Governor Charles Soludo of Anambra State recently stated that his administration has avoided taking on new debt since he took office. He emphasized that strategic financial discipline is sufficient to foster state development without relying on loans.
Speaking at the Delta State Economic and Investment Summit on Monday, the former Central Bank of Nigeria governor expressed confidence that the national economy is finally stabilizing and moving toward recovery. He asserted that state governments should prioritize resource management over frequent borrowing to drive progress.
Beyond fiscal policy, Soludo advocated for a significant shift toward local manufacturing. He expressed concern that the persistent reliance on foreign goods is hindering job creation and industrial expansion. Pointing to the audience’s attire as an example, he noted that dependence on imported clothing limits the potential of the domestic textile industry.
Soludo projected that if the 247 million people in Nigeria committed exclusively to wearing locally produced textiles, it could lead to the creation of over 10 million jobs. He concluded by urging citizens to support homegrown businesses to strengthen the economy and increase local production capabilities.
