ANAMBRA Economy depends on various economic activities which comprises the services sector, agricultural sectors, industrial sector, monthly federal allocations to states amongst others.
The services sector has remained a dominant growth driver in Anambra State economy. The sector comprises of trade, transportation, storage, information, communication, finance, insurance, real estate, professional, scientific, Technical services, education, human health and social services:
It accounted for a percentage of 63.43% in 2014, 63.73% in 2015, 62.35% in 2016 of total GDP.
Agriculture have within a short period of 3 years attracted investments valued at $1.2b US Dollars from big investors like Coscharis farms, JOSAN Integrated Rice Farm Mills, Lynden Integrated Farms and DeFarm, Songhai Farm. The Sector comprises of crop production, Livestock, Forestry and fishing. It contributed to GDP in 2014, 20.52%, 2015, 21.20%, 2016, 22.68%.
Industry sector comprises mainly manufacturing and construction activities . The State government under Obiano administration, through intensified investment policies has attracted investments into the industrial sector valued at more than $494 US Dollars into the state.
It is interesting to note that Anambra State’s Internal Generated Revenue which stood at 3.2 Trillion was raised to 4.2 trillion under the watch of the Executive Governor, Anambra State Willie Obiano.
In March 2019, one year into his second term of office, Governor Obiano said “ Anambra’s gross domestic Product (GDP) increased 40% to N4.2trillion in the last five years, 2014 to 2019 from N3 trillion previously.
Obiano promised to expand the state’s economic base in the next three years to 2022. The State’s actual revenue in 2017 stood at 2, 419, 835, 411.00, IN 2018 IT WAS 3,176, 531, 095.
Speaking during a breakfast meeting entitled “Investment Promotion and Protection once held in Lagos, a forum which was an opportunity for the governor, who was represented by his deputy Dr Nkem Okeke to present his score card in key areas of governance said “My interest in Anambra comes from my belief that Anambra represents Nigeria’s biggest hope at the moment; indeed I have absolutely no doubt that any objective assessment of all the 36 states of the federation would put Anambra as the state that has the greatest chances of producing the most surprising development.
Continuing, Obiano said “My vision is to make Anambra State the first choice investment destination and a hub for industrialization and commercial activities. Similarly, I also declared that my mission is to make Anambra State a socially stable, business friendly environment that would attract both indigenes and foreigners to seek wealth creating opportunities.”
Stating further, the governor through his deputy said “ we also came with an economic blueprint known as the four pillars of development which seek to accelerate Anambra’s economic advancement through Agriculture, industrialization, Trade and commerce and oil and Gas. Armed with a clear vision, mission and realistic economic blueprint we had our job cut for us.
It would be observed that Obiano’s dreams in business promotion was fulfilled and he attributed part of his success to the support given to him by the ‘Anambra State Investment Promotion and Protection Agency (ANSIPPA). He said this agency was charged with the mandate of attracting investments and fast tracking the process of investing in Anambra State. Iam delighted to state here that ANSIPPA has fulfilled the basic ideology that gave birth to it. In essence , If ANSIPPA had failed in its mandate and betrayed it’s promise, I would not be standing here to address the great gathering”.
It could be recalled that the Anambra State Investment Promotion and Protection Agency (ANSIPPA) is an institutional catalyst of Anambra’s growing reputation fully stuffed with professionals such as bankers, lawyers amongst others who aided the present adminstrattion to boost the economy and generate foreign exchange for economic empowerment and better standard of living.
Commenting during 2019 AnambraBusiness and investment Roundtable, held in Awka, the Chairman, Zinox Groupg, Leo Stan Ekeh described Anambra as a State with global capacity to influence and positively enhance Nigeria’s economy.
Continuing, Ekeh said “ Anambra has all it takes to make that a reality. He noted that the wealth, energy and knowledge per square metre in the state does not exist in any other parts of Africa.
He said that the state should wake up to the fast-evolving dynamics of the technology mediated 21st century. He urged Obiano to invest in education and upgrade human capital in the state.
On how to increase internal revenue generation to raise the economy base of Anambra, an analyst suggest that one of the ways is to establish a dependable data base which is accessible to all. Eliminating all sourceS of revenue leakages through the automation of revenue collection system, tracking the underground economy for more revenue generation and the diversification of the economy.
Speaking, Acting State statistician GENERAL Emeka Paul Obiekezie said “to raise the economy base of Anambra, Government must create real data.
Creation of more markets and shopping malls which help decongests existing ones and improves on Trade and Commerce activities within the state and the establishment of seaport and Airport to boost economic activities within the state is vital.
Continuing, Obiekezie said “there should be provision of an enabling environment and creation of incentive for industrial production, especially manufacturing , as it constitutes the engine of economic growth.
Stressing further, Obiekezie, suggest that farm inputs such as fertilizer, pesticides, improve seed, hybrid of animals amongst others should be rendered at a subsidized rate to enhance agriculture which is the main-stay of the economy.
“ Loans and grants should be given to farmers to improve and increase agricultural production and construction of more link-roads between rural and urban areas to facilitate transportation of agricultural commodities.