ANAMBRA: BUSINESSES THAT WILL THRIVE UNDER SOLUDO’S ADMINISTRATION
On the 17th of March, 2022, Prof Chukwuma Soludo was sworn in as the new governor of Anambra. Soludo is one governor that comes with unimaginable level of expectation from the people; there is this feeling that he commands a magic wand that will definitely solve all Anambra’s problems. Clearly, he isn’t a magician of any sort but then he delivered an inspiring inaugural speech that lays serious credence that hopes will be realized to a large degree.
One area that is certain the professor of economics will deliver on, is the economy. In this article we x-ray businesses and sectors that are expected to thrive under the Soludo administration.
LOCALLY MADE GOODS; Prof Soludo has on countless occasion made it clear that he will be the chief marketer of made in Anambra brands, for a professor of economics is no brainer that he understands that every economy is at first local before you export. If you don’t believe in your own products no one will. This is why Germans drive Mercedes, Volkswagen, BMW. The French drive Renault or Peugeot, etc. The governor kept his promise that his official car will be Innoson, he wears Akwaete and shoes made in Ogbunike. This is a clear direction that all locally made brands will be supported by this government. This is expected to open up opportunities for young entrepreneurs in the State. With over five million people living in Anambra, a 2500 dollar per capita and 10-billion-dollar GDP there’s no doubt that local entrepreneurs will be smiling to the bank in soonest.
WASTE MANAGEMENT & RECYCLING: One of the key objectives of the Soludo administration is urban renewal, starting from Okpoko to Onitsha and other cities in Anambra and the key to having clean, functional and efficient urban cities is waste management. Onitsha is ranked as one of the most polluted cities globally. This administration will spend enormous resources to build a waste management system that will deliver quality services. Recently some young entrepreneurs have come up with several start-up ideas around waste management system, unfortunately previous governments have not really given the necessary required support in other to open up that sector. It is in the focus of this government to create nothing less than 10,000 jobs in the waste management and recycling sector. The recycling of plastics littered around the states when properly galvanized and utilized can open up a 50-billion-naira market, thereby making a significant impact to the state’s GDP.
TECH & INNOVATION; Soludo in his speech was crystal clear that his government will use technology to drive processes, systems and levers of government, sectors in government like revenues and land documentation will be completely digitized. Soludo’s administration will soonest set-up an Anambra Innovation & tech council. This is to help the government in achieving its objectives towards a tech driven state. There is a great opportunity for techpreneuers who have being angling to unleash their ideas, for a government who is targeting a 2billion dollar tax base, this is a massive opportunity for fintechs and a lot of other tech companies. They should prepare to embrace this emerging market in Anambra.
AGRICULTURE & PROCESSING; Agriculture remains one of the sectors where Anambra has the most comparative advantage; with nearly 100% arable land, the Soludo’s administration is looking at the agricultural sector as one sector that can create massive jobs. He reflects with nostalgia the old eastern state economy driven by palm oil under the late Sam Mbakwe. He is also deeply interested in agricultural processing, where value will be added to produce in other to earn more money and create jobs with better wages. The African Continental Trade Agreement will be opening a 1 trillion-dollar market across Africa. Prof Soludo an erudite professor of economics is not losing sight of such opportunity; he will be doing everything necessary to key into African biggest market.
These are interesting times for Anambra, particularly for businesses, start-ups and SMES’s. This administration promises to be the one administration that will create massive opportunities for businesses to thrive and evolve into conglomerates; this will invariably help the government tap into a tax base that will reflect a significant push in revenues for the delivery of quality services by the government.