By Chidi Nkwopara
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.