Nigeria Governor secures $500m investments at summit
The Anambra State Government has secured investment commitments and partnerships worth over $500m following the conclusion of the second edition of its investment summit.
The summit, themed “Changing Gears: Accelerating Anambra’s Economic Transformation”, brought together development partners, financial institutions, industry leaders, and government officials to explore investment opportunities in the state, NAN reports.
The Managing Director of the Anambra State Investment Promotion and Protection Agency, Mark Okoye, in a post-summit briefing on Sunday in Awka, stated that Anambra is on track to become a leading economic hub in Nigeria.
Okoye highlighted that in 2023, the state secured $250m from Afreximbank to fund key projects, including the Anambra Mixed-Use Industrial City and the intra-city rail project.
“AMIC is designed to drive industrialisation in the region, focusing on import substitution, exports, and innovation-led development,” he said.
He noted that the AMIC master plan is complete and awaits groundbreaking, while the route selection for the intra-city rail project has been finalised. Additionally, the Awka shopping mall is expected to be completed by the second quarter of 2025.
According to NAN, the state is partnering with the United Nations Development Programme to establish a technology and entrepreneurship hub called Maker’s Space. Agreements have also been signed with Genesis Energy and VFD Energy to develop independent power plants.
“Afreximbank has committed up to $200 million for project execution, feasibility studies, capacity building, and post-project support,” Okoye said.
The African Development Bank is funding critical infrastructure for the Special Agro-Processing Zone within AMIC, including roads, fencing, and signature gates. Solar energy projects are being deployed in underserved areas, and partnerships are ongoing for potable water supply.
Okoye further disclosed plans to expand the state’s automotive industry with an assembly plant for dual-fuel vehicles in Umunya, while NKO Farms is establishing agro-processing facilities focused on exports. Efforts are also underway to operationalise the Onitsha River Port and develop the Onitsha New City project.
The state government, led by Chukwuma Soludo, is committed to transforming Anambra into a livable and prosperous smart megacity. Measures include reforms to ease doing business, economic diversification into agriculture, healthcare, energy, and tourism, and fostering public-private partnerships for long-term development.
On energy, Okoye revealed that a firm is establishing an N200bn infrastructure fund to support pipelines and independent power plants to provide reliable electricity for industrial zones, major markets, and gated residential areas.
He added that agreements were also reached for investments in healthcare, tourism, hospitality, natural gas distribution, and urban development.
“Anambra holds 30 trillion cubic feet of natural gas, representing 15 per cent of Nigeria’s total reserves. Plans are underway to build backbone gas pipelines to optimise gas distribution efficiency,” he said.
Other initiatives include a specialised cancer treatment facility, the management of the Awka International Convention Centre, the revitalisation of Agulu Lake Hotel, and a statewide gas distribution system.
“With over $500m 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,” Okoye said.
