Here is how Soludo’s reforms are making Anambra attractive to big, institutional investors

Last Thursday, the second edition of the Anambra Investment Summit created another opportunity to review the progress made in the deals which were signed in its first edition and a forum to sign new deals. These agreements were not just about putting pen to paper, the Governor Chukwuma Soludo-led administration was very clear about the institutional framework it has put in place to reposition Anambra as a preferred business destination in Nigeria.

Investors see this commitment very clearly. In fact, the groundbreaking ceremony of the Makers Space – a digital innovation hub that would support human capital development – which was one of the agreements signed with UNDP last Thursday took place the previous day, last Wednesday. The project is expected to be completed within a year. The case of OMAA motors is another good example. Governor Soludo performed the groundbreaking of OMAA motors in 2023 and today the automaker is already producing CNG vehicles in Anambra.

“I tell you, I am very businesslike about it. Show us the money, show seriousness and commitment and we will give you an irrevocable letter of comfort, contingent on you demonstrating some clear milestones in terms of investment… once you achieve clear milestones as agreed we issue you a Certificate of Occupancy,” Soludo told a host of business leaders in the just concluded second edition of the Anambra Investment Summit. The governor was clear: Anambra does not tolerate red tape when it comes to supporting genuine investors. Anambra needs genuine investors and genuine investors need Anambra.

In the just concluded investment summit, various agreements were signed with the UNDP; National Agriculture Land Development Agency; Marriot West Africa Development; GNCL – a leader in cancer and oncology infrastructure; Marich International; Axxela – owners of one of the largest gas pipeline network infrastructure in Nigeria; VFD Group; Genesis Infrastructure; MP Infrastructure and Cardinal Stone.

Governor Soludo is repositioning Anambra to be a home for big businesses and institutional investors and the reforms, so far, have been very intentional.

Today, through the ministry of lands, Anambra’s land management and administrative system have perfected a process that allows for the issuing of certificate of occupancy within days – even hours – after application is completed. Anambra is intentional about eliminating the problem the delay in the issuance of Certificates of Occupancy causes to genuine businesses and investors.

Anambra is improving infrastructure required to support business: these include the massive road infrastructure and the over 2000km of fibre optics infrastructure crisscrossing these roads within the state. Governor Soludo’s administration understands that businesses need this basic infrastructure in order to be agile and nimble.

Through the ministry of justice, the Soludo-led administration is giving all possible support to an independent arm of government: the judiciary. These include massive infrastructural and ICT developments in courts in Anambra. An efficient judiciary system attracts investment. Investors are keen to invest in environments where they know that their rights are protected and disputes are resolved as fast as possible. And as a subnational government, Anambra knows this.

The 3 brand new cities being developed in Anambra are being significantly de-risked in order to catalyze the influx of big players into the Anambra economy. The free trade zone license for the Anambra Mixed Used Industrial City (AMIC) is expected to be issued by NEPZA any moment from now. In order to de-risk AMIC and provide electricity for potential investors, the Governor Soludo-led administration is building mega electricity substations in AMIC in order to bring in dedicated high-voltage power lines. This should be completed within the next few months. This is outside the administration’s plans to work with potential investors on the development of large independent power plants and facilities in AMIC.

On taxation, even before the federal government set up the Taiwo Oyedele-led tax reform committee, Anambra State had started working on the harmonization of all the taxes in the state. The state government understands that multiple taxation harms businesses. In fact, it was not an accident that Anambra was adjudged the most business-friendly state in southern Nigeria.

And here is the big one. All is now set for the commencement of Anambra Development and Investment Corporation (ADIC). ADIC will drive the development of projects in Anambra through development finance and private sector funding. The corporation will also protect, promote, monitor and coordinate potential investors within the state in order to create value for its investors. ADIC will float diversified investment portfolios that would spur growth investments and infrastructure funds for the benefit of Anambra State. The bill for ADIC is already with Anambra’s House of Assembly. Governor Soludo has a track record for building such funds and corporations. The role Governor Soludo – a former central banker – played in the development of the African Finance Corporation (AFC), which ADIC will be similar to in many ways, is still visible to Nigerians. Today, AFC has invested 13 billion dollars across Africa since its inception.

Fundamentally, Governor Soludo’s reforms are focused on reducing business costs, providing infrastructure that would support business, eliminating administrative red tape, providing low-interest loans – especially for small businesses and improving security. In the coming weeks and months, a tech-based initiative developed to keep Anambra safe will be unveiled.

The future of Anambra is bright under Governor Soludo’s watch.

Nwankwo is the special adviser to Soludo on special projects.