Economy

Anambra govt. signs MoU with over 50 investors in 5 years — Official

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Anambra Government says it has signed about 50 Memoranda of Understanding (MoU) for investment in the state with multi-nationals, foreign and local investors in the last five years.

Dr Ifediora Amobi, the Executive Secretary, Anambra State Investment Promotion and Protection Agency, said this in an interview with the Nigeria News Agency in Enugu on Tuesday.

Amobi, however, said that most of the investors had yet to fully actualise their commitment in the MoU.

He said that the state had continued to live-up to its terms in the agreements by providing land and infrastructure to help the investors seamlessly kick-start their businesses in the state.

“But there is a big difference between investment attracted and investment committed.

“If you say to me that you want to do a N1 million investment in Anambra and we sign an MoU, that is N1 million attracted.

“And if you bring in N400,000 to start with and your investment spans three years, it means for the first year, you are operating with N400,000.

“That first N400,000 you bring in to start work is investment committed.

“So, what we focus more on are those funds committed to business in the state and not the funds attracted,’’ he said.

Amobi, who is the immediate past Executive Director of African Heritage Institution, said that attracting investment was good but the best would be the actual monetary commitment of the investment coming into the state.

“Investment commitment in monetary term is what will translate to development, job creation and economic wellbeing of the people,’’ he said.

He said that the state also had some MoU agreements that were “non-performing” due to finance and weather, among other reasons.

“As much as we try to ensure that investors raise their business capital before we sign these MoU with them you find out that it is not 100 per cent possible.

Amobi, a former Senior Special Assistant to the President on National Development Matters, said the state would still go ahead to sign the MoUs, in spite of the limitations.

(Edited by Sam Oditah)

 

 

 

 

 

 

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