By Babajide Komolafe, Economy Editor & Egufe Yafugborhi, Ochuko Akuopha<\/p>\n
ASABA \u2014 Director-General of the World Trade Organisation, WTO, Dr. Ngozi Okonjo-Iweala, Monday, said Delta State has the capacity to emerge as Nigeria\u2019s next major industrial hub alongside Lagos, while endorsing the state\u2019s over $100 million investment fund as a bold step towards attracting investors.<\/p>\n
Speaking at the Delta State Economic and Investment Summit, Okonjo-Iweala said: \u201cI am convinced that Delta possesses the ingredients to become Nigeria\u2019s next great industrial hub, standing alongside Lagos as an engine of the national economy. <\/p>\n
\u201cThe emergence of a new growth pole here in Delta State would be good for Nigeria as a whole.\u201d<\/p>\n
Backing Governor Sheriff Oborevwori\u2019s investment initiative, she added: \u201cThe 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.\u201d<\/p>\n
According to her, changing global trade patterns have opened new opportunities for Delta and Nigeria.<\/p>\n
\u201cThe 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,\u201d she said.<\/p>\n
She urged the state government to make Special Economic Zones the centrepiece of its industrialisation drive.<\/p>\n
\u201cThe 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,\u201d she stated.<\/p>\n
Okonjo-Iweala also advised the state to prioritise a few value chains instead of spreading scarce resources.<\/p>\n
\u201cIdentify two or three areas where Delta has strong comparative advantage. Focus on those and build the entire value chain\u2014from production to processing, standards, finance and market access. That is how value is created.\u201d<\/p>\n
She identified the blue economy as another major opportunity, noting that \u201cNigeria imports about 573,000 metric tonnes of fish and fish products worth almost $866 million every year. Delta can become Nigeria\u2019s blue economy hub. Build fisheries, cold chain facilities, port services and marine logistics.\u201d<\/p>\n
On the state\u2019s fiscal position, she said: \u201cDelta ranks among Nigeria\u2019s 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.\u201d<\/p>\n
Expressing confidence in the state\u2019s future, she said: \u201cDelta can transform itself from a resource-rich state into a diversified, inclusive and resilient economy.\u201d<\/p>\n
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.<\/p>\n
\u2026 as Delta unveils $100m fund to attract investors<\/p>\n
Governor Sheriff Oborevwori announced the fund yesterday, at the Summit, saying the initiative underscores his administration\u2019s determination to translate investment commitments into tangible projects that would accelerate industrialisation and economic growth.<\/p>\n He said: \u201cThe government has set aside $100 million, approximately N137. 8 billion as Viability Gap Funding to de-risk new investments in the state.\u201d Read the full story HERE<\/a>.<\/p>\n Seplat outlines roadmap to build competitive Delta economy<\/p>\n The 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.<\/p>\n Speaking at the summit, Avuru said: \u201cGoing 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.\u201d read the full story HERE<\/a>.<\/p>\n