Funding and Implementation
Funding the audacious agenda outlined above can be very challenging, especially in these economic times. Here is where my core competence as a development/monetary/macro economist and a central banker will be critical. I will leverage my professional experience and my extensive national and international networks and contacts in the development community to ensure that we mobilize the required funding.
The Plan has been fully costed. It will be funded through a mix of direct state government funding, private sector investments and concessions, project financing, PPP, grants from DFIs, counterpart funding from FGN and DFIs, and exploiting innovative financing mechanisms offered by the FGN such as the Infrastructure Tax Credit scheme, Infrastructure Fund, etc. Maximizing Anambra’s access to the various FGN’s investments under the concurrent list will provide supplementary investment financing. With sound credit rating for the State government, there will be easier access to the capital market. Our government will only borrow for bankable projects that will pay back and contribute to the state’s economic transformation.
The state government direct spending/investment on the Plan is estimated at N200- N250 billion per annum.
In addition, we will seek to:
Significantly improve Internally Generated Revenue (IGR) by deploying technology to implement a comprehensive revenue improvement strategy which will expand the tax base and also increase ease of paying taxes in the state;
Block revenue leakages by improving transparency;
Create bankable projects that will attract project financing from DFIs etc;
Structure Private Public Partnership arrangements to finance projects; and
Partner with international development agencies and NGOs to attract their technical support and funding to improve the implementation of projects and programmes.
As a further illustration, we intend to create a special fund, The Anambra State Development Fund (ANSDF) - an investment fund for today’s opportunities, and wealth creation for future generations of Ndi Anambra.
Our Government will create a N100 billion (approximately US$200 million) fund (in the first instance), and a target to scale up to US$ 1 billion over time to invest mainly in a diversified portfolio of bankable infrastructure projects and high growth, return-yielding assets relevant to the economy of Anambra.
ANSDF, with an investment committee comprising of world class industry experts, will raise it’s own discretionary infrastructure financing and private equity fund in a formal fund structure, attracting external investment capital from both domestic (Ndi Anambra, domestic DFIs, etc) and international investors (private equity funds, DFIs, Anambra diaspora, etc.).
ANSDF will actively prioritize the provision of equity and quasi-equity to finance eligible projects and companies within the Anambra State economy with a view to accelerating economic growth, creating jobs and derive dividends or other revenues from such investments.
ANSDF will have a medium to long term investment time horizon, effectively spanning multiple economic, market and political cycles.
The objective will be to provide an income-generating asset base for future generations of Ndi Anambra, boost economic growth and create jobs. Government will target to provide initial seed capital for the fund.
As indicated earlier, within 30 days of swearing-in, we will publish the detailed implementation plan derived from this Manifesto, clearly spelling out deliverables and timelines. We will Institute a good Governance framework that will define a structure for allocating resources to the Ministries, Departments, and Agencies (MDAs) and ensure strategic imperatives, planning, and operations are aligned. This will ensure equitable resource management in the state, thus encouraging investment (both local and international). An effective Delivery Unit will be created to drive implementation. We will also strengthen the State Statistical Agency for measuring progress. Transparency, especially of public finance, will be key in building the kind of public confidence required for resource mobilization.
Our government will provide leadership in mobilizing critical stakeholders – public service, faith groups, communities, market leaders, civil society, private sector, DFIs, the Federal Government, neighbouring states, the Diaspora, and other stakeholders – to deliver on the agenda.
In conclusion, let me reiterate that Anambra is our collective destiny and responsibility. Everyone has something to contribute. The Government alone cannot develop the state. Indeed, government resources currently account for barely 2% of state GDP. God did not make a mistake by making us Ndi Anambra. Every Anambra person should wake up each day asking: “What will I contribute to the peace and prosperity of my homeland today?” “What will I do differently today to leave my beloved Anambra better than I met it?” If everyone does his or her bit, surely but steadily, Anambra will attain our collective dream, which is the preferred destination in Africa in which to live, invest, learn, work and relax and enjoy. I don’t know it all, and will need the advice, guidance and participation of all Ndi Anambra. Together, there is no limit to our collective triumphs. Let’s work together, please!