I bring you greetings from Anambra, the Light of the Nation.
Apologies for being 15 minutes late; I was stuck in traffic in Onitsha. Today is Monday, and experiencing traffic in Onitsha on a Monday can only mean one thing: the Monday sit-at-home is over.
I am here in solidarity with you and with my prosperous neighbor, Delta State. You are a governor and a friend in whom I am well pleased, any day and at any time. This relationship is deeply important to me, and I am delighted to be here.
I have just two quick footnotes to share. The first key message from the speeches delivered so far is that, from a macroeconomic standpoint, Nigeria has stabilized and is on the rise. This hard-won macroeconomic status is something we must celebrate, especially when we remember where we are coming from.
Since becoming governor, I have not borrowed a single dime. In fact, I pulled Anambra out of an ongoing World Bank loan, the NG-CARES program, making Anambra the only state to do so. Why? Because the macroeconomic fundamentals and exchange rate distortions at the time convinced me—even with a zero-interest rate—that it was the most expensive fund in the world, given the inevitable exchange rate realignment that was to come. Today, that reality has changed.
Previously, we faced a double jeopardy: we are a capital-scarce economy that, prior to 2023, suffered massive capital flight. Today, that trend has reversed. Net foreign exchange reserves now stand at a little over $40 billion, with gross reserves reaching about $52 billion—a dramatic rise from $3 billion in 2023. The exchange rate has become far more stable and predictable. Consequently, Delta, the broader Nigerian economy, and sub-nationals are well-positioned to attract foreign capital, including from across Africa, within a much more conducive macroeconomic environment.
Secondly, we must work together. Delta is one of the 36 states of the federation, and while Delta trying on its own is commendable, true progress requires collaboration. Delta and Anambra are like twin cities, much like New York and New Jersey. We are actively building an economic free-trade zone powered by an aerotropolis, and we must continue to synergize.
I look forward to what follows this summit—the actual deals, which are what truly matter. Let us keep things simple and make investments a habit rather than a one-off event. We need a national consolidated Marshall Plan that translates these macroeconomic gains into tangible improvements, such as job creation and poverty reduction.
We cannot create the jobs we desire if we continue patronizing foreign and imported goods. I am wearing Akwete fabric. My daughter introduced it to me in 2019, and it has since become my daily uniform. I understand that this choice has boosted both the employment and income of the women weavers in Akwete. I also learned that the First Lady recently announced a 2 billion naira donation to the community to scale up production, promising to wear the fabric at her inauguration. If all of us commit to wearing only Made-in-Nigeria goods, more than ten million jobs will be created.
Thank you very much.
