboration.
Africa’s richest man, and Chairman of the Dangote Group, Aliko Dangote, attended the summit as one of the key speakers, and made a solid commitment to what he described as a “blank cheque” for investment in the state, and a firm promise that the Dangote Group would become one of the biggest investors in the state.
And the significance of the summit? Like it or dispute it, Owerri has grabbed global attention as a hub of international dialogue, and as a centre of gravity for new investment in the southeast. What’s more, with the striking theme: “Unlocking Imo’s Economic Potential: Partnership, Investment, and Innovation,” which aims to attract capital, foster innovation, and position the state firmly within Nigeria’s trillion-dollar economic ambition by 2030.
The Kernel of It Guess the true meaning of the presence of these high-profile global leaders and institutions. It signals a clear turning point for the state, demonstrating that the region is now perceived as a credible investment frontier that can attract international capital and forge partnerships that could reshape its economic narrative and trajectory.
Second, the State Development Agency (SDA) / Project Delivery Unit must prepare bankable project packages, run procurement and PPP tendering, manage the implementation of industrial parks, power hubs, export facilities, and publish KPIs and quarterly dashboards.
The third principal actor is the state Ministry of Finance/Treasury, which should reform public financial management, digitize revenue collection, issue and manage state development bonds, create a transparent project financing plan, and a cash flow calendar.
The State Ministry of Finance / Treasury needs the capacity to reform public financial management; digitize revenue collection; issue and manage state development bonds; create a transparent project financing plan and a cashflow calendar.
The Imo State Investment Promotion Agency (ISIPA) / One‑Stop Investment Centre remains key in achieving the state’s overarching objective. This is where the Imo State Investment Promotion Agency (ISIPA) comes in to develop and communicate market investment opportunities, fast‑track approvals for anchor investors, deliver investor aftercare, and provide one‑page incentive schedules.
The State Assembly also needs to pass enabling laws for workable PPPs, land titling, fiscal commitments, and tax incentives, approve budgets in tune with the economic plan, and ensure legislative oversight of SDA performance.
In addition, the Ministry of Works, Transport, and Energy would be required to deliver industrial corridors, cold chain hubs, and grid + embedded power for industrial zones, and coordinate with federal agencies in trunk road upgrades.
Furthermore, the Ministry of Agriculture and Agro‑Processing needs to continuously organize value chain clusters, facilitate land assembly for processing sites, run extension services, coordinate contract farming, and provide offtake guarantees. That’s not all.
The Ministry of Education / Technical and Vocational Education and Training (TVET) Authority / Universities should also develop and demonstrate capacity to rapidly scale competency‑based vocational training, align curricula with industry, and run apprenticeship placement guarantees, in addition to supporting research and development (R&D) and incubation.
Local Governments and Traditional Authorities, as the third tier of Government, should also be empowered to streamline land use processes, support local revenue reforms, resolve community‑level land disputes, and coordinate security for project sites. Core private sector players such as anchor firms, SMEs, chambers in the state must buy into the state’s vision and commit to anchor investments, co‑design vocational curricula, provide training slots and off take agreements, mobilize private capital and expertise.
SMEs need to be supported in scale-up through access to new financing, new market entry, and driving mass economic activity. Tech firms need to emerge and contribute to digital transformation, job creation, and service innovation. Private investors can also promote agro-industrial ventures, tapping into the state’s hefty agricultural potential to create value chains in food processing and exports. This would nudge the state’s agricultural sector beyond subsistence into a commercial dynamo.
Gas reserves in the state remain huge and need to be efficiently harnessed for industrial use, energy generation, and export. Overall, Imo state needs to strike a strategic balance between exporting human capital and retaining and empowering it locally to drive the vision.
Financial Institutions and Development Partners are not left out in the scheme of responsibilities aimed at achieving the objective. They need to provide blended finance, guarantees, concessional loans, and technical assistance for project prep and early-stage risk mitigation. Diaspora and Philanthropy Networks should be mobilized to subscribe to diaspora bonds, provide patient capital, technical expertise, and market linkages for exports.
The state needs the security agencies and community policing to secure industrial zones and logistics corridors, and maintain a stable operating environment for investors. Not least, civil society and media need to be vibrant enough to monitor transparency, publish performance scorecards, and mobilize public support for reforms. Tasks for Flagship Projects Ø Imo Agro‑Industrial Park
• SDA would be responsible for site assembly, infrastructure procurement, and investor concessions.
• Ministry of Agriculture oversees cluster design, farmer aggregation, and contract farming.
• ISIPA + Private Anchor is to invest in processing lines; guarantee offtake.
• Development Partners would key in with feasibility grants and concessional financing.
Ø Owerri Industrial Power Hub
• Ministry of Energy ensures permits, grid upgrades, and embedded generation policy.
• Private IPPs have the responsibility to build and operate power generation.
• The Ministry of Finance is to structure PPP guarantees and payment security. Ø Trunk Road Corridor (farm‑to‑market)
• Ministry of Works will handle design and construction.
• Federal agencies (where applicable) are to coordinate trunk road sections.
• Local Governments are to facilitate right‑of‑way and maintenance co‑funding. Ø SME Growth and Export Finance Facility
• State Treasury and Commercial Banks are to provide a seed fund and a guarantee line.
• ISIPA and Chambers of Commerce need to identify SMEs with export potential.
• Development Partners are to support with de‑risking grants and technical capacity.
Ø Vocational and Technical University Partnership
• The Ministry of Education and Universities must ensure curriculum alignment and certification.
• Private Firms are to provide faculty, apprenticeship slots, and placement guarantees.
• SDA is to monitor placement and employer satisfaction KPIs. Ø Digital Services and Innovation Hub
• ISIPA is to work with the Ministry of ICT to provide broadband and a regulatory sandbox.
• Private incubators and Venture Capitalists are to run accelerator programs and seed deals.
• Universities are to scale up research partnerships and talent pipeline.
Speedy sequencing and accountable owners Approve medium‑term economic plan and create SDA: The Governor takes ownership of this within 1–2 months.
Publishing six flagship projects and initial budgets is to be executed by SDA and the Ministry of Finance within 3 months.
Seed SME Growth Facility and launch investor fast‑track to be provided by the Treasury and ISIPA within 4–6 months.
Begin land titling and digitalization for industrial sites under the Ministry of Lands and IMOGIS within 6 months.
Launch TVET rapid scale program with private partners.
This is the responsibility of the Ministry of Education within 6–9 months. ü SDA and Development Partners are to procure feasibility studies for the power hub and industrial park within 9–12 months.
Accountability, transparency, and risk mitigation
• There must be performance covenants to tie public and donor tranches to assessable deliverables and publish trimestral dashboards.
• Independent oversight should produce an Audit and Citizens’ Advisory Panel to evaluate SDA contracts and publish non‑technical synopses.
• Mixed finance de‑risking should ensure that grants are used for feasibility, guarantees for early revenue shortfalls, and PPPs for capital strengthening.
• Land and community risk need to be adeptly applied to complete geospatial titling, clear compensation rules, and community benefit agreements before embarking on construction. Simple KPIs by owner (examples)
• SDA’s performance would be based on the number of bankable projects prepared and private capital expenditure (capex) mobilized.
• The Ministry of Finance is to lead the charge for a high IGR growth rate and the success of state bond issuance.
·ISIPA is responsible for the number of investors onboarded and the approval timeline (days).
• The Ministry of Education is to ensure that graduates are placed into accredited and appropriate jobs or apprenticeships.
• The private sector drives export volume and formal jobs. Operational priority
• Create and empower an independent, professionally staffed State Development Agency (SDA) with a private‑sector board, a clear procurement model, and a strong mandate to deliver the six flagship projects.
The essence of this single institutional fix? It aligns incentives, fast-tracks project preparation, and facilitates the private and donor capital essential to scale the entire strategy. In all, there must be credible scorecards.
A Quote At the vortex of transformation, the past unravels, the future spins, and in the still centre, we discover who we are becoming. (Anonymous) Martins Azuwike is an Economist, a member of the Guild of Public Affairs Analysts of Nigeria (GPAAN), the Nigerian Guild of Editors (NGE), and a multiple award-winning journalist in Banking/Finance (DAME Hall of Fame), Energy, Telecommunications (NMMA), and Business Analysis.
