VP Shettima: Imo State, A New Growth Frontier In Nigeria’s Economic Diversification Drive

** Says South East state is primed for technology, gas, agro-industrial and SME-led growth

** Reaffirms goverment’s readiness to de-risk private investments, policy stability under President Tinubu

By: Our Reporter

Vice President Kashim Shettima has identified Imo State as a major pillar in Nigeria’s economic diversification agenda primed for rapid growth in technology, gas utilisation, agro-industrial processing and small and medium-scale enterprises (SMEs).

He said the government is committed to providing access to financing through the Bank of Industry and the Development Bank of Nigeria, alongside structured Public-Private Partnerships in housing, transport, and renewable energy sectors for the state.

Speaking on Thursday at the Imo State Economic Summit 2025 in Owerri, VP Shettima said national prosperity could only be sustained when every state takes ownership of its development and deliberately harnesses its comparative advantages.

“Nations do not rise because one corner of the map ascends while others remain dormant. Nations rise when every part discovers its promise and takes responsibility for its own economic direction,” he said.

The Vice President described Imo’s economic prospects as unmistakable, stressing that the state occupies a strategic position in President Bola Ahmed Tinubu’s reforms aimed at stabilising the business environment and unlocking long-term growth.

According to him, the summit’s theme, ‘Unlocking Imo’s Economic Potential: Partnership, Investment, and Innovation’, aligns with the Federal Government’s reform agenda to build a resilient, competitive and inclusive economy.

“All these possibilities converge to remind us that Imo is not just ready for investment. Imo is primed for transformation,” VP Shettima said.

The Vice President highlighted high-growth sectors capable of driving Imo’s economic resurgence, including the deployment of Free Trade Zones and Special Agro-Industrial Processing Zones, expanded gas utilisation for households and industry, and the development of robust digital infrastructure to attract ICT firms and fuel a modern, information-driven economy.

Reaffirming the Federal Government’s commitment to investor protection and confidence-building, VP Shettima assured that the Tinubu administration would continue to de-risk private investments and provide consistent policy direction.

“The Federal Government stands ready to walk with Imo State to unlock opportunities, de-risk promising ventures and ensure that the benefits of development are felt across communities. To investors here today, the message is unmistakable: Imo is open for business. Nigeria is open for business,” he said.

The Vice President said global competitiveness today is shaped by innovation, talent and technology rather than the exploitation of natural resources alone, urging Imo to position innovation at the core of its growth strategy.

He disclosed that the Federal Government is already implementing programmes to empower young innovators, expand digital skills training, strengthen tech clusters, promote STEM education and deepen research partnerships with universities.

“The young people of Imo are creative, ambitious and connected to the global knowledge economy. Our duty is to give them the tools, the platforms and the confidence to build the future that awaits them,” VP Shettima said.

The Vice President added that Imo State could emerge as a technology hub, a major contributor to national GDP, a magnet for the creative economy and a leading centre for SMEs and industrialisation, if partnerships and investments are effectively mobilised.

He challenged stakeholders to shift from dialogue to execution. “Let this Summit not end with good ideas alone. Let it lead to signed partnerships, funded projects and measurable outcomes that uplift lives and create jobs,” he urged.

In his welcome address, Imo State Governor, Hope Uzodinma commended President Tinubu’s intentional reform policies, which he said have reset Nigeria’s investment space.

He noted that Imo State had since keyed into the reforms of the President, with the aim of taking the lead in regional development.

Governor Uzodinma said the state, under his leadership, had since utilized its unique landmass and abundant natural resources in providing the ideal environment for investors and businesses to thrive.

“We are blessed with the largest game reserve estimated at 200 trillion cubic feet. So, for those looking for business in gas exploration and utilization, Imo State is the destination.

“We also have other resources like lead, zinc, crude oil, cotton, etc. The incentives are ready and agriculture is our mainstay as the heartland of Eastern Nigeria. We also boast of the 3rd highest human capital development index in the country,” the Governor stated.

He also coined a meaning for the name of the state, describing it as a place where Investment Meets Opportunities (IMO) and business follows.

On her part, the first female elected President of Mauritius, Ameenah Gurib-Fakim, urged Africa to take its place in the global market, pointing out that Nigeria is a power house that should lead the way in that regard.

The former President said there is hope for Africa because Nigeria is rising and giving opportunities to the youth, even as she pledged to bring in investors in renewable energy to invest in Imo.

Also, the Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, in his goodwill message, said the private sector is key to investment at all levels.

He commended the Governor of Imo State for taking the right steps towards repositioning the state’s economy.

Chief Edun noted that the impact of the Nigerian economy is measurable, saying the economy, under President Tinubu, is growing faster than it was over a decade ago, and that more progress will soon be recorded.

For his part, the 8th Secretary General of the United Nations (UN), Mr. Ban Ki Moon, in his keynote address, described the summit as a gathering of great significance.

He said addressing global uncertainties is vital, and initiatives like the Imo Investment Summit will help create a more peaceful society.

Mr Moon noted that Africa holds the key to unlocking most of the challenges the world is currently facing, including the Sustainable Development Goals (SDGs).

“Without addressing the challenges Africa is facing, we would not say we have a sustainable world.,” he said, just as he requested for a special technology fund support for the continent.

The former UN scribe stated that implementing the resolutions of the summit will help enhance Imo State’s socio-economic development and help elevate prosperity as well as transform the state into an investment hub.

In his goodwill message, President/Chief Executive of Dangote Industries Limited, Aliko Dangote, hailed the good policies of the Tinubu administration, which he said provided the right atmosphere for business.

The richest man in Africa urged Nigerian businessmen to continue to invest at home, assuring the Governor Uzodimma that the Dangote Industries “will be one of your biggest investors in Imo.”

Immediate past Executive Vice President of AFREXIM Bank, Mr Benedict Oramah, said Afrexim bank is currently building a multi million dollar facility in Imo State to help support the production and export of quality compliance products for export to the global market.

He commended Governor Uzodinma for opening up the state for business through the Orashi River dredging and special economic zone project.

VP Shettima: Imo State, A New Growth Frontier In Nigeria’s Economic Diversification Drive