...Backs Delta’s $100m investment fund
…Advocates Special Economic Zones, blue economy, value addition
By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha
ASABA—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 Sheriff 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.
“The World Bank has identified Special Economic Zones as one of the best available tools for governments with limited fiscal space. But successful zones require reliable electricity, roads, rail, water, digital connectivity and close collaboration with the Federal Government,” she stated.
Okonjo-Iweala also advised the state to prioritise a few value chains instead of spreading scarce resources.
“Identify two or three areas where Delta has strong comparative advantage. Focus on those and build the entire value chain—from production to processing, standards, finance and market access. That is how value is created.”
She identified the blue economy as another major opportunity, noting that “Nigeria imports about 573,000 metric tonnes of fish and fish products worth almost $866 million every year. Delta can become Nigeria’s blue economy hub. Build fisheries, cold chain facilities, port services and marine logistics.”
On the state’s fiscal position, she said: “Delta ranks among Nigeria’s best-performing states in debt sustainability. Keep the fiscal prudence because without it you will not be able to build the Delta State you want.”
Expressing confidence in the state’s future, she said: “Delta can transform itself from a resource-rich state into a diversified, inclusive and resilient economy.”
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