The Anambra State Government has recently marked a significant milestone by securing investment commitments and partnerships amounting to over $500 million, following the successful conclusion of its second investment summit. The summit, under the theme “Changing Gears: Accelerating Anambra’s Economic Transformation,” aimed to convene various stakeholders—including development partners, financial institutions, industry leaders, and government officials—to explore and identify investment opportunities within the state. Mark Okoye, the Managing Director of the Anambra State Investment Promotion and Protection Agency, emphasized the state’s ambition to emerge as a leading economic hub in Nigeria. He stated that the investment summit has invigorated confidence among investors, highlighting a collective drive toward the economic revitalization of Anambra.
In 2023, Anambra State has made tangible strides in securing substantial financial backing, particularly through a $250 million investment from Afreximbank aimed at supporting key infrastructural projects. Among these initiatives is the ambitious Anambra Mixed-Use Industrial City (AMIC) and a critical intra-city rail project designed to bolster connectivity and promote industrial growth. Okoye outlined the strategic vision of AMIC, which concentrates on fostering industrialization through import substitution, increasing export capabilities, and encouraging innovation-led development. He further shared that the comprehensive master plan for AMIC is ready for execution, with groundbreaking preparations in progress. Notably, the Awka shopping mall project is projected to conclude by the second quarter of 2025, promising to enhance the region’s commercial landscape.
The state has also entered into a collaboration with the United Nations Development Programme to create a technology and entrepreneurship hub known as Maker’s Space, indicative of its commitment to driving innovation and fostering entrepreneurship. Moreover, agreements with Genesis Energy and VFD Energy have been established to construct independent power plants, crucial for addressing the state’s energy needs. Okoye reiterated Afreximbank’s commitment of up to $200 million dedicated to various project executions, feasibility studies, and fostering capacity-building initiatives, thereby solidifying the financial backbone necessary for Anambra’s infrastructural aspirations.
Supporting the state’s strategic projects, the African Development Bank is contributing funds to enhance critical infrastructure within the Special Agro-Processing Zone of AMIC, reflecting a focused effort on agricultural processing capabilities and quality improvements. Projects targeting solar energy deployment in underserved communities are also being undertaken, alongside ongoing negotiations for potable water supply initiatives. These infrastructural developments are pivotal for Anambra’s sustained economic growth, creating a robust foundation for future investments and ensuring the provision of essential services to the population.
Additionally, Okoye outlined the state’s ambitious plans to expand its automotive sector through the establishment of an assembly plant for dual-fuel vehicles in Umunya, coupled with NKO Farms’ strategy to create agro-processing facilities geared toward exports. Ongoing efforts to operationalize the Onitsha River Port and develop the Onitsha New City project further illustrate the comprehensive economic strategy being implemented by the government. The administration led by Governor Chukwuma Soludo is keenly focused on transforming Anambra into a livable, prosperous smart megacity through reforms aimed at enhancing the business environment and diversifying economic activities across agriculture, healthcare, tourism, and energy sectors.
Energy infrastructure remains a central theme in Anambra’s future growth, with plans for a firm to establish a substantial N200 billion infrastructure fund designed to facilitate the creation of pipelines and independent power plants. This initiative seeks to ensure the provision of reliable electricity to industrial zones, major markets, and residential areas. Additional agreements are set to significantly enhance investments in various sectors, including healthcare, tourism, hospitality, and natural gas distribution. Okoye remarked on the state’s rich natural gas reserves, totaling 30 trillion cubic feet, which constitute 15 percent of Nigeria’s overall reserves, positioning Anambra strategically in the energy sector.
Through the array of initiatives being rolled out, such as the establishment of a specialized cancer treatment facility, effective management of the Awka International Convention Centre, and the revitalization of the Agulu Lake Hotel, Anambra is projected to become a vital player in Nigeria’s economic landscape. Okoye concluded with an invitation to potential investors and development partners to join the transformative journey Anambra is embarking on, underlining the state’s readiness and capacity to leverage over $500 million in funding commitments and strategic partnerships to foster economic growth and development.
