Imo secures $50m export support from Afreximbank

The Imo state government has secured a $50 million investment deal from the African Export-Import Bank (Afreximbank).

Chibuike Onyeukwu, chief press secretary to Emeka Ihedioha, Imo governor, said in a statement that the deal is a reflection of the governor’s engagement with international development agencies.

Ihedioha had embarked on a trade and investment working visit to the annual general meeting of the AfrExim Bank, held in Moscow in June 2019.

According to the statement, Afrexim Bank is set to make Imo “a huge investment hub, by setting up an Africa Quality Assurance Centre (AQAC) for the entire South East and South-South regions in the country”.

“The $50 million (N18 billion) investment/Centre under the quality assurance facility of the bank, will provide certification and inspection services for various products for exports from Imo State and other parts of the regions to the international market,” the statement read.

“The centre, which is the first of its kind in the entire South East and South South regions, is an indication of the responses of the investment drive of the governor as well as the remarkable improvement on the Ease of Doing Business rating of Imo State.

“It will also provide capacity building to industrialists, make Imo State a business hub, and more importantly, provide employment opportunities and boost economic development of Imo State.

“The Centre is a reflection of the efforts of Governor Ihedioha to restore confidence of investors and development partners in Imo State as an investment destination.”