OWERRI - In its bid to convert Mgbidi, Oru West Local Government Area into a commercial city, Imo State government has signed a Memorandum of Understanding, MoU, with a private developer to build a N16 billion international market in the town.

The proposed market, which is to be known as Heartland Gateway International Market, Mgbidi, is aimed at creating a one-spot business environment, as well as boost the economy of the state.

The Chief Executive Officer of promoters of the project, Pastor Nath Omoruyi, disclosed this in his address to Ohanaeze Ndigbo, during the pre-construction site visit to the market.

According to Omoruyi, the MoU gives the promoters the leeway to design, build, manage, operate and otherwise hold assets of and title to all promoters of the project.

He assured that the market would be a modern and very organised market place, as well as serve as a launching pad for several business developments.

"Due to popular demand from our various off-takers, especially Ohanaeze Ndigbo, we are acquiring more land and adjusting our designs, thereby increasing the number of shopping units and warehouses to 10,000 units, but this will only be realised at the completion of a second phase," Omoruyi said.

He explained that the construction was estimated to last two years, pointing out that the first phase would be completed in 12 months.

Omoruyi, who also spoke on the viability of the project and its direct benefits, said that upon completion, the volume of trade and business transactions would be between N400 million and N500 million daily.

According to him, this will guarantee a good return on in vestment for any investor.

"The high volume of trade and daily business activities with the attendant job creation would create an enabling environment for the establishment of various industries and other commercial ventures whose services, products and goods would be exchanged daily at the market," he said.

He then assured that the market would provide an enabling environment for mega investment and subsequent economic growth.
http://odili.net/news/source/2014/jul/29/306.html

Though I've never been to Imo state, I am pleased by the good things happening there.... God bless Nigeria

*Yawns*

16bn for international market ?? when there are no roads and existing infrastructural facilities in d state are failing?wait,is it gold or diamond they will be selling in d 16bn market or just a way to waste public funds,how will d 16bn market improve the life of d old woman from d village who just came to sell cocoyam and vegetables,why is d market dt expensive,will it also have its own stock exchange marketpls,I am asking not judging.

ogtavia: 16bn for international market ?? when there are no roads and existing infrastructural facilities in d state are failing?wait,is it gold or diamond they will be selling in d 16bn market or just a way to waste public funds,how will d 16bn market improve the life of d old woman from d village who just came to sell cocoyam and vegetables,why is d market dt expensive,will it also have its own stock exchange marketpls,I am asking not judging.

In the end Imo state govt will spend a minimum 25bn Naira. Not more than 5bn Naira will go into 'International market'. Were you born yesterday?

Clueless government

I told naija this before.
All politician are the same no matter the religion.

Okorocha which kain fuckery com b dis naw N16billion for market for dis kind hard tyms Please rethink this mata oo! I believe Imolites have better and more pressing needs.

APC is an infection

N16 billion market!
At Mgbidi when Onitsha is just a few minutes away.

What Imo needs is manufacturing industries, not markets.

What are they going to sell there?

Bombs?

Pennywise:

In the end Imo state govt will spend a minimum 25bn Naira. Not more than 5bn Naira will go into 'International market'. Were you born yesterday?

Pardon my naivety sir..and I wasn't born yesterday.

Following

Good development ,
Alhaji Abdulkareem got it right here.
Hope will not be abandon on the long run

Rochas is the worst Govonor in history of Imo state

Unbelievable! N16b? For a market in Mgbidi? No comment yet