MoUs Signed At Anambra State Investment Summit In Nigeria

Planned projects include an intra-city railway and an industrial park.

By Sneha A on
12th September 2023

The inaugural investment summit held by Nigeria's Anambra State Government on 7 September resulted in the signing of a dozen memoranda of understanding (MoUs) including the development of more than US$150 million-worth of infrastructure projects. 

The Anambra Investment Summit 2023,held at the Anambra International Convention Centre in the state capital Awka, also witnessed the signing of an agreement with the African Export-Import Bank (Afreximbank) that could lead to a debt financing programme of up to US$200 million for the state's development projects.

The MoU's signed at the summit include:

  • Anambra Intra-City Rail System Project. The MoU was signed with Canada-based CPCS for the delivery of a masterplan. The railway is intended to connect the cities of Awka, Ekwulọbịa, Nnewi and Onitsha.
  • Ikenga Industrial City. The MoU was signed with India's Mahendra Consulting Engineering. The mixed-use development is planned to feature an industrial zone, commercial and retail spaces, research and development institutions, residential areas and recreation centres and will have a special economic zone (SEZ) status. It will also promote the use of alternative energy sources.
  • Anambra Pharmaceutical Manufacturing Hub. The MoU was signed with the local Nimet Pharmaceuticals, Green Life Pharmaceuticals and the Association of Industrial Pharmacists of Nigeria. Also known as the Ogboji pharmaceutical park, the mixed-use development spread across 200 hectares is planned to house more than 100 pharmaceutical companies and a pharmaceutical training institute.
Ogboji Pharmaceutical Park
Ogboji Pharmaceutical Park
Source: Ogboji Pharma Park
  • Akwaihedi Unubi Uga (AUU) Automotive Industrial Park. The MoU was signed with the local OMAA Global Technology & Engineering. Also known as the Nnewi Automotive Industrial Park, it will be constructed on 80 hectares of land donated by the Akwaihedi, Unubi and Uga communities and will be a centralised manufacturing hub for the production of automotive components and vehicles. 
  • Nko Agro Park. The MoU was signed with Nko Farms.
  • The dredging of the River Niger and operalisation of the Onitsha River port. The MoU was signed with the local Dozzy Group Nigeria and Universal Elysium, the concessionaire. According to Universal Elysium, the dredging of the river is a crucial step in order to optimise the operations of the port in the shortest time possible.

Further MoUs were signed with the local Birsa Water and Neni Development Union for the development of the Neni water scheme in the village of Neni; the local GVE Projects for the green village electrification scheme; and the local Sundry Markets for the development of the Awka shopping mall.

Awka shopping mall
Awka shopping mall
Source: ChrisMichaels Ltd

The Anambra State Government also signed an MoU with Afreximbank to collaborate on state development efforts through the provision of project preparation and advisory services. The agreement includes a potential debt financing programme of up to US$200 million for the state.

Under the terms of the MoU, Afreximbank and the state government will jointly prioritise strategic projects for preparation and funding, evaluating each project to formulate a time-bound work programme for effective execution.

Key projects to be worked on include the Ikenga Industrial City, the Anambra Export Emporium and the AUU Automotive Industrial Park.

In addition, the MoU provides for the parties to collaborate on trade and investment promotion in Anambra State through the African Sub-Sovereign Governments Network (AfSNET) and facilitate the implementation of the African Continental Free Trade Agreement.

Other areas of collaboration include the provision of transaction advisory services by Afreximbank, aimed at facilitating the procurement of debt and equity capital. The bank will also focus on export development advisory, twinning services and senior debt structuring.

Speaking at the summit, Afreximbank’s executive vice-president Kanayo Awani said, “Just as we have championed the transformative potential of industrial parks and special economic zones across Africa through public and private-sector collaboration, committing over US$1.5 billion so far to the realisation of these projects, Afreximbank is ready to support Anambra state, as it is doing in Ogun and Abia states [Enyimba Industrial City], to promote similar projects here.”

“With peace and security gradually returning to the state…we can look forward to a similar US$400 million industrial park project in collaboration with the state,” Awani added.

By leveraging its fundraising capabilities in Africa’s capital markets, Afreximbank says it could also raise funds to be deployed into impactful infrastructure projects in the state using various financing instruments and mechanisms.

The Anambra Investment Summit 2023 was held under the theme 'Laying the Foundation for a Prosperous and Smart Mega City'.

Top photo: Afreximbank MoU signing (Source: Afreximbank)

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