Anambra targets N2.5bn IGR as FDI rises to $1.7bn

Anambra State Governor, Chief Willie Obiano, has said his
administration attracted a whopping $1.7 billion worth of
Foreign Direct Investment (FDI) over the last seven months,
following new set of incentives that have turned the zone into
an investment destination of choice.
A breakdown of the inflow, according to the governor, shows
that agricultural projects accounted for $560 million, industry,
trade and commerce drew about $400 million while oil/gas
and hospitality industries accounted for $320 million and $38
million respectively.
Speaking shortly before the signing of a Memorandum of
Understanding (MoU) with the management of Richbon Group
Limited at the governor’s lodge in Awka, Obiano said the huge
inflow was attributable to some of the innovative policies of
his government designed to improve the business climate and
escalate its development aspirations in the face of dwindling
oil revenue of the Federal Government. He assured that the
state was working towards doubling the amount over the next
few months.
The governor urged well-meaning individuals to come over to
the state and utilise the many incentives available for
investors to boost employment generation for Nigerians.
He further assured that as soon as the various projects,
which, he said, are in line with the state’s four-point
development agenda fully come on stream, its internally
generated revenue will grow to over N2.5 billion monthly from
the current N1 billion income, while thousands of jobs would
be created for the citizens.
According to him, the state stands to gain in several ways
including its holding of 10 per cent equity, 2 per cent equity for
the host communities in addition to enhancing IGR generation
and creating employment and economic empowerment to the
citizens of the state.
Meanwhile, as part of measures to improve the state’s
investment climate, Obiano said his government has already
signed an MoU with Orient Petrochemicals Industries and
Falcon Power for 85MW power project and gas supply to the
new industrial projects to ensure steady power supply to the
projects.
Also speaking, Chairman and Chief Executive of Richbon
Group, Chief CJ Muonagolu, said he was delighted to see that
Anambra has become the first state in the country to host
indigenous construction equipment industry. He promised that
his company would also invest in agriculture and other
sectors that would facilitate the state’s economic
development.
Muonagolu said products from the factory would rank among
the best in the world given the track record of its technical
partners, XGMA of China which is rated third in the world.
He said the firm would be producing heavy duty equipment for
agriculture, commercial buses and light trucks. The Richbon
boss also commended the management of the Anambra State
Investment Promotion Agency for the role it has played in
making the project a reality.