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Deji Elumoye in Abuja, Eromosele Abiodun, Omon-Julius Onabu in Asaba and Sylvester Idowu in Warri

In a bid to attract investors, Delta State Government yesterday announced a $100 million (N136.5 billion) viability gap fund to de-risk investments in the state.

Governor Sheriff Oborevwori unveiled the fund at the state’s on-going economic and investment summit in Asaba.

Oborevwori said the move was a practical demonstration of the government’s commitment to ensuring that agreements reached at the summit were executed without delay.

Speaking at the summit, Vice President Kashim Shettima welcomed what he termed a healthy cycle of competition among the federating units, saying it is necessary for the country’s economic development.

Shettima attributed the current economic drive by the states to President Bola Tinubu’s reform policies.

In her keynote address, Director-General of World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, said Delta State had the potential to become Nigeria’s next great industrial hub, standing alongside Lagos, Kano, and Port Harcourt, as an engine of the national economy.

Oborevwori stated in his address at the opening of the summit, “This summit is not a talk show; we are matching words with action. It is my earnest expectation that this marks the beginning of enduring strategic partnerships that will galvanise the massive industrialisation of our state.”

The governor said, “With an estimated population of six million people, abundant mineral resources, rich vegetation, fertile soil for agriculture, multiple urban centres, an enlightened populace, improving infrastructure, and a business-friendly climate, Delta State remains an investor’s haven, with vast opportunities waiting to be explored and harnessed. The economy is approximately N17 trillion, or $12.34 billion; making the state a key driver of national economic growth and development.

“Delta State connects major markets across Nigeria, serving as a gateway to the south-east and linking directly to Lagos, the nation’s business capital.
“With up to 15 urban centres, its greatest asset remains its vibrant, hardworking people, celebrated at home and abroad for their industry and ingenuity, like Dr Ngozi Okonjo-Iweala, Mr Jim Ovia, Mr Tony Elumelu, Engr. Austin Avuru, and so many others.”

The governor said the goal of the summit was to partner with prospective investors with the overriding objective of building a modern, strongly diversified economy that “can withstand external shocks in line with the policy imperatives of the MORE agenda of this administration”.

Oborevwori said his administration believed in a data-driven development model that was private-sector-led and created opportunities for the teeming youth population.

He stated, “Our primary goal is to partner with interested parties to maximise our state comparative advantages, develop the non-oil sectors of the economy, create jobs, accelerate economic development, and achieve sustainable development.

“In view of the foregoing, our ease of doing business incentives are top-notch, ensuring that prospective investors have the conducive atmosphere to operate seamlessly and profitably.

“The establishment of the Delta State Ease of Doing Business Council, chaired by me, is one of the major reforms we have undertaken to enhance the ease of doing business in the state. Also worthy of note is the granting of waivers of payment of tenement rates, fees, levies, and other charges to investors for up to five years after the commencement of business.”

Shettima praised the healthy competition among the 36 states of the federation, saying it is necessary for actualising Nigeria’s quest for prosperity, economic growth, human dignity, and job opportunities.

He said the current weather of economic competition was evident in the quality and ambition of the investment summits organised by states across the country.

Shettima emphasised that the country’s strength lied in the proactive economic awakening of its subnational governments rather than just the government at the centre.

According to him, “The cycle of competition among our states is now evident in the quality and ambition of the investment summits convened across the federation. Every state possesses immense promise, but each must define a trajectory unique to its history, geography, people and comparative advantage.
“This is the race we must welcome: a race that proclaims growth rather than conflict, a race in which the prize is employment, prosperity and human dignity, a race for the future.”

The vice president stated that the cycle of competition among states as well as the attendant economic and investment summits stemmed from the strong economic foundation laid by Tinubu, which had increased federal allocations for local development.