The Delta State Government has unveiled a $100 million viability gap fund to reduce investment risks and attract new businesses to the state. Governor Sheriff Oborevwori announced the fund at the Delta Economic and Investment Summit in Asaba, describing it as a demonstration of the government’s commitment to translating discussions at the summit into concrete […]
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The Delta State Government has unveiled a $100 million viability gap fund to reduce investment risks and attract new businesses to the state.
Governor Sheriff Oborevwori announced the fund at the Delta Economic and Investment Summit in Asaba, describing it as a demonstration of the government’s commitment to translating discussions at the summit into concrete action.
The governor said Delta State offers major opportunities in agriculture, energy, marine development, manufacturing and other non-oil sectors. He added that the state had introduced business incentives, including waivers on selected rates, fees and levies for investors for up to five years.
Oborevwori said the government’s objective is to build a diversified, private-sector-led economy that creates jobs, supports young people and reduces dependence on oil revenue.
Speaking at the summit, Vice President Kashim Shettima described the growing competition among states to attract investment as positive for Nigeria’s economic development.
He said state governments must identify and develop their comparative advantages while the Federal Government provides economic stability and institutional support.
Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, said Delta State has the potential to become one of Nigeria’s leading industrial centres alongside Lagos, Kano and Port Harcourt.
She identified the state’s natural gas reserves, seaports, rail infrastructure, fertile land, solid minerals and large number of tertiary institutions as major advantages for industrial development.
Okonjo-Iweala also urged the state government to maintain fiscal discipline and direct public resources towards productive investments.
Other speakers at the summit called for greater private-sector participation, stable policies and increased investment in electricity, agriculture and industrial infrastructure.
The state government said the summit is expected to produce strategic partnerships that will support industrialisation, employment creation and sustainable economic growth across Delta State.
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