As Mbah’s Investment Drive Gets Afreximbank Boost

Afreximbank’s commitment to mobilise finances for key infrastructural projects in Enugu State is a huge endorsement and boost for Governor Peter Mbah’s investment drive and leadership style, writes Gideon Arinze_

For Enugu State, the second half of 2023 was undoubtedly one that was characterized by exceptional and robust investment drive following Governor Peter Mbah’s inauguration on 29th May 2023. Recall that the governor had, ahead of the 2023 governorship election, unveiled a statement of purpose/manifesto in which he expressed a gargantuan vision to grow the state’s economy from $4.4 billion to $30 billion, raise Enugu to one of the top three states in terms of Gross Domestic Product (GDP), ensure zero percent poverty headcount index, and raise the hitherto civil service state to a premier destination for investment, business, tourism, and living. And all these, he said, would be done in four to eight years.

In what can be described as a clear endorsement of Governor Mbah’s investment efforts, the President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, performed his first official function in 2024 at the Government House, Enugu, when on January 2, he led a team of Afreximbank hierarchy to Enugu’s seat of power to see for himself some key investment-enabling infrastructural and development projects prioritized by the government as well as to conclude an ongoing discussions to mobilize finance for the said projects. Mbah and his team were in Cairo, headquarters of Afreximbank, in December 2023 to sell his administration’s vision and discuss areas of support.

The priority projects that have captivated the support of Afreximbank are the completion of the international wing of the Akanu Ibiam International Airport, Enugu; construction of a cargo terminal at the airport; completion of the long-abandoned Enugu International Conference Centre, construction of a five-star hotel and a world-class hospital in the state capital. These are part of the enablers the governor is banking on for the exponential economic growth and development of Enugu State.

Speaking during his visit to Enugu, the Afreximbank boss said that he was impressed with Mbah’s vision, investment priorities and energetic drive to turn the Enugu State economy around, stressing, “whenever we see a leader take such solid and courageous steps, we fall in line because it makes our work much easier.”

He further stated: “We have been discussing how to support the Enugu State Government and people. Today is the 2nd of January. So, this is the first official assignment I would do in 2024. It is remarkable for me and it speaks a whole lot about our friendship and also the confidence in the work you are doing and the vision you have, not only for this great state, but also for our country, Nigeria.

“We also thank you for the wisdom of visiting us in Cairo and having an extensive discussion on the development priorities of your government. We share in most of those priorities. In fact, I think the strategic thinking you have shown is still out of the book of our own, especially in how we believe that sub-nationals can contribute to the development aspirations of our country, Nigeria, and our continent.

“I know we have identified specific areas, where we intend to quickly advance collaboration. We want to take a look at the hotel and the Conference Centre that is under development to work with you and see how quickly we can complete them.

He noted that the bank was interested in supporting the development of the new terminal at the airport and especially the cargo terminal and, of course, using it as a base to implement and grow an agro-processing zone. 

“We also think that the work that is being done at the hospital is nice. We are working on the African Medical Centre of Excellence. We are building one in Abuja. So, it is in that spirit that we will be looking at that medical centre to see how we can bring it into the circle.

He further stated that the bank was also interested in considering the development of solid minerals in Enugu State, adding that it would follow that very closely and see what role it can play. 

“There are a number of infrastructural projects, roads that not only connect us, but also all the way to Cameroon. And that is why I think we have agreed that we put in place their preparation facility so that we can begin to develop bankable values for those aspects of interventions that we share as priorities.

“I want to assure you that you can count on us because we believe in the vision you have and we believe that those things that you have identified are things that will shape this state and also our country, Nigeria, and continent.

“Nigeria is not only the largest shareholder of Afreximbank, but also the largest economy on the continent. So, everything that happens to Nigeria, happens to Africa. So, for us, anything we can do to make Nigeria great is something that helps us to make Africa great.”

Underscoring the need for early completion of the projects, he added: “It is our hope that by the end of 2024, we can point to some of these projects as completed projects or projects nearing completion for the benefit of Enugu State people, for the benefit of Nigeria, benefit of Africa, and of course, benefit of Afreximbank.”

 Mbah’s Investment Drive

Much as Mbah is highly optimistic about his envisioned a $30 billion economy for Enugu State, he understands and is always quick to add that such growth would not be possible relying on the existing growth pattern and federal allocations, but on private sector investment. Consequently, in his manifesto, he committed to convening an investment forum in the state within his first 100 days in office if elected.

In keeping with that, the administration organized the first ever Enugu State Investment and Economic Growth Plan Roundtable, which the governor said was a precursor to the launch of the first edition of a multi-stakeholder, fully transactional Enugu State Diaspora and Investment Forum (ES-DIF) scheduled for April 2024.

Mbah unveiled over 30 investment opportunities worth over $2.1 billion to a large audience of community of investors, development bankers, international development agencies, and other critical stakeholders, including the Government of the United Kingdom (UK), the World Bank, African Export-Import Bank (AfriExim), African Development Bank (AfDB), United Kingdom Department for Business and Trade, and the Infrastructure Credit Guarantee Company.

Addressing the prospective local and international investors, development financiers, and members of the diplomatic community, Mbah said that the theme of the event, “Leveraging Public-Private Partnership”, underscored the administration’s vision to accelerate sustainable economic transformation powered by the private sector, adding that the roundtable marked “a new beginning for long-term partnerships and cooperation for shared prosperity, which will catalyze a sustainable, resilient, and prosperous Enugu.”

“My vision is to transition the state from public to private investment-led growth, which will eventually close our physical and social infrastructure gap, create hundreds of thousands of jobs for the people, and expand our economy towards the 30-billion-dollar growth trajectory that we know is achievable,” he added.

Recall that In October 2023, Mbah was in Jarka, Indonesia, where he delivered the keynote address at the 2023 Nigerian-Indonesian Investment and Trade Forum and also held several meetings that will bring investors to Enugu State. Speaking at the event, which was organized by the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) and the Indonesian Trade Promotion Centre, Lagos, Mbah listed the investment opportunities in the state, spanning agriculture, agro-industrialisation, mineral resources, logistics, aviation, tourism, real estate, mineral resources, ICT, among others. That move turned out to be a remarkable one for the state given the investment interests and a number of MoU signed.

Earlier in August, the governor was at the 2023 Lagos Chamber of Commerce and Industry (LCCI) 2023 International Conference and Expo where he equally unveiled the investment opportunities in Enugu State to an audience of local and international investors, stressing that Enugu was open and ready for business.

“Enugu is now open for business. We are markedly revisiting our ‘ease of doing business’ indicators to ensure the environment is conducive for business. For example, our new land title processes will facilitate the issuance of Certificate of Occupancy in not more than three days or 72 hours.

“Processes for the procurement of building approvals will also be revisited and markedly reduced to achieve improved efficiency,”. “We are automating all our major government processes to ensure transparency in all aspects of engagement with government and facilitate self-service by the public with little or no need for physical engagement with public servants,”.

He said that his administration remains committed to de-risking the business investment in key sectors by providing access to land, providing support infrastructure, handling engagement with host communities, among others.

Besides the endorsements Enugu received at the event and the commendations of his resolute effort at stamping out insecurity, including sit-at-home, the governor held a number of meetings with investors and representatives of governments, such as the ambassadors of China, Indonesia, among others.

Back in Enugu State, Mbah had hosted a number of members of the diplomatic corps, who saw prospects in the new Enugu, which he projects. Among them was the Indonesian ambassador to Nigeria, Dr. Usra Harahap and the British High Commissioner to Nigeria, Dr. Richard Montgomery. One of the major outcomes of Montgomery’s visit was the setting up of a UK Visa Application Centre in Enugu to serve the South East.

Rallying local investors

But Mbah is also as focused on local investors as he is focused on their foreign counterparts. In December, the governor inaugurated the Enugu Investors Network aimed at mobilizing domestic investment.

At the event, which brought together captains of industry of South East captains extractions such as the Chairman, Coscharis Group, Sir Cosmas Maduka; CEO, Peace Group of Companies, Dr. Sam Onyishi; Group Managing Director,  Afrinvest (West Africa) Limited, Ike Chioke; among a host of others, Mbah said: “My intention here today is to elicit your engagement, your questions, and indeed your involvement on how we can grow Enugu’s economy and, by extension, the South-East economy.”

Although it is a long walk to Mbah’s envisioned $30 billion economy, the governor has demonstrated that a journey of a hundred miles could, in fact, be faster as he inspires the confidence of investors and critical stakeholders with a clear vision that will make the state business friendly as well as engender the ease of doing business.