Soludo urges collaboration to attract investment, create jobs

Anambra State Governor, Prof. Charles Soludo, emphasized on Monday that Nigeria's recent improvements in macroeconomic stability have opened new avenues for investment. Speaking at the Delta State Economic and Investment Summit in Asaba, Soludo urged state governments to foster collaboration to stimulate economic growth and generate employment opportunities.

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I am here in solidarity with my neighbour, Delta State, and with my friend, Governor Sheriff Oborevwori. This summit is very important, and I am delighted to be here.

Soludo, who attended the summit in solidarity with Delta State Governor Sheriff Oborevwori, described the state as a vital neighbor and strategic partner. He explained that the Federal Government's recent economic reforms have enhanced Nigeria's attractiveness to investors by establishing a more predictable and stable business environment. "From a macroeconomic standpoint, Nigeria has become more stable, and that is something we should celebrate because we know where we are coming from," he stated.

The governor recalled his administration's decision to withdraw Anambra State from a World Bank loan program due to exchange rate risks. He noted that while the loan initially had low interest, the depreciation of the naira would have significantly increased its cost. "If you borrow in foreign currency and the exchange rate later doubles, the actual cost of that loan also increases significantly," Soludo explained.

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From a macroeconomic standpoint, Nigeria has become more stable, and that is something we should celebrate because we know where we are coming from.

He expressed confidence that the current improved economic climate, characterized by strengthened foreign exchange reserves and a more stable exchange rate, would encourage greater capital inflow. However, Soludo stressed the importance of inter-governmental cooperation, stating that no state can achieve sustainable development in isolation. He called for enhanced collaboration between federal, state, and local governments to ensure that economic reforms translate into tangible improvements in the lives of Nigerians, particularly highlighting the potential for increased partnership between Delta and Anambra states following the completion of the Second Niger Bridge.

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If you borrow in foreign currency and the exchange rate later doubles, the actual cost of that loan also increases significantly. That was why we decided to pull out.