***Delta unveils $100m fund to attract investors
***Delta can rival Lagos as Nigeria’s growth engine -Okonjo Iweala
By Babajide Komolafe, Economy Editor, Egufe Yafugborhi & Ochuko Akuopha
ASABA—Vice President Kashim Shettima, yesterday, urged local and foreign investors to take advantage of Delta State’s enormous economic potential, declaring that healthy competition among states, driven by their comparative advantages, remains the surest path to sustainable prosperity and national development.
This came as the Delta State Government announced a $100 million, equivalent to N137.8 billion, as a Viability Gap Fund to de-risk private sector investments, pledging the speedy execution of agreements reached at the Delta State Economic and Investment Summit.
Meanwhile, Director-General of the World Trade Organisation, WTO, Dr. Ngozi Okonjo-Iweala, yesterday said Delta State has the capacity to emerge as Nigeria’s next major industrial hub alongside Lagos, while endorsing the state’s over $100 million investment fund as a bold step towards attracting investors.
Renowned Kenyan scholar and Pan-Africanist, Prof. Patrick Lumumba, on his part, urged the Federal Government to dismantle visa barriers hindering the movement of Africans across the continent, saying such restrictions undermine regional integration, investment and the objectives of the African Continental Free Trade Area, AfCFTA.
Also, Governor Chukwuma Soludo of Anambra State called for deeper economic collaboration between Delta and Anambra states, describing both as natural “twin growth hubs” capable of driving regional prosperity, while urging organisers of investment summits to focus on concrete business deals rather than speeches.
On his part, Chairman of Heirs Holdings, Mr. Tony Elumelu, endorsed Delta State as one of Nigeria’s emerging investment destinations, declaring that the state is ready for profitable investments while calling for a partnership with the state government to unlock its huge power potential.
Speaking at the Delta State Economic and Investment Summit in Asaba, Shettima said every state in the federation has a unique investment proposition shaped by its history, geography, people and natural endowments.
According to him, “Every state in the federation is defined by the quality and ambition of the investment promise it offers. While each state pursues prosperity, every one does so uniquely, shaped by its history, geography, people and comparative advantage.
“This is the race we must welcome, a race that proclaims growth over conflict; a race in which the prize is employment, prosperity and human dignity; a race for the future,” he said.
The Vice President noted that the Bola Tinubu administration has created a stronger foundation for states to pursue development through its economic reforms.
He said: “We promised to place Nigeria on the path of growth, and each gathering offers another platform for turning that promise into enterprise. Every host state contributes to the Federation’s commercial ambition. One highlights agriculture, another minerals, technology, ports, energy or tourism. In that healthy rivalry, Nigeria discovers the full meaning of her wealth.
“Delta State enters this moment with an advantage. That advantage is larger than its oil wealth. The future of a people cannot be dependent on a single commodity. Diversification is not merely an economic strategy; it is an instinct for economic preservation and a measure of the quality of leadership.”
He added: “The state has one of the longest coastlines in the Federation, abundant natural gas, ports, power assets, rich agricultural resources and an educated, enterprising population. A state so endowed already qualifies as a first-order investment destination. What remains is for the world to be told.”
Shettima described the summit as a platform to translate opportunities into tangible investments.
Delta unveils $100m fund to attract investors
Delta State Government has announced a $100 million, equivalent to N137.8 billion, as a Viability Gap Fund to de-risk private sector investments, pledging the speedy execution of agreements reached at the Delta State Economic and Investment Summit.
Governor Sheriff Oborevwori announced the fund yesterday, at the summit, saying the initiative underscores his administration’s determination to translate investment commitments into tangible projects that would accelerate industrialisation and economic growth.
He said: “The government has set aside $100 million, approximately N137. 8 billion as Viability Gap Funding to de-risk new investments in the state.”
According to him, “This is a practical demonstration of our total commitment to ensuring that the agreements reached at this summit are executed without delay. As stated at the beginning of this speech, this summit is not a talk show; we are matching words with action.”
The Governor added: “It is my earnest expectation that this marks the beginning of enduring strategic partnerships that will galvanize the massive industrialization of our state.”
Reiterating his administration’s commitment to creating a business-friendly environment, Oborevwori said the summit was convened to reposition Delta as one of Nigeria’s most competitive investment destinations.
He declared: “This summit is not another talk shop; it showcases our vision and strong will to reposition the State economy and enhance its competitiveness in business. Through this summit, we hope to connect ideas with capital, forge strategic partnerships, and maximize our comparative advantages as a state to build an enduring legacy of wealth and prosperity.”
He assured investors that Delta remained financially stable and committed to prudent fiscal management.
Delta can rival Lagos as Nigeria’s growth engine—Okonjo Iweala
Director-General of the World Trade Organisation, WTO, Dr. Ngozi Okonjo-Iweala, yesterday said Delta State has the capacity to emerge as Nigeria’s next major industrial hub alongside Lagos, while endorsing the state’s over $100 million investment fund as a bold step towards attracting investors.
Speaking at the Delta State Economic and Investment Summit, Okonjo-Iweala said: “I am convinced that Delta possesses the ingredients to become Nigeria’s next great industrial hub, standing alongside Lagos as an engine of the national economy. The emergence of a new growth pole here in Delta State would be good for Nigeria as a whole.”
Backing Governor Oborevwori’s investment initiative, she added: “The reason I came is because you take action. The fund you have just announced to de-risk investment is exactly the kind of thing that we need.”
According to her, changing global trade patterns have opened new opportunities for Delta and Nigeria.
“The world is looking for diversification. These opportunities were not available 10 or 15 years ago. The question is whether we will seize them or allow them to go elsewhere,” she said.
She urged the state government to make Special Economic Zones the centrepiece of its industrialisation drive.
Nigeria must remove visa barriers for Africans — Lumumba
Renowned Kenyan scholar and Pan-Africanist, Prof. Patrick Lumumba, yesterday urged the Federal Government to dismantle visa barriers hindering the movement of Africans across the continent, saying such restrictions undermine regional integration, investment and the objectives of the African Continental Free Trade Area, AfCFTA.
He also challenged Delta State to emulate Norway by converting its oil wealth into long-term prosperity through prudent investment rather than dependence on crude oil revenue.
Speaking at the Delta State Economic and Investment Summit in Asaba, Lumumba said: “Your Excellency, the Vice President, Nigeria is the largest economy in Sub-Saharan Africa. I look forward to the day when an investor from Ethiopia can board a plane and arrive in Asaba without visas, landing cards or exit cards. I look forward to the day when there will be no visa requirements for an African coming into this country.”
Drawing a comparison with Europe, he added: “Today, you can move from Slovakia to Portugal using the same currency and with minimal restrictions. But here in Africa, moving from one country to another remains unnecessarily difficult. We cannot build a competitive economy while remaining so fragmented.”
Lumumba argued that Africa’s development should be driven by Africans rather than excessive dependence on foreign capital.
“When we think about investment, we still imagine that our investors must come from Malaysia, Brazil or China. That is not the case. The next time this summit is held, I want to see Kenyans here, Ghanaians here, Ethiopians here, Moroccans here and Egyptians here. Africans must begin to believe that they possess both the intellectual capacity and the financial resources needed to develop their own continent,” he said.
While commending the Delta State Government for identifying its economic strengths, Lumumba challenged the state to replicate Norway’s prudent management of petroleum wealth.
Delta, Anambra should become Nigeria’s twin growth hubs—Soludo
Governor Chukwuma Soludo of Anambra State has called for deeper economic collaboration between Delta and Anambra states, describing both as natural “twin growth hubs” capable of driving regional prosperity, while urging organisers of investment summits to focus on concrete business deals rather than speeches. He also proposed a “Made-in-Nigeria” dress code for future investment summits to stimulate local manufacturing and create millions of jobs.
Speaking at the Delta State Economic and Investment Summit in Asaba, Soludo said: “With the completion of the Second Niger Bridge, Delta and Anambra have effectively become twin states, much like New York and New Jersey. We should institutionalise our relationship beyond personal friendships by creating working groups that will promote economic cooperation.”
According to him, “There are many areas where Anambra can learn from Delta, and many areas where Delta can learn from Anambra. We are building a new commercial and industrial city powered by an aerotropolis, and I see several areas where our development strategies align. We should build synergies rather than compete unnecessarily.”
The governor stressed that recent macroeconomic reforms have created a more attractive environment for investment.
Elumelu backs Delta as investment destination, seeks power sector partnership
Chairman of Heirs Holdings, Mr. Tony Elumelu, has endorsed Delta State as one of Nigeria’s emerging investment destinations, declaring that the state is ready for profitable investments while calling for a partnership with the state government to unlock its huge power potential.
Speaking at the Delta State Economic and Investment Summit, Elumelu said the visible transformation taking place under the current administration had strengthened investor confidence in the state.
“I want to congratulate our Governor for his visionary leadership and for what he is doing for the people of Delta State,” he said.
The billionaire investor noted that as an indigene of the state, he has closely monitored its development and is encouraged by the growing pace of private sector investments.
Avuru outlines roadmap to build competitive Delta economy
Founding Chairman, Seplat Energy and Chairman of the Delta State Economic and Investment Summit, Mr. Austin Avuru, has outlined a roadmap for building a competitive Delta economy, urging the state government to prioritise maritime reforms, industrial parks and commercial agriculture to attract massive private sector investment and maximise the benefits of ongoing infrastructure development.
Speaking at the summit, Avuru said: “Going forward, Delta State must intentionally and consciously move beyond the old dependence on traditional economic models. We must deliberately build a strong and sustainable economy based on the unique areas where we enjoy a competitive advantage.”
He added: “Our goal is to create an environment that supports massive and sustained private sector investment through deliberate, well-thought-out policies that truly improve the ease of doing business.”
On the state’s maritime potential, he said: “Delta State is uniquely blessed with four seaports—Warri, Sapele, Koko and Burutu—as well as two interconnected airports.”
The expressway linking Warri, Uromi, Kwale and Asaba connects not only the two airports but also our ports to key markets. This strategic infrastructure positions Delta State as a major logistics and commercial hub.”
According to him, “To unlock the full potential of our maritime assets, we must dredge the waterways leading to Warri and Burutu ports to accommodate larger vessels. Cargo traffic through our four ports would multiply several times over, creating jobs, stimulating commerce and expanding economic activity across the state.
Equally important is the continuous maintenance of the road infrastructure connecting these strategic assets.”
Highlighting agriculture as another growth driver, Avuru said: “The state government should establish strategic land banks in suitable interior locations. If the government acquires, develops and makes available about 30,000 hectares of land, it becomes much easier for local and international investors to lease parcels for commercial agriculture. Delta State can become a leading producer of oil palm for domestic consumption and export, while the same land banks can support large-scale cassava cultivation for food and industrial processing, including ethanol production.”
On industrialisation, he said: “We already have an industrial park in Kwale where gas infrastructure has been extended. With reliable gas supply and stable electricity, manufacturers will find the environment attractive for investment. We also have another industrial park in Koko which, being a seaport, is ideally suited for agro-processing and export-oriented manufacturing.”
Looking ahead, Avuru said: “The first term focused on providing critical infrastructure. The second term must concentrate on maximising the economic benefits of those investments. Security must also remain a priority through a technology-driven architecture that protects lives while facilitating commerce and the free movement of people.”
Shettima woos investors with Delta’s vast economic potential
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