Anambra State Government Targets N3bn IGR Monthly in Two Years Under Governor Obiano

Anambra state said it has in the past 16 months attracted over $2.6 billion investments. This is just as the state said it had taken steps to increase its Internally Generated Revenue (IGR) to N3 billion monthly.

The Governor, Anambra state, Mr. Willie Obiano, said this at the weekend, when he spoke at the 2015 Distinguished Guest Lecture Series at the Lagos Business School. These achievements, he said, were attained through the creation of the Anambra State Investment Promotion and Protection Agency (ANSIPPA) which is the one-stop investment boutique of Anambra

He said the agency which is headed by renown investment bankers and business analysts, has the singular mandate of attracting investments and fast-tracking the process of investing in Anambra State.

Obiano said: "ANSIPPA has turned out to be one of the visionary initiatives of my administration; attracting investments valued at $2.4 billion in the past 16 months. These investments cut across agriculture, trade and commerce, hospitality, housing, electricity generation, health and oil and gas.

"While we are expecting more investors to join the queue, Anambra has so far signed up Coched Farm Limited, Delfarm Limited, Ekcel Farms Limited, Grains & Silos Limited, Joseph Agro Limited, Lynden Farms Limited, Integrated Farms Limited, all in the agricultural sector. In the Transport Sector, we signed on IRS Consult Nigeria and Temple SYC Inspection.

“In the hospitality sector, we signed on Cardinal Developers and Trust. In the power and energy sector, we signed on Falcon Corporation and UDIPPCO. Also, in the trade and commerce sector, we have signed on Africa Capital and Business Support. In the industrial sector, we signed on Richbon Nigeria and in the housing sector, we signed on Efab Properties and Cotabs Engineering. As our profile continues to rise in the investment community, more investments will certainly come to Anambra State.”

He said a core mandate of the agency was to conduct due diligence on prospective investors, procure the necessary documentation in record time and make the entire process of settling down for business easy and memorable to all class of investors.

In terms of raising the state's IGR, he said when he took over the reins of leadership in March last year, the state organised a strategic retreat for his executive council members. According to him, during the retreat, they analysed the Nigerian economy and foresaw that oil prices would crash to about $55 per barrel in less than one year.

He added: “We predicted that if oil prices crashed, it would bring down our federal allocation by 50 per cent. Having figured that out, we began to work on improving our IGR. We quickly restructured our revenue-earning sources and introduced the use of ICT in revenue collection. This ensured greater efficiency and transparency in our accounting processes.”

“We deployed biometric machines to capture the profiles of all civil servants and weed out ghost workers from our databank. That plugged all leakages in the sector and saved the state a large sum of money."

He further added: “It was a similar foresight that made us re-organise our revenue structures and improve our monthly revenue generation from the N500 million mark, we inherited to N1.3 billion within a period of one year. And this is just the beginning.
"Our target is to hit the N3 billion mark in monthly revenue, and we shall not relent until we achieve this. We are looking at other creative ways that can increase the current figure without losing grip on our ambition of becoming the most loved administration in the history of Anambra State.”


Related Post