Anambra Attracts $500m Funding Commitments, Strategic Partnerships

The Anambra State Government said it has attracted over $500 million in funding commitments and strategic partnerships to transform the state into a central economic hub.

The state Governor, Prof. Charles Chukwuma Soludo, said the state government invites investors, stakeholders, and development partners to join this transformative journey.

He reiterated the administration’s dedication to transforming Anambra into a livable and prosperous smart megacity, creating an investor-friendly climate, fostering industrial growth, and promoting sustainable development through pro-business policies and ease-of-business reforms, diversifying the economy across agriculture, healthcare, energy, and tourism, and public-private partnerships for long-term sustainability.

In a statement issued at the end of Anambra Investment Summit 2024, recently held in Awka, with the theme: “Changing Gears: Accelerating Anambra’s Economic Transformation”, the state government said the summit was convened key stakeholders, including development partners, financial institutions, captains of industry, and government officials, to discuss investment opportunities and chart a sustainable path for Anambra’s economic growth.

The summit highlighted progress on last year’s agreements, including projects initiated, underscoring the government’s commitment to delivering results.

The $250 million secured from Afreximbank for investment in infrastructure financing for major projects including Anambra Mixed-Use Industrial City (AMIC, Anambra Intra-City Rail, etc; AMIC Master Plan completed, awaiting groundbreaking, Intra-City Rail Project: Route selection completed; feasibility studies are ongoing and Awka Shopping Mall: On track for second quarter 2025 completion by Sundry Markets, Solar Energy Deployment, Neni Potable Water Project, Automotive Industry Expansion, among other milestones.

The agreements for this year’s event include several transformative partnerships that were formalised during the summit, including collaboration with UNDP to establish Makerspace, a hub for technology and entrepreneurship, agreements with Genesis Energy and VFD Energy to develop Independent Power Plants (IPPs), collaboration with JNC International to build a specialised cancer treatment facility, CardinalStone to establish a naira-denominated fund under the Anambra Development and Investment Corporation (ADIC) for infrastructure projects, among others.

Other highlights of the event include Afreximbank’s commitment of up to $200 million for project execution, feasibility studies, capacity-building programs, and post-project assistance, and the African Development Bank (AfDB) ‘s support of critical infrastructure, including major roads, fencing, and signature gates for the Special Agro-Processing Zone (SAPZ) within AMIC.

Michael Nzewi, CEO of CardinalStone, highlighted obstacles to financing large-scale infrastructure projects, including reliance on foreign funding and the impact of naira devaluation.

AMIC is positioned to catalyse industrialisation in the region, with a strong focus on import substitution, exports, and innovation-driven development.
Public-Private Partnerships (PPPs) are central to ensuring the project’s sustainability and alignment with global best practices.