…Advocates healthy rivalry among states

…Says comparative advantage holds key to prosperity

By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha

ASABA—Vice President Kashim Shettima, Monday, 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.

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.”

He stressed that competition among states should no longer be about politics but about attracting investments, creating jobs and expanding economic opportunities.

“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 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.”

Highlighting Delta’s strengths, Shettima said the state possesses far more than oil resources.

“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.

“Potential has no economic value unless it is organised, financed and put to work. Natural wealth buried beneath the ground cannot employ a young person. Talent without opportunity becomes frustration. The task before us is to transform what Delta possesses into prosperity that its people can feel in their homes, communities and workplaces,” he said.

He assured investors that the Federal Government would continue to support credible investments, strengthen enabling institutions and remove obstacles to enterprise in partnership with the Delta State Government.

By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha

ASABA — Director-General of the World Trade Organisation, WTO, Dr. Ngozi Okonjo-Iweala, Monday, 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.”

…Provides N137.8bn fund to de-risk private investments

..Vows speedy execution of investment agreements

By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha

ASABA — 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.
According to him, “Despite the huge investments in improving public infrastructure, we have not borrowed a kobo from any bank, underscoring our commitment to fiscal discipline and prudent financial management. What this means is that prospective investors are coming to a state that is financially stable and provides an enabling environment for them to operate without let or hindrance.”

Highlighting the state’s investment potential, Oborevwori said: “Our ease of doing business incentives are top-notch, ensuring that prospective investors have the conducive atmosphere to operate seamlessly and profitably.”

He added that investors enjoy “waivers of payment of tenement rates, fees, levies and other charges for up to five years after the commencement of business.”

The governor further disclosed that over 12,000 hectares of farmland had been earmarked for agricultural development, while Delta’s 163-kilometre coastline offers vast opportunities in the blue economy.

He urged local and foreign investors to take advantage of the opportunities, stressing that his administration was committed to building “a modern economy that is strongly diversified, can withstand external shocks, create jobs, accelerate economic development and achieve sustainable development.”