Anambra Governor Charles Soludo says Nigeria’s improving macroeconomic stability is attracting investors as he calls for stronger state collaboration and support for local industries

Anambra State Governor, Professor Charles Soludo, on Monday said Nigeria’s improving macroeconomic stability has opened a powerful new window for investment, urging state governments to work together to transform economic reforms into jobs, industrial growth and long-term prosperity.

Also read: Soludo Urges Igbos to Reassess Marginalisation Claims Before Biafra Push

Professor Soludo made the remarks while speaking at the Delta State Economic and Investment Summit in Asaba, where he joined Delta State Governor Sheriff Oborevwori, business leaders, policymakers and investors to discuss strategies for expanding investment across the country.

The former Governor of the Central Bank of Nigeria said recent reforms by the Federal Government had created a more stable and predictable economic environment, making Nigeria increasingly attractive to both domestic and foreign investors.

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

The governor explained that exchange rate stability and stronger foreign exchange reserves had significantly improved investor confidence, describing the current environment as more favourable for long-term capital inflows than in previous years.

Reflecting on an earlier decision taken by his administration, Soludo disclosed that Anambra State withdrew from a World Bank loan programme shortly after he assumed office because of concerns over exchange rate risks.

According to Professor Soludo, borrowing in foreign currency during periods of currency volatility could substantially increase debt obligations.

“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,” Soludo explained.

The Anambra governor said circumstances had since improved, noting that greater macroeconomic stability now offered governments and investors a stronger foundation for planning and investment.

The Soludo investment drive also centred on stronger collaboration among Nigeria’s three tiers of government. Professor Soludo argued that sustainable development would require coordinated efforts rather than isolated initiatives by individual states.

Professor Soludo described Delta State as both a close neighbour and strategic economic partner, particularly following the completion of the Second Niger Bridge, which has strengthened commercial links between the South East and South South regions.

“The Second Niger Bridge has brought our states closer together. Delta and Anambra should now see themselves as twin economic centres and work more closely in areas of mutual benefit,” Soludo said.

Professor Soludo identified trade, industrialisation, infrastructure development and investment promotion as areas where both states could deepen cooperation for mutual benefit.

The governor also revealed that Anambra is developing a new commercial and industrial city centred on an aerotropolis, saying the project could create additional opportunities for regional partnerships and economic expansion.

Beyond attracting foreign investment, Soludo urged Nigerians to support indigenous industries by buying locally produced goods, particularly textiles and clothing.

Using his own attire as an example, Professor Soludo said he now wears fabrics produced in a community in Abia State almost exclusively after discovering the quality of the locally manufactured material.

“If all Nigerians deliberately wore Made-in-Nigeria clothing, we could create millions of jobs across the country,” Soludo said.

He suggested that future investment summits should actively promote Nigerian-made products by encouraging participants to wear locally produced outfits, arguing that consumer behaviour can directly stimulate employment and industrial growth.

The governor also commended organisers of the Delta State Economic and Investment Summit for focusing on practical outcomes rather than symbolic discussions.

“I am happy to hear that this summit is not just another talk shop. What matters is the investment deals and partnerships that will emerge after the discussions,” Soludo said.

Professor Soludo’s remarks come as Nigeria continues implementing wide-ranging economic reforms aimed at restoring macroeconomic stability after years of foreign exchange pressures, fiscal imbalances and inflationary challenges.

The Federal Government has consistently argued that recent policy changes, including exchange rate reforms and fiscal adjustments, are laying the foundation for stronger long-term growth despite short-term economic hardship.

While economists remain divided over the pace at which ordinary Nigerians will feel the benefits, there is broader agreement that sustained investment, improved policy consistency and stronger cooperation between federal and state governments will be critical to converting macroeconomic gains into employment and inclusive development.

Also read: Soludo Suspends Absent Workers in Bold Reform Move

Concluding his address, Soludo congratulated the Delta State Government for convening the summit and expressed optimism that the conversations would translate into tangible investments capable of accelerating economic growth across both Delta State and Nigeria.