Enugu to privatise 17 moribund industries, holds investment summit

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LGAs in Enugu State
LGAs in Enugu State

To drive sustainable economic growth in the face of dwindling allocation from the Federation Account, the Enugu State government has revealed plans to ‘commercialise or privatise’ 17 moribund industries.

The plan would top the list of discussions at a two–day investment summit tagged “Oganiru Enugu,” billed to hold from April 12 to 14 in the state.

The industries, the state said, would be privatised or commercialised so that they could contribute to the state’s IGR as well as provide employment to the teeming youths.

The Director General of the Enugu State Investment Summit, Ike Chioke, who announced the plans in a press briefing, said some of the industries to be affected are Hotel Presidential, Niger Steel Company, Sunrise Flour Mill and Enugu Vegetable Oil Limited.

Others are Adarice Company, United Palm Produce, Premier Cashew Industries, Aluminum Factory, Obe, Ikenga Hotels, Nsukka and among others.

Noting that the summit would be a ‘talk show,’ he said that the plan was to bring in investors from various parts of the world “to showcase the potentials available in the state in ten core areas of solid minerals and mining, power generation and distribution, agriculture and agricultural processing, tourism and hospitality and health tourism development.

Others, according to him, are “ICT/media and entertainment, free trade zone, manufacturing and industrial parks as well as real estate and tertiary education.”

He said that the state was suitable for investments in the ten core areas, stressing that the idea was in line with Governor Ifeanyi Ugwuanyi’s promise to make the state an investment hub in Nigeria.

“The participants at the event will appraise sectors of interest to them as well as understand the state’s strategic direction regarding those sectors. After conclusion of the investment summit, we expect participants to drive investments in the sector of focus for the state”, he said.

Chioke, who is a member of the Enugu State Economic Committee inaugurated last, noted that there was no better way of attracting development in the state unless there was a deliberate plan to look inwards and put the state on the production line.

He said that the ten key identified sectors have potential to yield revenue to the state if well harnessed, stressing that it would also boost the activities of the small and medium enterprises (SME’s).

He said that part of the funding for the summit has already been provided by the DFID, stressing that government would involve more private individuals and organisations, so as to achieve its desires.

He added that the summit, which is expected to attract several foreigners, was an outcome of the recent visit to Dublin by the governor and some members of the Economic team. (The Guardian)

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