Governor Soludo Signs Historic N607 Billion 2025 Budget into Law

Governor Soludo Signs Historic N607 Billion 2025 Budget into Law

 

Anambra State Governor, Charles Soludo, has signed the N607 billion 2025 Appropriation Bill into law, marking a major stride in the state’s developmental journey. Themed “Changing Gears 2.0,” the budget underscores the administration’s determination to transform Anambra into a modern, prosperous, and livable homeland.

The 2025 budget reflects a bold 48% increase from the previous year’s allocation, signaling a renewed focus on the state’s five developmental pillars: Security, Law and Order; Human Capital and Social Agenda; Environment; Governance and Value System; and Infrastructure and Economic Transformation.

Of the total budget, a significant 77% (N467.5 billion) has been allocated to capital expenditure, emphasizing investments in infrastructure, economic transformation, human capital development, and social welfare. The remaining 23% (N139.5 billion) is dedicated to recurrent expenditure.

“This budget is a testament to our administration’s commitment to transparency, accountability, and people-centered leadership,” Governor Soludo stated. “It will serve as a catalyst for sustainable growth and development in Anambra State.”

The governor expressed gratitude to the Anambra State House of Assembly for their diligence in passing the bill, highlighting the collaborative efforts to make the state a model of good governance and equity.

“Together, we will continue to work tirelessly to make Anambra State a beacon of governance, prosperity, and equity. May Anambra continue to win!” Governor Soludo affirmed.

 

Peter Obi Joins African Leaders in Kigali for High-Level Conference

Peter Obi Joins African Leaders in Kigali for High-Level Conference

Peter Obi, the Labour Party presidential aspirant and former Governor of Anambra State, recently attended a high-level conference in Kigali, Rwanda, where he joined prominent African leaders to discuss the continent’s challenges and opportunities. The conference, hosted by Rwanda’s President, Paul Kagame, provided a platform for in-depth discussions on critical issues affecting Africa’s future.

Reflecting on his participation, Peter Obi stated, “In pursuit of my desires and soul-searching for solutions to our country’s and continent’s challenges, I was in Kigali, Rwanda, over the weekend. I had several meetings, both planned and impromptu, with notable figures in the development sector. We discussed a wide range of topics, including personal issues, sports, and food insecurity.”

Obi emphasized the need for Africa, particularly Nigeria, to move from a consumption-driven economy to one focused on production. “Most of the comments I heard resonated with my beliefs. Whenever I talk about productivity, I maintain that our productivity is low, and my emphasis remains on our country moving from consumption to production,” he said.

He shared an example provided by the former Prime Minister of Ethiopia, Hailemariam Desalegn, who spoke about Ethiopia’s efforts to close the productivity gap with China. “In their dealings with the Chinese, they found that the Chinese produce 6-7 times more than the Ethiopians could. They decided to act on this. Today, he recounted, ‘I can comfortably say that the average Ethiopian produces 60-70% of what the Chinese can do,'” Obi highlighted.

One of the significant moments of his visit was a productive meeting with Rwanda’s President, Paul Kagame. “At the height of my meetings and engagements was a gracious opportunity to meet with the legendary President Paul Kagame, with whom I had very useful discussions on issues that resonate with me every day, especially on what is required for Africa to move forward,” Obi noted. “He remains committed to the management of scarce resources and serving the people faithfully, which deeply resonates with me.”

Peter Obi also spoke at “The Silver Gala,” organized by the Sherrie Silver Foundation. He expressed optimism for Africa’s future, saying, “While looking around the hall, I saw a continent on the rise, if only we could have the right leadership and invest in the entrepreneurial, innovative energy of our youths.”

Concluding his remarks, Obi stated, “Overall, my experience in Kigali has reinforced my belief that a new Nigeria is possible and that Africa, as a continent, is on the rise and unstoppable.”

Anthony Emeka Nwosu

Afreximbank Signs Memorandum of Understanding MOU to Support-the-Anambra-State

Afreximbank Signs Memorandum of Understanding MOU to Support-the-Anambra-State

The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed a memorandum of understanding (MOU) with Nigeria’s Anambra State Government to collaborate on state development efforts through the provision of project preparation and advisory services, including a potential debt financing programme of up to US $200 million.

 

Under the terms of the MOU signed by Mrs. Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, and Prof. Charles Soludo, Governor of Anambra State, during the Anambra Investment Summit, Afreximbank and the state government will jointly prioritize strategic projects for preparation and funding, collaboratively evaluating each project to formulate a time-bound work programme for effective execution.

Afreximbank will work with the state government to establish bankability for key projects, including the Ikenga Mixed-Use Industrial City, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park, as well as any other project agreed upon by the parties.

Afreximbank and the Anambra State Government will also conclude all prerequisite actions necessary for securing a financing programme of up to $200 million from Afreximbank and its affiliated entities for the projects contingent upon conclusion of a substantive agreement between the parties.

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. The Bank will work with the Anambra State Investment Promotion and Protection Agency to provide training and capacity building on trade and investment, undertake investment forums, identify, and prepare strategic trade and investment projects and foster collaboration between sub-sovereign governments in Africa. The AfSNET network is expected to facilitate direct exchange of information and peer learning from sub-sovereign governments in Africa.

Other areas of collaboration covered in the MOU include the provision of transaction advisory services aimed at facilitating the procurement of debt and equity capital. It will also focus on export development advisory, twinning services, and senior debt structuring.

Afreximbank is ready to support Anambra State, as it is doing in Ogun and Abia States (Enyimba Industrial City), to promote similar projects here

In an address to the summit, Mrs. Awani, speaking on behalf of His Excellency Prof Benedict Oramah, President and Chairman of the Board of Directors, said that Afreximbank’s mission aligned seamlessly with Anambra’s industrialization objectives, including its vision for a smart mega city, noting that the Bank had identified the emergence of industrial parks and special economic zones as a strategic priority to accelerate Africa’s industrial infrastructure development.

“These facilities do not only optimize capital deployment but also drive economies of scale and nurture ecosystem development,” she said. “They also enable the use of otherwise inaccessible technologies and cutting-edge infrastructure”.

Noting that such projects required substantial funding, she said that innovative partnerships, including public-private partnerships, had emerged as instrumental bridges capable of closing the infrastructure gap that spanned the African continent, adding that the African private sector held immense potential to bolster a wide spectrum of public sector endeavours.

“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 realization 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,” Mrs. Awani continued. “With peace and security gradually returning to the state, with our youth beginning to realize that their future cannot thrive in an environment of widespread insecurity, we can look forward to a similar US$400 million industrial park project in collaboration with the State. It makes business sense to do so, and we have advanced discussions with Anambra State Investment Promotion and Protection Agency (ANSIPPA) to implement creating over 10,000 jobs while bringing export-oriented businesses to Anambra state.

The Bank, leveraging its fundraising capabilities in Africa’s capital markets, could also raise funds that could be deployed into impactful infrastructure projects in the state using various financing instruments and mechanisms which could be explored with the state government, she added.

Ms. Awani announced that Afreximbank’s broader collaboration with Nigeria had been fruitful over the years and had seen the Bank invest over US$36 billion into the Nigerian economy since its creation in 1993. Afreximbank flagship projects currently underway in Nigeria include the US$300-million 500-bed Africa Medical Centre of Excellence in Abuja in partnership with King’s College, London, the Afreximbank Africa Trade Centre, also in Abuja, and the Africa Quality Assurance Centre in Shagamu, Ogun State, which is already operational.

She announced that the Bank was implementing AfSNET, a platform for sub-sovereign governments throughout Africa to promote economic development and encourage intra-African trade and investment by allowing collaboration between the public and private sectors, facilitating peer learning, and allowing Afreximbank to take its products and services to the grassroots, where trade and investment actually take place.

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

Accompanying Mrs. Awani to the summit was Eric Intong Monchu, Afreximbank Regional Chief Operating Officer, Anglophone West Africa, and a number of other senior Afreximbank officials.

Machine learning can solve some of Africa’s biggest challenges

Machine learning can solve some of Africa’s biggest challenges

From better healthcare access to improved food security, machine learning could tackle a wide range of challenges in developing countries.

In 2020, a study published in Nature showed that Google’s machine learning artificial intelligence programme, DeepMind AI, outperformed radiologists in detecting breast cancer. After being trained on thousands of mammograms, the system was able to accurately identify 89% of breast cancer cases, compared to radiologists’ 74%. Just imagine what a difference the deployment of such a system could make in sub-Saharan Africa, where there are 0.2 doctors per 1000 people, according to the World Bank.

And that’s just the start. Marilyn Moodley, Country Leader for South Africa and WECA (West, East, Central Africa) at SoftwareONE, says machine learning can help with some of the region’s most pervasive problems, from reducing poverty and improving education to delivering healthcare and addressing sustainability challenges such as food demand. “Machine learning democratises access to innovative and productivity-boosting technology to fuel the growth the continent needs. It’s fundamentally reshaping how work is done, allowing for a more efficient allocation of resources leading to increased productivity and, in the case of government, improving the delivery of services to citizens.”

Agricultural improvements

The agriculture sector employs over 65% of Africa’s labour force and accounts for 32% of gross domestic product (GDP), says Moodley. “The World Bank estimates that African food markets will be worth US$1 trillion by 2030, up from the current $300 billion. Demand for food is projected to at least double by 2050, yet the sector is burdened with limitations. Land is degrading, soil is becoming less fertile, water tables are dropping, pests are becoming more resistant, and the climate is more vulnerable and unpredictable. All this could have disastrous effects on food availability in the future.”

Machine learning has the potential to improve productivity and efficiency at all the stages of the agricultural value chain, she says. “These technologies can empower small-holder farmers to increase their income through higher crop yield and greater price control. For example, analytics of crop data can help identify diseases, enable soil health monitoring without the need for laboratory testing infrastructure, and facilitate the creation of virtual cooperatives to aggregate crop yields and broker better prices with suppliers.”

Healthcare developments

Machine learning can not only analyse tests and images to suggest diagnoses, but also aggregate data and update patients’ charts. It’s also rapidly expanding into other healthcare areas, including early detection of diseases, treatment and research, says Moodley. “This would free up physicians’ workloads, allowing them to spend more time with patients and on actual patient care. Japan is already looking at augmenting their doctors with artificial intelligence to combat their doctor shortage.”

In Africa, machine learning could plug the same gap, but also address other challenges, she says. “Health systems in Africa face several structural challenges such as shortages of qualified professionals or supplies, resulting in divergent outcomes for patients. Even when facilities and staff are available, affordability and rural/urban disparities can put needed services out of reach of patients.”

Machine learning can enhance these outcomes in the following ways, she says:

· Improve healthcare delivery: Advanced data analytics can help practitioners identify potential problems early and tailor better preventive care. Early interventions make healthcare more affordable and easier for the patient, with better outcomes.

· Better diagnostics and detection: Analysing patterns in data, such as machine vision analysis of x-rays, can make diagnoses faster and more accurate.

· Improved access: Tools such as online conversation agents can extend access to millions of people and remotely diagnose various health conditions using images from the cameras of everyday smartphones.

Moodley concludes: “Machine learning is a powerful tool that can benefit multiple industries, including Marketing; Financial services; Transportation and Manufacturing. Possible use cases are boundless and clearly demonstrate the importance of innovative technology for ensuring efficient business processes.”

Neni Community: An Example of Private Initiative leads to 24KM of Internal Roads Tarred, Set to Rebuild Schools

Neni Community: An Example of Private Initiative leads to 24KM of Internal Roads Tarred, Set to Rebuild Schools

On the 7th of January, I was at Neni at the invitation of the Martina Chinyere Enidom Foundation. The foundation, led by Paul Enidom, Chairman of Paul B Construction Ltd, organised its 3rd lecture series, and I chaired the occasion. The lecture titled Government and Community Partnership in Development Initiative: The Neni Example was eye-opening.

Neni community, like most communities in Anambra, boast of eminent business people, scholars and entrepreneurs. My back of the envelope calculation shows a combined net worth of between 700 million to 1 billion dollars of Neni indigenes. It is the town of the owner of the Young Shall Grow Transport and Rockview Hotels, the owner of Chelsea Hotels and the late owner of Tonimas Group, amongst others.

Some years ago, Paul B approached some of the town’s rich men and proposed an internal road drainage and asphalt construction at cost using his expertise. He started with a road paid for by him. After initial scepticism, Chief Anthony Enukeme (Tonimas) joined the initiative with others.

Today, Ndi Neni have constructed 24km, and the Anambra State government, in a rare show of support, constructed 2.7km of asphalt road. These are internal roads within Neni town. To understand the impact of 24km of asphalt road, consider that Anambra State is the second smallest state in Nigeria after Lagos; most towns in Anambra are no more than 25sq KM. Neni is probably the town with the best stock of internal roads in Nigeria.

To ensure sustainability, the Neni community, under the umbrella of the Neni Town Union, approved the setting up of its road maintenance agency; Neni Road maintenance Agency, NERMA. The Agency’s mandate is not limited to the roads constructed by the town but includes other state roads crossing the town.

In what I consider a significant departure from typical attitudes in our environment, the town documented a maintenance protocol articulating standards. The road maintenance handbook contains guidelines, which they plan to harmonise with State and LGA standards, if they exist.

Success begets success; now, the town is focused on rebuilding and retooling the schools in the community. There are 7 Primary schools and a secondary school in Neni. The state government had handed over six primary schools to both the Catholic and Anglican churches, with only one primary school and the secondary school under state control. Initial studies reveal a sad state of affairs at the schools. The schools are crying for upgrades, and the quality of instruction has declined progressively.

The Neni community, from its experience with the roads, is set to intervene. The community has set up the Neni Development Initiative Group(NDIG) to raise funds for the immediate reconstruction of all the schools. Already, about #25m was raised this Christmas towards this plan.

The NDIG is also handling the upgrade of the three health care centres in Neni. The plan is to provide quality health care for residents at affordable rates while sustaining infrastructure and operations cost through the NDIG.

Last December, Dr Christopher & Mrs Victoria Anago, under their NGO, Lifecare Coalition Outreach in California, deployed over 100 medical personnel to Neni for free medical outreach valued at over 500 million Naira. Dr and Mrs Anago plan to intervene in their community Neni to provide health care services to the underprivileged and people from neighbouring communities.

The story of the Neni community is a profound expression of the idea of Unlock Naija. It is an example of community-based governance that Igbo communities and Nigeria should emulate.

The idea of coming together to delink from the moribund Nigerian state where the government has become the obstacle to unlocking our potentials is the path to the future.

For Ndi Igbo and Nigerians in general, I have preached the message of applying Uche, Uchu na Egwu Chukwu as the triple virtues that will unlock our capabilities and lead us on a sustainable path to development.

Speaking at Neni, I called on those who want to move to Naija Nation, that space where we do not wait for restructuring, secession or constitutional amendment to unlock our potentials, to come together now. We, in Unlock Naija Movement, believe in the fierce urgency of now, like the Neni community.

To achieve this pivoting from the gridlock of Nigeria, we must eschew the triple evil rearing its head in our society. The first is Nkali, the superiority syndrome where we all want to display our superiority over others through flaunting our wealth and the emerging income discrimination in our society.

The second is Nkpali, a disrespectful and abusive disorder growing like a stage four cancerous tumour. To disrespect and abuse elders and those we consider beneath us is now described as courage; we must excise it now.

The last is Mmegbu, that urge to oppress and suppress. Oppressing the poor and those beneath us is now a sign of success. The powerful and noveau rich identified by our convoys and retinue of hangers-on do not obey traffic or any rules. We have figured how to use state apparatus for our personal end. I will describe these vices in another post soon.

For our communities to thrive and our society renewed, we must eschew Nkali, Nkpali na Mmegbu. To shun these vices is critical in the effort to make the wealthy come together and deploy their resources for communal benefit and not impose their will on the community using their unfettered powers made possible by a corrupt and moribund Nigerian state.

Neni is an example to follow.

Osita Chidoka
January, 2022

Map of tarred Roads in Neni

FINTRAK CREDIT RISK 360: ARTIFICIAL INTELLIGENCE DRIVEN LOAN UNDERWRITING SOLUTIONS FOR BANKS AND RISK MANAGERS

FINTRAK CREDIT RISK 360: ARTIFICIAL INTELLIGENCE DRIVEN LOAN UNDERWRITING SOLUTIONS FOR BANKS AND RISK MANAGERS

In today’s ever-changing banking landscape, risk managers in most banks have come to understand the need to deploy appropriate financial tools for risk management. With arrays of software in the market, getting a bespoke risk management software that is designed to meet the peculiar needs of banks and financial institutions becomes a challenge. Having this in mind, FinTrak Software Limited, a financial technology (FinTech) firm with Pan-African outlook has enhanced its Credit Risk 360 Software, an end to end loan underwriting and management system designed for financial risk managers in the country and beyond.

FinTrak Credit Risk 360 solution has demonstrated robust performance and high level of encryption and strengthened with Artificial Intelligence and Machine Learning technologies to drive end to end digital lending activities for small ticket loans and also support loan granting decisions on mid ticket transactions whilst providing robust loan monitoring system.

Speaking on the need for banks to have a tailor-made software to suit their distinctiveness, Bimbo Abioye, the Group Managing Director of Fintrak Software said, the Credit Risk 360 software has been built in line with the global best practice for the financial services sector and also for public sector intervention funds management. The software also has Mobile application which can be used on the go to drive quick transaction turn-around time and enhance operational efficiency.

“FinTrak Credit Risk 360 was designed to help banks meet the need to identify, measure, monitor and control credit risk as well as to assist FIs to ensure they hold adequate capital against these risks and that they are adequately compensated for the risks incurred. The Credit Risk 360 Solutions is a web-based platform that can be easily accessed from all branches of the bank and also via web browsers anywhere in the world via it’s highly secured mobile application”, Bimbo added.

Credit Risk 360 is integrated to two of the three credit bureaus in the country and the third are in the process of integration. This makes feedback from credit bureaus on obligors being underwriting instantaneous and seem less on Credit Risk 360. The platform is also integrated with Central Bank’s CRMS platform for seemly acquisition of loan booking codes and seem less reporting. With the software, banks are made to comply with the Central Bank of Nigeria credit policies and more importantly regulatory reporting requirements. Bad loans and risk of frauds via automation are significantly mitigated with the software.

Fully conceptualized and developed in Nigeria, Credit 360 Software comes with a dashboard that shows the classification of related data, alert messaging that push emails to concerned officers, credit risk origination, credit documentation, collateral management and collateral realization, loan restructuring, loan work out and loan write off and loan sales. Industry stakeholders have lauded FinTrak’s efforts in making risk management practice in the country seamless.

“We took into consideration the various challenges that the risk managers face in the country while building this software. Over time, we realized that most financial institutions buy over the shelf foreign software with little or no support system in place. We tried as much as possible to address these issues with this software. We ensured that we built a software that over time made Credit risk management practice error free”, said Christopher Sualeze, Head, Credit Risk 360 Implementation, Fintrak.

FinTrak Software is a global Financial Technology organization providing innovative technology and business solutions to financial institutions in the financial services sector and enterprises across continents. As a global company, with business head office in Nigeria with presence in Ghana and Gambia. Fintrak is equipped with and army of software engineers and professionals with competencies across banking, finance, audit, consulting and software development.

Anthony Emeka Nwosu

“We took into consideration the various challenges that the risk managers face in the country while building this software. Over time, we realized that most financial institutions buy over the shelf foreign software with little or no support system in place. We tried as much as possible to address these issues with this software. We ensured that we built a software that over time made Credit risk management practice error free”

USAID Partners with Imo to Improve WASH State to ‘corporatize’ Water Board for better performance

USAID Partners with Imo to Improve WASH State to ‘corporatize’ Water Board for better performance

U.S. Agency for International Development (USAID) Mission Director Stephen M. Haykin joined with Governor Hope Uzodinma in a virtual signing ceremony to formalize a new partnership with Imo State to improve the management and delivery of water and sanitation (WASH) services to help people live healthier lives through reliable access to clean water.

Today’s Memorandum of Understanding outlines commitments between USAID and Imo State to jointly develop a professionally managed, commercially oriented, and accountable state Water Board. This will be accomplished by improving the Water Board’s financial viability, and strengthening policy, institutional, and regulatory frameworks for better WASH service delivery.

“By strengthening the Water Board’s capacity to make solid investment decisions, improve billing and collection systems, and improve responsiveness to customer needs,” Haykin said at the ceremony, “USAID, through E-WASH, will help increase access to clean water and reduce waterborne disease in Imo State, feeding into our mutual goal of creating a healthier, more economically robust Nigeria.”

After formal declaration of corporatization of the new Imo State Water and Sewerage Corporation, Governor Uzodinma, promised to announce the board of directors at a later date said

In his remarks, Governor Uzodinma acknowledged that up to 85 percent of his rural constituents lack access to a reliable source of running water and expressed hope that within a year the activity could reach up to 100,000 residents of the state.

“This project is consistent with the goals of my administration to ensure that the welfare of my people is advanced and protected,” the governor said. “Therefore, I commit our cooperation to ensure this project is delivered.  We are [also] committed to running the Imo Water Board as a business to ensure its commercial viability.”

Through the $60.4 million Effective Water, Sanitation, and Hygiene Services (E-WASH) activity, USAID will support Imo and five other states to increase access to clean water and reduce disease by strengthening their Water Boards’ capacity to make solid investment decisions, improve billing and collection systems, and ensure greater responsiveness to customer concerns.

Over four years, E-WASH will spur the mobilization of an additional $50 million from public and private sources. It will also provide access to piped clean water to at least 50,000 households.  Delta, Abia and Taraba have all signed similar agreements.

E-WASH is one component of a wider USAID effort to foster closer coordination with federal and state government agencies to advance broad-based economic growth and resilience in Nigeria through improved WASH services.

By U.S. Mission Nigeria