By Nwike Nweke
As was widely expected when he came into office in 2022, Governor Chukwuma Soludo has shown an unmistakable focus on growing the economy of Anambra State, as well as removing any bottlenecks that might hinder the economic growth and development of Anambra State. In keeping with his formidable reputation as a seasoned professor of economics and finance bulwark, Governor Soludo has repositioned Anambra State from a solely trade-market economy to one conducive for every sort of economic activity. Anambra State has now become a budding destination for foreign investors, with the state climbing to the top spot in Ease of Doing Business rankings in the South East. Armed with the rejuvenated Anambra State Investment Promotion and Protection Agency (ANSIPPA), Governor Soludo has precipitated a new wave of direct and indirect investment in Anambra State’s economy.
Under the inspiring leadership of Mr Mark Okoye, who is now the MD/CEO of the newly formed South East Development Commission (SEDC), ANSIPPA has established itself as a force to reckon with, engaging with investors far and wide to attract much needed business initiatives to Anambra State. The agency has also unlocked a new innovative strategy to get investors to watch the opportunities that Anambra State provides as well as the feasibility of partnering with the government through the hosting of annual investment Summits where the economic promise of Anambra is showcased for the whole world to see – the Anambra Investment Summits (ANINVEST). With the number and quality of investments, MoUs and partnership deals that have come on the back of these investment Summits hosted by ANSIPPA in 2023 and 2024, there is no doubt that this is just the beginning of something that has the potential to truly transform Anambra State.
As the fourth state with the most economic activity in Nigeria, Anambra has achieved a lot in championing economic development, albeit so much potential yet abounds. As an investment protection agency, there is so much that ANSIPPA can legally do to truly rearrange the business landscape in Anambra State, and this limit also translates to crucial areas like funding and financing for the plans it has for Anambra State. This has led to the idea of morphing ANSIPPA into a truly capable corporation, the Anambra Development and Investment Corporation (ADIC), which will be empowered to attract, finance and oversee business and infrastructure projects aimed at developing and enhancing the business climate in Anambra State.
ADIC is a brainchild of Governor Soludo, and the scope and functions of its activities will bear similarities to the Africa Finance Corporation (AFC), which was also Governor Soludo’s brainchild. During his stint as Governor of the Central Bank of Nigeria (CBN), Governor Soludo founded the AFC in 2007, with the CBN retaining 38% ownership of the corporation. The AFC was founded to create solutions to infrastructure and business financing problems for countries across Africa through the facilitation of low interest loans to solve infrastructural problems and stimulate bigger economic activity. With over $13 billion invested in less than two decades across the African continent, AFC has grown into a recognized behemoth in spearheading development in Africa.
With such a track record as the creation of the AFC, it is a forgone conclusion that Governor Soludo is onto something with his floating of the idea of ADIC, and for a state with such economic potential as Anambra, the upside to having a personalized independent financing corporation to drive investment and development in the state is limitless. Think of the possibilities that can open up when the state can be able to scale business infrastructure finance on a scale not seen before among sub-nationals in Nigeria. The implications would be as massive as they would be beneficial.
In the agenda for the 2023 and 2024 Investment Summits by ANSIPPA, the idea of ADIC was floated and hopes were raised. However, two months into 2025, the bill to establish the Corporation by the State House of Assembly has only passed the first and second readings at the House of Assembly. While this is a commendable step by the legislators especially when legislative nitty-gritties, which I am not privy to, are considered, one cannot help but wish that a bill with such potential to economically transform Anambra State would be treated with some more urgency. It must be noted, though, that the Anambra State House of Assembly has shown overwhelming willingness to work with the governor in a number of areas including towards securing and opening up Anambra State to progress. Among others, the recent passing of the Homeland Security Law, to maintain peace and safeguard the lives of ndi Anambra is one of the many glaring testaments to this commitment. This is why they need to continue the good work and see this bill through as soon as possible.
When established, the Anambra Development and Investment Corporation will be a reenactment of a hugely successful experiment in the AFC, and being floated by the brain that birthed a significant part of what AFC has become today is an enormous advantage. Anambra State needs something to galvanize its ambition and push to becoming the top sub-national economy in Nigeria, and the passing of the ADIC bill will be a much-needed catalyst. For lots of ndi Anambra, we are keenly hoping that the State House of Assembly will expeditiously rise to the occasion as always.
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Nwike Nweke, Strategy Consultant and Analyst, writes from Awka, Anambra State
