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

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.

“Through television, social media and other platforms, I have seen the remarkable progress being made. I see people investing and building estates in Delta State, and that is encouraging. Delta State is changing, and we are proud of what is happening,” he said.

Describing the state as an attractive destination for both local and foreign investors, Elumelu said: “Delta State is ready for investment. It is profitable, investor-friendly and very receptive to businesses.”

He, however, stressed that sustainable industrialisation would depend largely on reliable electricity supply, describing power as the foundation of economic growth.

“At Heirs Holdings and Transcorp Group, we are committed to supporting the economic transformation of our country. Everything we have discussed here ultimately comes down to one critical factor—electricity,” he stated.

Elumelu disclosed that Delta State has about 1,000 megawatts of installed electricity generation capacity, but lamented that much of the capacity remains underutilised because of gas supply constraints.

“In Delta State, we have about 1,000 megawatts of installed electricity generation capacity, enough to make a significant difference in driving industrialisation and economic growth. Unfortunately, we are unable to fully utilise this capacity because of certain constraints, particularly gas supply challenges,” he said.
He called on Governor Sheriff Oborevwori to work with the private sector to remove the bottlenecks, saying collaboration would enable the state to emerge as a leader in electricity generation and distribution.
“Your Excellency, Governor, we would like to engage further with you on how we can address these issues. Working together, we believe Delta State can become a leader in electricity generation and distribution, making power more available, more reliable and more affordable for businesses and residents alike,” Elumelu said.
He added: “That will be our contribution to the economic development of Delta State.”

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.”