Recession, insecurity, forex challenges threaten Anambra investment drive —Obiano

The efforts of Anambra State to position itself as the ultimate investment destination in the country are being threatened by a combination of factors among which are uncertainties arising from insurgency, recession and foreign exchange scarcity.

The Anambra State Governor, Mr. Willie Obiano, made this known to participants at the Fidelity Bank/Nigerian-American Chamber of Commerce breakfast meeting in Lagos on Thursday.

In a speech delivered on his behalf by the state Deputy Governor, Mr. Nkem Okeke, the governor declared that his administration would have attracted more investments than it did in three years if it was not challenged by recession, among others.

On the challenge of insecurity, the governor pointed out that in the three years of his administration, Nigeria had been bedevilled by an unsettling atmosphere of uncertainties.

He said, “Nigerians are basically on the razor’s edge. The insurgency in the North-East and the separatist agitations in the South East have combined to create an unfavourable atmosphere of uncertainty that is extremely inimical to investment. There is no doubt that this scenario has short-changed our investment drive.

“So also has the recession and unfavourable forex regime knocked the sail of our efforts to attract more investments.”

Obiano declared that the state, despite the challenges, had been able to attract a lot of private investments to agriculture, trade, commerce and industries.

According to him, Anambra has also recorded impressive run in the oil and gas sector with the UDPPCO Limited’s 40-megawatt capacity gas-to-power independent plant valued at $250m and Falcon Corporation Limited’s $200m natural gas distribution facility.

He said housing and healthcare recorded a milestone with a private investor, Rise Health Corporation, spending $1.5m in healthcare delivery in the state.

He said, “The biggest story of Anambra’s investment drive came from Elite International Corporation Limited of China, which is investing over $2bn in the Anambra Airport City Project in Umueri, Anambra East Local Government Area.

“This is the largest single investment that my administration has attracted so far, obviously one of the largest foreign direct investments that Nigeria has attracted this year.”

In his keynote address, the President, NACC, Chief Olabintan Famutimi, noted that the focus of the event on the experience, opportunities and challenges of  investment promotion and  protection in Anambra State was as apt and timely, considering the series of good news on foreign and local investment inflows into the  state.

He said, “Indeed, the current huge investments in infrastructure, especially the construction of the new Anambra State airport at Umueri, the Anambra container terminal at Ozubulu, and the impending concession of Onitsha Port will trigger more investments and spur exports.”

He advised the governor to embrace the United States of America’s African Growth and Opportunities Act, to grow small businesses and increase export of made-in-Anambra goods to the US.

In her goodwill message, the President of the Lagos Chamber of Commerce and Industry, Dr. Nike Akande, remarked that potential impact of private investment on Anambra State and the national economy at this time was very profound, adding that it was private sector capital that could make the difference.

She said, “This is why I will commend the current efforts at creating an enabling environment for private sector investment.

“This initiative is currently gaining momentum both at the state and federal levels because of the increased consciousness of the role of the private sector in the development process.”