“In Abia, We Put Money In The Hands Of Those Who Will Use It To Grow The Economy, Not Those That Will Take It  Abroad” – Gov Otti

By Suleiman Anyalewechi

Amidst growing interests to come back shown by industrialist and other major business actors who, in the past few years, fled the State due to  unfavorable conditions, the Abia  Government has said that plans are at an  advanced stage to establish another Industrial Estate, in Umukaa area of Isiala Ngwa South Council of the state.

This is just as it has announced that the sum of  N10b has been set aside as soft loans to Small and Medium Enterprises, SMEs, across Abia State to encourage mass participation in the renewed efforts to grow the economy.

These were some of the highpoints of at the weekend by Governor Alex Otti, while featuring as a guest speaker at the Cambridge University in the United Kingdom.

In a statement issued on Monday, May 20, 2024, by his Media Aide, Kazie Uko, the Abia State Governor was quoted as saying that he has received an avalanche of expression of interest letters from some companies and other business outfits to return to the state after fleeing Abia’s commercial hub, Aba,  because of deplorable conditions of infrastructural facilities and other unfriendly business indices.

“This renewed interest is as a result of the recent award, and flag-off of the reconstruction of the Osisioma-Ekeakpara Industrial road, a critical corridor in Aba’s manufacturing layout.

“We are working towards establishing another  industrial layout around the Umukaa axis in Isiala Ngwa South Local Council of the state”, the Governor stated.

While expressing the interest and readiness of his administration to key into the Central Bank of Nigeria, CBN, policy on digital currency product for SMEs when operational, the Governor, however, noted that his regime has concluded plans to avail SMEs in the State a-N10 billion  life line.

“In the meantime, we are working to make available N10 billion funding with very low interest rate for SMEs loans .Already, the sum of one billion naira is currently being disbursed at zero interest to small businesses at the grassroots through the cooperatives programme, a  scheme we initiated while on campaign for the elections”

He asserted that the move is principally aimed at making capital available to the SMEs to enable them be fully active in the process of adding value to the economy of the State.

“If people don’t have money, they can’t participate in the economy. It makes more sense to put money in the hands of those who will use the money locally, not those who will transfer them abroad.

“This is why we are making it a point of duty to pay the state’s workforce promptly and regularly. It is an intentional policy designed to put money in their hands so that they will participate in the economy,” he stated

Governor Otti, also, harped on the imperativeness of the existence of favourable conditions for growth and development in any society.

” It is important to create objective and conducive conditions for businesses to thrive. Capital will go to a place where it will make returns .

“Capital is so sensitive that it has so much information about you. Do the homework ,create the enabling environment  for capital to find you ,secure and make your environment attractive to capital”, the Governor noted.