{"id":28083,"date":"2020-08-15T02:35:34","date_gmt":"2020-08-15T01:35:34","guid":{"rendered":"https:\/\/everyday.ng\/?p=28083"},"modified":"2020-08-15T02:35:34","modified_gmt":"2020-08-15T01:35:34","slug":"how-isipa-will-make-imos-economy-work-again-by-jude-nzeakor","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=28083","title":{"rendered":"How ISIPA will make\u00a0Imo\u2019s economy\u00a0work again, by\u00a0Jude Nzeakor"},"content":{"rendered":"

The Director General of Imo State Investment Promotion Agency, (ISIPA) Dr. Jude Nzeakor, reckons that the investment profile of the state will not wither because of the COVID-19 pandemic. Nzeakor says that the agency will in the next few years alter its revenue generating capacity towards enhancing the economic and investment status of Imo. He spoke to KODILINYE OBIAGWU<\/strong>\u00a0in Owerri. Excerpts:
\nWHAT are the immediate challenges that confront you in the ISIPA?<\/strong>
\nThe\u00a0challenges\u00a0are there\u00a0for the simple reason that\u00a0the establishment that was set up ten years ago, to drive investment into Imo, organize the economic sector, monitor investment, collect\u00a0\u00a0investment, and assist the government promote investment, unfortunately,\u00a0has been moribund all this while. Right\u00a0now, the incumbent governor,\u00a0Hope Uzodinma,\u00a0the man that is interested in putting in life back to bodies that are dead, decided to\u00a0really\u00a0activate the agency. The governor deemed it fit\u00a0to\u00a0reactivate the agency and look at ways to reengineer the economic sector, bring in investors, whether local or international so that we can see a change in Imo. And that\u00a0in itself\u00a0offers\u00a0another set of challenges;\u00a0there are a lot of things that are not on the ground that should have been\u00a0there. The infrastructure is lacking. Here I mean\u00a0adequate\u00a0power\u00a0supply and\u00a0good\u00a0roads,\u00a0the few things an investor will be looking for.\u00a0Also there is the challenge of the ease of doing business. If\u00a0you are\u00a0an\u00a0investor coming to Imo, you ought to be worried if you are uncertain how easy it will be for you to register your business, get\u00a0regular\u00a0power, land or accommodation, and other things. This is part of the challenges\u00a0we face at the moment\u00a0and\u00a0we are\u00a0determined to\u00a0look ensure that when investorscome,\u00a0they\u00a0will have it easy setting\u00a0up.
\nWhat\u00a0specific skills and knowledge are you bringing\u00a0as\u00a0the proper person to deliver on these challenges and complete the restoration of ISIPA?<\/strong>
\nIt is not a job that requires just one skill or a string of\u00a0academic qualifications.\u00a0I am coming from the diaspora and\u00a0I\u00a0have been exposed to an environment that understands what it means to invest.\u00a0On this job, one\u00a0must have acquired experience in management, technical knowledge on business related issues.\u00a0And then you must have\u00a0a human face to bring people together to inspire confidence and motivate people to put in their money,\u00a0\u00a0because you said so.
\nThere are\u00a0a whole of things one would need to consider, before investing in a place.\u00a0Therehas to be a trust. The investor\u00a0should be able to trust you who is trying to project the\u00a0state. I know that I possess that\u00a0because\u00a0I\u00a0have been exposed to the most conceivable environment\u00a0that promotes investment. I have also the most conceivable experience that promotesinvestment, I have international clients with impressive portfolios that I advise over the years on investment options when investing abroad. And with that knowledge, I think I am grounded to prepare this state so that we can usher in the right investors.
\nKnowing that providing roads and power are not your primary concern, how are you going to contend with the\u00a0\u00a0challenge and convince this government to rehabilitate ailing infrastructure?<\/strong>
\nI can state categorically that this present\u00a0state administration, is ready for business.\u00a0I am confident that the infrastructure and enabling environment will be there for investors to come in.\u00a0I\u00a0can\u00a0guarantee that in\u00a0the next 24 months, this government will shock people in the manner it will take care of the road network across\u00a0the\u00a0state.\u00a0Power supply\u00a0will be enhanced;\u00a0there will be a total overhaul of the state,\u00a0and funding won\u2019t be a problem. This office is putting together a database of projects we are going to embark on in the next 24 months\u00a0andthe funds to do those projects are\u00a0available.
\nWhen people out there talk of local and foreign investments, what do you think they are looking at?<\/strong>
\nI take it that\u00a0they are looking at the well being of\u00a0the people. They are looking at the\u00a0ability\u00a0of the ordinary person to able to travel from one destination to the other, get a\u00a0job, affordable medical treatment, get\u00a0proper\u00a0housing when they need it.\u00a0These\u00a0things are by-products of investments.\u00a0Investments\u00a0will provide\u00a0jobs, power, good roads,\u00a0the things\u00a0that make life worth living. This is what I consider as investment in an ordinary sense.
\nWhy are you so confident that\u00a0the government has\u00a0funds for projects despite events that question that?<\/strong>
\nThe problem Imo has had over the years has nothing to do with money. Funds for projects had never been an issue with the present or past governments. The issue all along is with management of resources and prioritizing of projects. If you have scarce resources, you have to be able to manage and prioritize them. Previous governments got it wrong here and that is why we are where we are. So, the funds to execute the projects is not income that will come from Imo or Abuja. This is foreign income that we will have access to, irrespective of the money Imo earns.
\nThe problem associated with\u00a0payment of\u00a0salaries and pensions is not\u00a0because\u00a0there is no money;\u00a0it has to do with management. If past governments have had ghost workers and dead people claiming salaries from the graves, with\u00a0people living in the diaspora getting\u00a0salaries without working for the state, then something is wrong.\u00a0Governor Uzodinma\u00a0believes in due process, and he is trying to do things right.\u00a0If\u00a0you are a pensioner and you demand to be paid, you must certify that you are entitled to that pension. The same goes for\u00a0all\u00a0employees in the state.\u00a0Those who misunderstand this approach\u00a0are\u00a0talking in the media hinting at the fallacy that Imo hasn\u2019t got money. The governor is simply restructuring\u00a0things so that we can start growing.
\nHe wants to do things right. The government is doing extremely well because it is attacking the fundamentals and if we get the fundamentals right, then taking off will not be difficult. There\u00a0are a lot of distractions and people are playing politics.\u00a0If the governor is distracted, then progress becomes even slower. The opposition should play objective politics because anything to the contrary means development suffers.
\nAre\u00a0the funds\u00a0from abroad\u00a0loans or grants?<\/strong>
\nThey\u00a0are grants.\u00a0We\u00a0want\u00a0to use our expertise to creat an instrument that will enable usexecute projects\u00a0in\u00a0Imo. It is\u00a0a\u00a0grant because it is not going to be repaid; it\u00a0is\u00a0just\u00a0an instrument.
\nCan you be\u00a0more\u00a0specific on\u00a0how you will\u00a0make power readily available to investors in Imo?<\/strong>
\nPower is in the Exclusive List so\u00a0we are\u00a0not really\u00a0interested in\u00a0what goes on\u00a0the national grid. There are captive energy that every state can put together. Rural industrial sectors, industrial clusters\u00a0are\u00a0all over.\u00a0At\u00a0this point, the plan\u00a0is\u00a0to\u00a0build captive powers in each location to ensure that every cluster has power. If it is in a local government we can build power clusters there.\u00a0\u00a0A lot of ground will have to be covered yet on this\u00a0before Imo can start to experience full power supply.
\nAre you factoring the\u00a0COVID-19\u00a0pandemic\u00a0in your immediate plans seeing\u00a0how\u00a0it\u00a0is limiting options in different areas worldwide?<\/strong>
\nDespite its negative impact on economies, COVID-19 has also left some positive impact.\u00a0\u00a0A lot of people have benefited from COVID-19, and many others are yet benefiting, especially\u00a0those who are prepared. It has no doubt affected Imo positively and negatively, depending on\u00a0one\u2019s stand point.\u00a0It is debatable how\u00a0COVID-19, has dealt with\u00a0people residing in the rural areas,\u00a0these are\u00a0people\u00a0who\u00a0always relied on palliatives from urban areas.\u00a0Those\u00a0handouts increased during this period.\u00a0\u00a0It for those living in urban areas, whosebusinesses\u00a0have\u00a0suffered setbacks.\u00a0The truth\u00a0is\u00a0COVID-19 opened our eyes, new chapters, hopes, ideas, for people\u00a0willing\u00a0to\u00a0capitalize on new opportunities. For these people, COVID-19 would be a good thing. So if we assess what has happened, the trick would be\u00a0to look outside the box and look for where there is a need for people with financial capacity and capability. COVID-19 has rearranged\u00a0the global economy and of course\u00a0new leaders will emerge, new opportunities will surface.\u00a0In\u00a0Imo, COVID-19 has redirected attention and a lot of people are going into farming. It is important as people begin to think about how\u00a0to take care of ourselves rather than relying on handouts. We can farm, we can cultivate the things we want to eat. COVID-19 has given us an excuse to think outside the box.
\nOne fallout from COVID-19 is the renewed dependence on the internet. Does Imo have the infrastructure to support investors whose business will be built around the internet?<\/strong>
\nThe internet presence is here in Imo, so that is sorted out fot Investors.\u00a0The important thing COVID-19 has taught us is that e-learning is\u00a0now\u00a0a way of life and the world has truly become a global place. It is part of the infrastructure we are looking at so that the citizens of Imo\u00a0can\u00a0hook up globally through the internet. And this government is also promising that within a short space of time,\u00a0Imo indigenes\u00a0will be enjoying free internet connections. It is still under wraps, but the government has it all sorted out. In a post COVID-19 era, we will be in a better position to deploy this option.
\nHow\u00a0will you\u00a0run ISIPA as a business concern and increase its revenue generating capacity?<\/strong>
\nISIPA was designed to function as a limited liability company; a trading arm of the government. ISIPA is empowered to buy and sell and engage in businesses within the confines of the law. It is about creating revenue sources, not\u00a0collection\u00a0of\u00a0revenues.\u00a0\u00a0We are here to re-engineer some\u00a0dead\u00a0revenue sources,\u00a0find ways to recreate them\u00a0and generate more revenue.\u00a0Currently, we are\u00a0about to launch Imo State Yellow Pages,\u00a0a compendium of businesses in\u00a0Imo. This\u00a0compendium\u00a0will\u00a0improve communication among all businesses in the state and\u00a0also\u00a0open up international channels. It will be a source of credible information and part of our way to ease the process of doing business in\u00a0Imo.
\nWhat are you promising the people of Imo\u00a0with ISIPA?<\/strong>
\nDuring my tenure,\u00a0we\u00a0are going to create opportunities for all businesses in Imo\u00a0to\u00a0engage in international business, export
\ngoods and services.\u00a0In\u00a0one or two years in office, graduates from Imo should be able to goonline and earn money without stepping out of Imo. We will be able to make\u00a0the economic sector\u00a0\u00a0a functional center, so that when people\u00a0will\u00a0know how to access any sector of the economy, formal or informal. There will funds to do any project that we have to do, so that we build on the infrastructure that we need to sustain the economy.\u00a0Our\u00a0empowerment program\u00a0will let\u00a0youths\u00a0key into opportunities. I\u00a0am asking for\u00a0patience\u00a0with this government,\u00a0because\u00a0some of us are here because we care for the state and we want to do our best to ensure Imo gets better.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Director General of Imo State Investment Promotion Agency, (ISIPA) Dr. Jude Nzeakor, reckons that the investment profile of the state will not wither because of the COVID-19 pandemic. Nzeakor says that the agency will in the next few years alter its revenue generating capacity towards enhancing the economic and investment status of Imo. He […]<\/p>\n","protected":false},"author":7,"featured_media":28089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5777],"tags":[1127,795,2133],"class_list":["post-28083","post","type-post","status-publish","format-standard","has-post-thumbnail","category-features","tag-economy","tag-imo","tag-isipa"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/28083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28083"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/28083\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}