The Imo State Government has concluded arrangements with foreign investors from South Korea for the establishment of a smart city in the state.
The Commissioner for Budget, Economic Planning and Statistics, Hon. Christopher Chukwuemeka Osuala, said this to newsmen in Owerri, Monday led by the Special Adviser to Governor Hope Uzodinma on Networking, Onwuzuruike Chantel Adanna Chinyere.
Osuala said that the $20b US dollars modern smart city project if completed would create over 500,000 job opportunities for the teaming youths in the state.
The Commissioner said that the project is a completely modern smart city with a modern market, and filling station, amongst other facilities.
He said: “as of June last year 2022, I was in South Korea to talk to the industrialist and see the type of the Smart City project to be sited here in Imo”. They equally visited Governor Hope Uzodimma last December during which they indicated interest to invest in Imo state.”
According to him, between 2,000-6,000 hectares of land have been mapped out at Emeabiam community, Mbaitoli, Umuguma and Okuku in Owerri West LGA of Imo State respectfully for the project.
He said: “the investors are coming with a whooping sum of $20b US dollars adding that as soon as the MOU is completed, they will start work.”
Speaking on the impact of the State’s 2023 budget on the people, Dr Osuala said that the budget of “Expansion of Wealth” has enabled the government to make more infrastructures available for the people such as building and rehabilitation of roads, hospitals, and schools, at the same time expanding Wealth through judicious, efficient and transparent management of resources.
He said that for some time now, the state government has received an average grant of 10 billion dollars from the World Bank which is being invested in the area of infrastructures, which entails community engagement, adding that the state’s budget can now be assessed online unlike in the past.
He said: “presently the state occupies an enviable position in Budget Transparency as rated by the World Bank which was achieved through a deepening of the budget understanding.”
Osuala said that his ministry carries out budgetary monitoring and evaluation on quarterly bases and after which a report is sent to the World Bank for assessment.
He expressed joy that the World Bank having been satisfied based on proper budget planning by the state, has been rewarding the state with N150 million grant yearly.
