Posted by on 1/29/2003 9:37:14 AM

Economic Climate and Industrial Potentials:

The economic climate in Anambra State is highly favourable. A conducive combination of large mar kets, abundant skilled labour force, considerable entrepreneurial ability, and easy access to capital and natural resources prevail in the state. Almost all the urban centres possess very busy and virile markets.

Onitsha, for instance, has strong trade links with many parts of the country and with many overseas countries. Its market is described as the largest in West Africa. Nnewi, which is the second most economically vibrant centre after Onitsha, has virtually become the automobile spare parts market for the nation and a fastgrowing industrial centre. The state has an opendoor policy and welcomes with open arms prospective investors genuinely interested in doing business.

Opportunities tor set ting up large, medium and smallscale industries abound. Rich agricultural products are available for agrobased industries. Unexplored mineral resources known to exist are potential areas of investment in industrial development. Oil explo ration in Anambra State preceded that of the Niger Delta with petroleum prospects in the Anambra basin still promising and attractive.

Numerous tourism potentials provide viable opportunities for hotel business, filming and trade in souvenirs. The State government plans to develop 5star hotels around Agulu Lake and Ogbunike Cave to attract tourists. Other incentives to prospective investors in manufacturing and processing industries include three industrial estates that have been established at Onitsha, Awka and Ozubulu. There are propos als for similar estates at Nnewi, Awkuzu, and Abatete.

The state government's "Think home" philosophy has encouraged indigenous investments in industries located within the state. There are now over 181 privatelyowned industries in the state, more than half of which are located in the Onitsha Nnewi axis. The existing industries in the state include textiles and aarments. food orocessina and

State Survey of Anambra animal feeds, breweries (beer and soft drinks), detergents, pharmaceuticals, petrochemicals, auto spare parts, machine tools, and building materials industries. The potentials for other industries exist.

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