A vibrant sociopolitical organization, The Mazi Organization (TMO) and other well-meaning Imolites have expressed dismay over the position of Imo State on the recent Value Added Tax (VAT) performance report released by the Federation Account Allocation Committee (FAAC) for Q1 2025.
They described the report's findings as embarrassing as they are revealing, laying bare the stark reality of Imo State economic woes under the leadership of Governor Hope Uzodimma.
In a press release made available to the public by the spokesman of TO, Mr Cajethan Duke, it states "with a meager N2.34 billion in VAT revenue, Imo State ranks 35th among all states in Nigeria, only better than Taraba.
This further validates Dr. Chima Matthew Amadi's call for creating an enabling environment that stimulates economic growth, job creation, and production-based economy through a state development capitalism model.
Speaking on the theme: "Before Nigeria Leaves Imo Behind," at a recent town hall meeting organized by The Masses Progressive Network Incorporated in conjunction with The Mazi Organization, Amadi had expressed great concern about the economic priorities of the Uzodimma-led administration. He noted that the administration lacked a clear roadmap for sustainable socio-economic development in the state.
The implications of this abysmal performance are far-reaching and multifaceted. The inability of Imo State to generate sufficient revenue through VAT indicates sluggish economic activity, inadequate investment in critical infrastructure, and a lack of attractiveness as an investment destination.
The Uzodimma-led administration's failure to develop a template for economic growth and development in the state is glaringly evident in the poor VAT performance.
The absence of a well-defined economic strategy has led to a lack of direction, resulting in stagnation and decline in key sectors of the economy. This lack of vision and leadership has also left Imo State lagging behind its peers, with no clear path to sustainable economic growth.
A critical examination of the state economic landscape reveals that the neglect of moribund industries such as Avutu Poultry, Standard Shoe Industry, Adapalm, and others have significantly contributed to this poor performance. These industries, if revamped and operationalized, could have generated substantial revenue for the state and created jobs for the citizens.
The poor VAT performance raises serious questions about the leadership priorities of the state.
We are of the view that Imo State government should demonstrate a genuine commitment to economic development and job creation, rather than relying on federal allocations.
Indeed, to make Imo an attractive investment destination, the government must show seriousness in walking the talk. This requires tangible actions, not just rhetorics. The government should prioritize investments in critical sectors, create enabling environment for businesses to thrive, and demonstrate a willingness to partner with the private sector to drive economic growth, social security as well as Small and Medium-sized Enterprises (SMEs).
To mitigate this ugly trajectory, the government should take immediate action to revamp all moribund industries in the state, create more industrial clusters and parks across the three senatorial zones, and prioritize investment promotion. This will not only attract investments but also promote entrepreneurship and increase economic activities in the state.
We also advise the Imo State government to seek the collaboration of key Imo private sector players to provide support and expertise in driving economic growth and development for the good and betterment of our citizens.
Finally, we maintain that Imo State poor VAT performance is a wake-up call to the people of the state to re-evaluate the kind of leaders that will be elected vis - a - vis our economic needs, growth, priorities and expectations.
Without doubt, Imo State needs leaders with strategic economic competence and essential know-how to drive the economy towards sustainable growth and development for the people - such leadership is what Mazi Chima Mathew Amadi PhD is bringing to the table".