Abia State Governor, Dr Alex Otti, has called on local and foreign investors to explore the growing opportunities in the state, saying his administration has transformed Abia into a regional destination for investment capital.
Otti made the call in Lagos while speaking at the Nigeria-British Chamber of Commerce (NBCC) “Meet the Governor Series,” held under the theme, “Repositioning Abia for Enterprise, Industrialisation and Sustainable Economic Growth.”
The event provided an opportunity for government and members of the business community to engage directly on investment opportunities, development priorities and the state’s economic outlook.
In his welcome address, NBCC President and Council Chairman, Mr Abimbola Olashore, described the programme as a platform for meaningful interaction between government and the private sector.
He said the series enables investors, entrepreneurs and corporate leaders to understand government priorities and development plans while also giving the private sector an opportunity to communicate its concerns directly to government.
‘We Have Rebuilt Abia for Investment’
Otti said his administration’s development strategy was centred on creating the right environment for private-sector investment and economic growth.
According to him, development occurs when private businesses are sufficiently motivated to leverage public-sector investments to pursue their corporate objectives.
“Development is essentially creating a network of advantages for hardworking men and women, cutting out the barriers to productivity and incentivising value creation,” he said.
The governor added that one of the major achievements of his administration over the past three years had been the rebuilding of Abia as an attractive destination for investment.
“Much of what we have done in Abia State in the past three years is to rebuild our state into a regional magnet for the inflow of investment capital,” Otti said.
He noted that serious investors did not need government publicity campaigns to identify viable opportunities, stressing that businesses had their own systems for monitoring investment destinations.
“They have their independent tracking system and need not to be told when to pay attention,” he said.
Otti maintained that investors would naturally gravitate towards locations with quality infrastructure, security, reliable electricity and responsive institutions, while withdrawing when such conditions deteriorate.
80% Budget Allocation to Capital Projects
The governor, however, cautioned against claiming that Abia had become a fully modern state within 39 months, saying his administration had instead focused on establishing a solid foundation for long-term development.
“At any rate it will be false to claim that we have built a modern state in 39 months. What we have simply done is to set a strong foundation to carry the weight of public expectations,” he said.
Otti disclosed that the state allocates at least 80 per cent of its annual budget to capital expenditure as part of efforts to accelerate development.
He said sustainable economic growth could only be achieved through a strong partnership between government and the private sector.
According to him, government’s responsibility is to establish the direction of development through strategic investments in critical infrastructure, institutional reforms and security.
“Our state committed the most resources per resident on capital spending according to available national expenditure figures,” he said.
“We allocate at the minimum 80 per cent of our budget to capital expenditure.”
He also highlighted the state’s investment in healthcare, saying its allocation of 15 per cent of the budget to the sector had helped Abia achieve a leading position nationally in health emergency preparedness.
Infrastructure Driving Business Growth
Otti further highlighted improvements in infrastructure, transportation and security as factors making Abia increasingly attractive to investors.
He said Phillips Consulting had affirmed the state’s strong ranking in the area of security of life and property.
Addressing the business community, the governor also pointed to Abia’s performance in ease of doing business and support for local enterprises.
He said the state had the lowest public transportation cost per kilometre for regular vehicle commuting in the country, attributing the development to improved road networks and investments in green shuttle buses.
According to Otti, the transport investments were helping to reduce operating costs for businesses by lowering commuting expenses and improving travel times.
“Our transport infrastructure investment is without doubts crashing overhead cost for businesses including turnaround time and ultimately adding to net profits,” he said.
Businesses Returning to Abia
The governor disclosed that businesses that previously left Abia were beginning to return, attributing the renewed interest to the state’s improving business environment and relatively lower operating costs.
“Businesses that left the state years ago are returning,” he said.
Otti argued that Abia offered significant advantages to cost-conscious investors because transportation, rental and security expenses were comparatively lower than in many other states.
He also said the state’s consumer market was expanding rapidly, driven by population growth and increased economic activity.
According to him, the relocation of households and businesses to Abia was contributing to population growth, while increased public expenditure was putting more money in the hands of individuals and businesses and stimulating consumer spending.
“In Abia, therefore, you will not only find a robust architecture but also encounter a rare level of optimism and implications for growth is boundless,” the governor said.
He urged businesses and investors to take advantage of the emerging opportunities, assuring them that the state remained committed to creating the infrastructure and institutional environment required for sustainable economic growth.
