By Chimaobi Nwaiwu

Nnewi—Determined to ensure that Anambra State was not found wanting in economic development, Governor Willie Obiano’s administration has attracted investment worth $382.3m (N62bn) into various economic segments in the state.

Of this sum, $220m was signed in an Memorandum of Understanding, MoU, weekend when two major investors, Joseph Agro Limited and Cardinal Developers Trust Limited respectively, decided to improve the agricultural and tourism sector.

Both companies invested $150 million and $70 million respectively in Omor Rice Mill Project in Ayamelum Local Government Area and in a four star hotel project in Onitsha, the commercial city of the state.

Joseph Agro Limited, a subsidiary of Bravura, one of Nigeria’s major energy firms and its technical partner, REI Agro Commodities, the world’s leading rice producer has, by this agreement, taken over the Omor Rice Mill with its 10,000 hectares of virgin land and the 3,850 hectare Lower Anambra Irrigation Project.

Speaking at the MoU signing ceremony, Governor Willie Obiano explained that Joseph Agro Ltd would produce 120,000 metric tons of rice paddies per year in its first phase, pointing out that this, in addition to the output of Coched Farms Project, would completely eliminate the state’s rice supply deficit by 99%.

“Joseph Agro Ltd will help expand our scope in the agricultural sector. When fully operational, it will put 10,000 people in direct employment and about 25,000 in indirect employment.

“At the same time it will lead to the development of human and technical capacity to enhance local rice production as well as boost the growth in our internally generated revenue.

“Cardinal Developers & Trust Limited is also taking over the completion of Anambra’s 4-Star luxury hotel in Onitsha, and it will be managed by Radisson Blu on completion. Cardinal Developers & Trust Ltd is expected to build a 2,000 capacity conference center in Onitsha and construct 161 units of luxury apartments, flats and terrace houses in Onitsha,” he said.

Giving insight into the nature and benefits of the agreement with Cardinal Developers & Trust Ltd, Governor Obiano explained:  “The project is expected to form part of Onitsha entertainment hub which has a world class shopping mall currently under construction and is financed by Africa Capital Alliance. This project will generate 400 direct jobs and 2000 indirect jobs.”