The widespread reverberations of the Supreme Court judgment on the governorship elections in Imo State have extended to the global investment and development community as some of the deals earlier concluded by the previous administration may have been placed on hold.
This has put in jeopardy over $250,000 investment portfolio and development support that had reached different levels of maturity and implementation before the January 14 court judgment interrupted the progress being made.
Of particular note was a $50m investment into the state by the Africa Export Import Bank (AfrEximBank) to establish an Africa Quality Assurance Centre (AQAC) for the entire South East and South South regions in the country.
Ex Governor Emeka Ihedioha had attracted the portfolio under the quality assurance facility of the bank to provide certification and inspection services for various products for exports from Imo State and other parts of the regions to the international market. Land had already been allocated for the project following the signing of a Memorandum of Understanding (MoU).
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 under the Ihedioha administration.
Also. the centre was envisaged to provide capacity building to industrialists, make Imo State a business hub, and more important, provide employment opportunities and boost economic development of the state.
Newsdiaryonline gathered from an insider in the Bank that the judicial intervention has caused a fresh apprehension on the project, especially given the widespread controversy and condemnation that has trailed the judgment.
Also at risk is an $18 million World bank SFTAS grant which the Ihedioha administration had reached advanced stages of securing for Imo State.
The administration was also at the point of signing an MOU with the ‘Kuwait Fund’ to attract billions of dollars in grant for agriculture and environment projects.
