In this edition of the #WakeUpSeries, I will discuss the current state of the economy in Anambra State.
Our beloved Anambra has always been a hub for trade and commerce. And when such a resilient and industrious people as Ndi Anambra are put under the leadership of a world-renowned economist, a phenomenal transformation of the State’s entrepreneurial landscape is largely expected.
However, 30 months into the administration of Professor Charles Chukwuma Soludo as Governor of Anambra State, the regrettable gap between expectations and reality has become increasingly apparent.
Yet, the State’s potential for economic dominance in trade and commerce is undeniable as it boasts of such high pedestal basic assets like the sprawling Onitsha markets, the Nnewi thriving auto parts industry, the Awka growing tech scene and others. Yet, these potentials remain largely untapped.
Small businesses, the lifeblood of Anambra’s economy, are struggling under the weight of inadequate infrastructure and unfavourable stifling policies. Larger enterprises, which should be the driving force for growth and employment, are grappling with similar challenges, leading to reduced productivity and, in some cases, closures.
There are looming questions over the administration’s approach to tax collection and fund utilization. While increased internally generated revenue (IGR) was promised to fuel development projects, the visible impact of these funds is questionable.
Critical infrastructural projects necessary for economic growth – such as industrial parks, market modernization, and improved transportation networks – have witnessed slow progress, where it is not absent. This situation is aggravating the high unemployment rate and increased hardship faced by the average Anambra man and woman.
But the most cancerous challenge to the growth of Anambra economy remains insecurity. This major impediment to the movement of business people and goods across the State has become a leading source of capital flight as it is slowing down investments and the natural Think Home philosophy of Ndi Anambra.
This makes it imperative for the Governor to work assiduously with the federal government and stakeholders to create the peace and security necessary for the State to take its pride of place as the major beneficiary of private capital inflow in Nigeria.
The Governor should therefore strengthen security measures across the State in order to enhance the safety of businesses, business owners, and traders who used to throng the State in search of better deals in goods.
There is no gainsaying that Anambra needs the enabling environment of peace, security and stability for trade and commerce to prosper.
So, as we assess Governor Soludo’s tenure thus far, it’s clear that urgent action is needed. The administration must reevaluate its economic strategies, prioritizing infrastructure development and creating a more security-enhanced business-friendly environment.
There must also be transparency in the use of State funds while clear and closer collaboration with the private sector, which is imperative, should be pursued. Anambra’s potential for economic greatness remains vast, but realizing it requires decisive leadership and a return to the innovative spirit that has long defined Ndi Anambra. And this requires jettisoning the prevailing toxic business environment and enthroning world-class tested standards.
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