Many land reserves in various Local Government Areas are reserved for industrial purposes while there are three industrial growth layouts in Owerri, Orlu and Okigwe. Under the new Public-Private Partnership Scheme, potential investors are provided industrial land to set up industries while Government will make available water, electricity and access roads.
Enterprise zones/medium industrial parks are being established to locate artisans, SMEs and Industrialists operating at un-authorised or approved locations
(ii) Micro-FinanceGovernment is partnering with specialised banks e.g. Bank of Industry, SMEDAN, Bilateral and Multilateral Institutions to make available Micro-Finance to SMEs and Local Entrepreneurs to develop or expand their businesses.
(iii) Peaceful, Stable Government and Hospitality Spirit of Imo PeopleThe hospitable spirit of the average Imo person, peaceful atmosphere and generally stable government which operate without resentment by the people, encourage investment and productivity. The security situation in the state is about the best ten in the country. Imo State is rated the most peaceful State in Nigeria.
(iv) Transfer of Dividends, Profits etcProfits and dividends can be remitted as they are declared, to the country or destination of investor, provided that proper and accurate tax has been paid accordingly.
Other fiscal incentives include income tax relief, companies’ income tax Act, which grants to companies registered in Nigeria, a quicker write-down of their capital assets in the early years of operation.
(v) Support System
(a) Access to government-developed Investor Information and support through its investment agency, ISIPA
(b) One-stop channel access to all government bodies through ISIPA’s One-Stop Investment Center
(c) Re-engineered business processes and policies to boost ease of doing business, with aim to make Imo to rank 1st in Ease of Doing Business rating
(d) Fast tracked licensing and issuance of all necessary permits