Yemisi Izuora
In a determined effort to turn Anambra into key economic hub of Nigeria, the State Government has announced raising about $500 million investment funding and strategic partnership.
The fund is coming from the various agreements signed at the end of the second edition of its investment summit on November 14.
The summit had the theme “Changing Gears: Accelerating Anambra’s Economic Transformation”, with development partners, financial institutions, captains of industries, and government officials in attendance to discuss investment opportunities.
Mark Okoye, the managing director of the Anambra State Investment Promotion and Protection Agency (ANSIPPA), who gave the post-summit summary on Sunday in Awka, said the state was poised to become a leading economic hub in Nigeria.
Mr Okoye said in 2023, Anambra secured $250 million from Afreximbank to finance infrastructures for its major projects, including Anambra Mixed-Use Industrial City (AMIC) master plan and Anambra Intra-City Rail.
“AMIC is positioned to catalyse industrialisation in the region, with a strong focus on import substitution, exports, and innovation-driven development,” he said.
He said the AMIC master plan was already completed and awaiting groundbreaking, while the route selected had been completed for the intra-city rail project, and the Awka shopping mall was on track for completion in the second quarter of 2025.
Mr Okoye said Anambra was partnering with UNDP to establish maker’s space, a hub for technology and entrepreneurship, while agreements were reached with Genesis Energy and VFD Energy to develop Independent Power Plants.
“Afreximbank has committed up to $200 million for project execution, along with feasibility studies, capacity building programmes, and post-project assistance.
“The African Development Bank is supporting critical infrastructures, including major roads, fencing, and signature gates for the Special Agro-Processing Zone within AMIC.
“Solar energy is being deployed in underserved areas of Anambra, and public-private-community collaboration is being developed for potable water projects.
“We are expanding the automotive industry with an assembly plant for dual fuel vehicles at Umunya while NKO Farms is establishing agro-processing facilities for export-focused production.
“Effort is underway to operationalise the Onitsha River Port and facilitate trade as well as develop the Onitsha New City project,” he said.
“Mr Okoye said Governor Chukwuma Soludo’s administration was dedicated to transforming Anambra into a livable and prosperous smart megacity, creating an investor-friendly climate which would foster industrial growth and promote sustainable development.
He said the measures included ease of doing business reforms, diversification of the economy across agriculture, healthcare, energy, and tourism, and encouragement of public-private partnerships for long-term sustainability.
On the issue of energy challenge, Mr Okoye said a firm was establishing a ₦200 billion infrastructure fund to support pipelines and IPPs to ensure reliable electricity for industrial zones, major markets and gated residential areas.
Mr Okoye said investment commitments were also made in healthcare, tourism/hospitality, natural gas networks and urban development.
According to him, Anambra holds 30 trillion cubic feet of natural gas, representing approximately 15 per cent of Nigeria’s total reserves, and plans to develop backbone gas pipelines with partnerships to maximise gas distribution efficiency.
“We have agreements to build a specialised cancer treatment facility, management of the Awka International Convention Centre, revitalisation of the Agulu Lake Hotel and development of a statewide gas distribution system.
“With over $500 million in funding commitments and strategic partnerships, Anambra is poised to become a leading economic hub in Nigeria; we invite investors and development partners to join this transformative journey,” he said.