Imo Assembly Passes Law Establishing Micro, Small, Medium Scale Industries Development Agency

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The Imo State House of Assembly on Wednesday, August 12, 2020, passed into law a bill to establish the Imo State Micro, Small and medium scale industries development agency.

The Speaker of the Assembly, Rt. Hon. Chiji Collins while reacting to the passage said when signed into law by the governor will promote the development of micro, small, and medium enterprises in the state in line with the industrialization and sustainable development program of the Governor Hope Uzodinma’s led shared prosperity administration in the state.

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He commended the members and the clerk of the state Assembly for putting out a lot of time to work on the bill.  Speaker Chiji Collins hailed the state executive for sending in the bill, saying this is in line with government’s determination to lay the groundwork for aggressive industrialization of the state. He said SMEs are the fulcrum on which industrialization rests.

According to the bill presented by the Majority Leader, Hon. Uche Ogbuagu,  the Imo  State Micro, Small, Medium Industries Development Agency will enable the state to access funds from various Central Bank of Nigeria intervention funds, multilateral agencies, and international finance institutions. 

Speaker Chiji Collins however observed that the agency will play government’s key role in raising capital for lending to SMEs in the state, thereby building the capacity to operate successful businesses.

The Bill will help boost agro-based financing and also provide micro finance facilities on a short and long term basis. It will also provide guarantees to micro, small, and medium enterprise financing as may be expedient, while also providing infrastructure and capacity building for micro, small and medium enterprises. 

Before passing the bill, the House gave clause by clause consideration to the bill and approved the recommendation of amendments to some Clauses.

The Speaker, after declaring the passage of the bill, urged Imo citizens to always take advantage of legislations passed by the state Assembly to improve their lives. He however did not give the exact date the bill will be presented to the governor for his signature.

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