Abia State attracted the highest foreign investment within four months of Dr Alex Otti’s tenure as governor. Dr Otti was inaugurated on May 29, 2023 as the 4th governor of the 32-year-old subnational since the return to democracy in 1999.
This actuality emerged from the latest Capital Importation Report of the National Bureau of Statistics (NBS) for the third quarter (Q3) of 2023, released last December.
Although Abia is among the few Nigerian states that attract foreign investment to their economies on a fairly regular basis, the state never attracted capital inflow to the tune of $150.09 million within three months, as was the case in Q3 2023.
By that outstanding feat, Abia came third after Lagos and the Federal Capital Territory (FTC) Abuja in capital importation destination during Q3 2023..
The report further revealed that Abia and Anambra remained investment destinations among the South-east states, while investors shunned the other three – Imo, Enugu and Ebonyi.
That of Imo was most disappointing. Despite housing the largest natural gas reserves in West Africa, and significant crude oil deposits, Imo attracted zero foreign investment in four years, between 2020 and 2023.
The NBS reports showed that, after recording $3 million in 2019, Imo had no dime to its name by way of investment inflow to the state during the four years. Imo was also the only oil-producing state that attracted no foreign investment for the period.
Among the five South-East states, Anambra and Abia achieved a total of $51.48 million and $210.12 million, respectively in four years (Abia received a cumulative of $60.03 million from 2020 to 2022.) .
Commenting on Imo’s potential energy wealth, former Minister of State for Petroleum, Chief Timipre Sylva, said Nigeria has nearly 300 trillion cubic feet of natural gas reserves, ranking 9th in the world, with Imo holding the largest reserves amongst all.
“Imo state with 200 trillion cubic feet of gas deposits should be set for economic boom”, Sylva said during a visit to Governor Hope Uzodinma in Owerri in April 2019.
“Governor Otti is on a fast lane and has proved in practical terms that he has not come to tell stories like what his predecessors in office did. Matching words with action is the way to go. You will soon see Abia and Anambra ahead of the other South-east states” said Clifford Okoro, a Lagos-based investment analyst from Abia.
Governor Otti on January 18, 2024, inaugurated the Abia Global Economic Advisory Council, with a charge to evolve initiatives that are focused on identifying, capitalising and showcasing the state’s area of comparative advantage.
Speaking during the event, Otti said the calibre of individuals that make up the council speaks to the state’s vision.
The governor added that this development had sent a strong signal to potential investors that “Abia is poised to become the next big thing.”
Otti said the government was desirous to make Abia a preferred investment destination for global businesses, hence the move to set up a council of “intellectual giants” that would work closely with the government to turn the vision into reality.
He also said the council would work with the government and others, including the local chambers of commerce, industry, mines and agriculture, to bring these opportunities to the attention of the investing global community.
He expressed optimism that the council can help the government achieve its vision in the next 24 months.
Otti said: “We are not just seeking to attract a few big manufacturing outfits in the state to score cheap political points.
“Our ultimate goal is to re-make the entire state into a robust enterprise ecosystem with clear pathways to bigger global and regional markets.
“We are keen to transform our traditional agro-economy to become a major player in the global agricultural value chain, producing sufficient output to feed the local population and then for export.
“In Aba, we do not just make quality footwear and clothing; given the right support, our shoemakers and fashion designers can compete with the best anywhere in the world.
“Aba is also very strong in metal fabrication, wood works and mechanical construction. Sadly, the immense potential of our people has stayed hidden and under-utilised for far too long.
“The good thing is that we now have an effective machinery to create a new era of prosperity, employment and layers of opportunities for these resilient and creative individuals.”
Those appointed to the council include Arunma Oteh, former Director-General, Securities and Exchange Commission (SEC), Co-Chairman; former Emir of Kano, Muhammad Sanusi II, Co-Chairman, and Bolaji Balogun who would also serve as a Co-Chairman.
Others are Ifueko Omoigui Okauru, Mr. Chidi Ajaegbu, Mr Uche Orji, Ndidi Nwuneli, Mr. Chika Nwobi and Olugbenga Adesida.
The rest are former Nigerian Minister of Finance, Mrs Ngozi Okonjo-Iweala and President, Afreximbank, Benedict Oramah who would serve as honorary advisers to the economic council.
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