Soludo Reveals What Anambra, Delta Must Do to Unlock Investment Boom

By Our Correspondent

Anambra State Governor, Chukwuma Soludo, has revealed what he believes could transform Anambra and Delta into major investment hubs, urging both states to seize Nigeria’s improving economic fortunes before the opportunity slips away.

Speaking at an economic summit in Delta State, Soludo called for stronger economic cooperation between the two neighbouring states, saying improved macroeconomic stability was creating fresh opportunities to attract investments, generate jobs and reduce poverty.

The governor said Nigeria had moved away from a period of severe economic instability, with improvements in foreign exchange availability and greater exchange-rate stability creating a more favourable environment for domestic and foreign investors.

Soludo disclosed that since assuming office, he had not borrowed money for Anambra. He also said the state withdrew from the World Bank-supported NG-CARES programme because of concerns over exchange-rate distortions and the risks associated with foreign-denominated financing.

According to him, the economic conditions that influenced that decision have now changed significantly, with Nigeria’s foreign exchange reserves substantially higher than they were in 2023.

He added that the improved situation had helped reverse the massive capital flight previously experienced by the country, stressing that states must now position themselves to benefit from emerging investment opportunities.

But Soludo warned that no state could achieve sustainable economic transformation alone.

Describing Anambra and Delta as “twin cities” comparable to New York and New Jersey, he called for deeper collaboration between the neighbouring states.

The governor revealed that Anambra was developing an economic free-trade zone powered by an aerotropolis, expressing optimism that stronger cooperation with Delta would unlock even greater economic opportunities.

“What follows this summit is what truly matters, the actual deals,” Soludo said, challenging participants to ensure that investment promises result in real projects, businesses and jobs.

He also called for a consolidated national development plan that would build on Nigeria’s macroeconomic gains while tackling unemployment and poverty.

Soludo stressed the importance of patronising locally produced goods, warning that continued dependence on imports could undermine efforts to create jobs and strengthen local industries.

Using the Akwete fabric he wore as an example, the governor said his decision to make indigenous textiles part of his regular dressing had helped support women weavers in Akwete.

He argued that widespread patronage of Nigerian-made products could create millions of jobs across the country.

“If all of us commit to wearing only Made-in-Nigeria goods, more than 10 million jobs will be created,” he said.

Soludo also cited a recent N2 billion commitment to support Akwete production, saying initiatives of that nature could expand local manufacturing, raise household incomes and preserve Nigeria’s indigenous industries.

He urged governments, businesses and citizens to make investment and local production a sustained national priority rather than something pursued only during economic summits and special events.