The Imo State Executive Council has approved the creation of an Imo State Industrial Development Fund (IDF).
The fund aims to support the growth of industries in the state, tackle unemployment and improve the living standards of the people.
This was contained in a statement issued on Tuesday by the Special Adviser to Governor Hope Uzodimma on Public Enlightenment, Eze Ugochukwu.
The statement said Gov. Uzodimma’s administration is committed to promoting industrialization, which will drive shared prosperity and address the socio-economic challenges facing Imo State.
The state added that access to affordable funding is crucial for industrial growth, as without it, businesses cannot expand, modernize, or compete effectively.
“The planned Imo State Industrial Development Fund will provide financial support to businesses of all sizes—large, medium, small, and micro—ensuring they have the resources needed to thrive. This includes long-term loans, grants, and other financial tools to help businesses grow and create jobs.
“Imo State has significant potential for industrial growth, particularly in sectors like agriculture and agro-allied industries, hospitality, entertainment and manufacturing.
Read Also: Delta open for foreign investments, Gov. Oborevwori assures Swedish envoy
“The state plans to focus on areas where it has a competitive advantage. By doing so, the government hopes to create wealth, generate employment, and attract investors.
“The Industrial Development Fund will also help revive struggling industries and encourage new investments. It aims to make Imo State a hub for manufacturing and trade, both locally and internationally.
“The fund will support infrastructure development, research initiatives, and workforce training programs, ensuring that businesses have the tools they need to succeed.
“In addition, the fund will empower Small and Medium-sized Enterprises (SMEs) to become key players in the market, helping them transition from micro to large-scale operations smoothly.
“This will boost the state’s economy, increase productivity, and create more job opportunities for the unemployed,” the statement stated..
He stated that in Overall, the planned Imo State Industrial Development Fund is a significant step toward sustainable economic growth.
