January 31, (THEWILL) – Imo State, located in the south-eastern region of Nigeria, was created in February 1976 out of the former East Central State. Its capital and the most important city is Owerri. It is bordered by Abia State on the east, Delta State to the west, Anambra State in the north, and Rivers State in the south.
Imo State has many rivers. The main rivers in the state are Imo (after which the state was named), Otamiri and Njaba. The major lakes are in Oguta and Abadaba (in Oguta and Obowo local government areas, respectively). Although ranked the fourth oil producing state in the country, Imo engages in agriculture on a large scale. Orange, pineapple, pawpaw, guava, banana, mango and cashew are grown in the state.
The main staple crops are yam, cassava, cocoyam, maize and cocoa. Economic trees like the iroko, mahogany, obeche, gmelina, bamboo, rubber palm, and oil palm are in abundance. The people also engage in wood carving. Works of art produced in the state include carved doors, walking sticks of different designs, sculptures, flutes, wooden mortars and pestles, gongs and the famous talking drums. Metal works and various types of fabrications are locally produced.
Owerri the capital of Imo state is popularly known as the nation’s entertainment hub. It has numerous hotels, guest houses, recreational centres and recording studios. Night life thrives in the city centre as evidenced in the popular presence of night clubs, bars and restaurants, which operate into the night. The state is known for the sale of auto spare parts and allied accessories, pharmaceutical products and motorcycles. It is also known for the concentration of educational institutions.
Natural Resources
Imo has the following natural resources most of which are confirmed in commercial quantity: crude oil, lead, zinc, white clay, fine sand, limestone and natural gas.
Tourist Sites
- Oguta Lake
- Nekede Zoo
- Mbari Cultural and Arts Centre
- Maria Assumpta (Catholic) Cathedral
- National Museum Owerri
- Ngwu Natural Spring
- Rolling Hill Okigwe
Agriculture and Rural Development
The state government is reactivating abandoned agribusiness facilities to create jobs, boost food production and provide raw materials. It has signed a Memorandum of Understanding with the Federal Government to reactivate the 35-hectare Acharaugo Emekuku Integrated Farm Estate, Owerri North LGA.
The farm estate, developed to engage about 800 workers, consists of fish farm, poultry, piggery and goat pens; it has the capacity to engage about 500 farmers directly and would have a veterinary training centre.
“The training centre will be used to give practitioners and prospective veterinary doctors the opportunity to be trained and acquire knowledge on how to take care of the animals within the farm.
“Our intention is to make the farm fully functional, bring back the things that used to be there before, such as poultry, piggery and goat pens.
“Also, additional facilities such as the processing and packaging units, training centres and snail rearing points will be restored, where farmers will be taught on rearing and processing,” the state government disclosed. It added that it planned to increase the farm estate from 35 hectares to 100 hectares of land in order to contain the earlier outlined facilities and have a crop production area.
The popular Imo Poultry at Avutu Obowa established by late Governor Sam Mbakwe requires reactivation.
FACT FILE:
LGA: 27
Land Area: 2,140 sq mi.
Registered businesses: 863
Public primary schools: 1,466 @ 2020
Public secondary schools: 456 @ 2020
University (4): Federal – 1, astate – 1, private 2
Polytechnic (2): Federal – 1, state – 1
College of Education: (2): Federal – 1, state – 1
College of Arts and Science (5): Federal -1, state- 1, private – 3
Nursing School: State – 3
School of Midwifery: State – 2
Technical School: State – 4
Total Revenue: N72.80bn @ 2020
Total Tax: N14.79bn
Total IGR: N17.08bn @ 2020 (23.46% of total revenue)
FAAC: N55.72bn @ 2020 (76.54% of total revenue)
Domestic Debt: N150.19bn @ 2020
External Debt: $96.116m @ 2020
Unemployment rate: 56.64% @ 2020
Airport: 1
CBN Partners Imo to Boost Palm Oil Production
… As SEPLAT, NNPC Plan Gas Plant
The Central Bank of Nigeria (CBN) is partnering with the Imo State Government to revive the state-owned Adapalm Oil Company in Ohaji, to boost the production of palm oil and allied products, create avenue for the state to generate more revenue and also provide employment opportunities for Imo youths.
The government further disclosed that the Oil Palm Company had opened discussions with Malaysians for the training of its workers, especially on how to convert wastes into wealth using the by-products of the business.
Adapalm used to be a vibrant company known for good quality products. Unfortunately, the company’s production level dropped significantly which is a key area of focus by the new management being put together in collaboration with CBN.
The CBN has expressed its readiness to assist the oil palm establishment to regain speedy recovery and join the league of organisations that are contributing to the nation’s economic development for the benefit of Nigerians.
“Under the developmental role mandate, the CBN is actually interested in turning around Adapalm. The facility, in the 1980s and 90s, was a primary source of special palm oil that was consumed in this country and exported, too. In fact, it was the benchmark for oil production in the country,” the CBN noted.
A consulting firm to the company said “The partnership is going to yield positive results because, two good heads are better than one. It is obvious that over the years, one hand has not been able to manage this place and carry out challenges. Therefore, the CBN intervention is a good one for the industry.”
“I see a whole lot of potential in this place, and I think if we are honest to ourselves and bring our hearts and souls together, we will be able to reactivate this place, which is the most important thing for the locals to be happy, including the state government and the Federal Government,” said another consultant.
Furthermore, the SEPLAT Group has partnered with the Nigerian National Petroleum Corporation to site a multi-billion Naira gas plant at Asaa, Ohaji-Egbema Local Government Area of Imo State.
The government had assured residents of the community that it would stand as a referee to make sure development was brought by the Seplat Group through the project by embarking on viable corporate social responsibility initiatives. These include projects such as hospitals, roads and schools.
“The Imo State Government will not encourage a situation where oil companies doll out monies to the leaders of their host communities. Gone are the days when oil companies collude with a few community leaders to exploit the rest of the host communities,” it said.
Experts predict rapid economic development through the two major projects in agriculture and oil and gas.
Challenging Factors: Insecurity, poor road network and power supply, excesses of revenue officials, land constraints and communal clashes.
Endowment And Investment Opportunities:
*** BY SAM DIALA & OLAYEMI SHABA
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
