ASABA/Nigeria: In defiance of the recent National Bureau of Statistics (NBS) report, which highlighted that 27 states in Nigeria failed to attract foreign investments in 2022, Delta State is embarking on an ambitious plan to secure international investments worth $1 billion by 2024.
Dr. Sunny Ofehe, the Executive Assistant on External Relations and Diaspora Affairs to Governor Sheriff Oborevwori, revealed this strategic move aimed at transforming the state’s economic landscape.
NBS’s capital importation report for the third quarter of 2023 had grouped Delta State among those lagging in foreign investment attraction for the first nine months of that year. The report also noted a 34% decline in capital importation into Nigeria, dropping to $2.82 billion from $4.27 billion in the same period the previous year.
Addressing journalists in Asaba, the state capital, Ofehe outlined Delta State’s focused efforts to surpass other states in Foreign Direct Investment (FDI). Plans are already underway to entice investors in various sectors, including modular refinery, renewable energy, and mega city housing projects.
Ofehe highlighted the state’s vast potential in mineral and natural resources, stressing the need to leverage these resources for economic growth and youth employment. He reiterated the governor’s commitment to the ‘MORE Agenda,’ which prioritizes attracting investments in key sectors like oil and gas, housing, and agriculture.
The state has already secured a $400 million investment for a modular oil and gas refinery with a daily production capacity of 20,000 barrels of crude oil. Additionally, plans are in place to address housing shortages by constructing 2,500 mega cities and establishing assembling plants for agricultural equipment to enhance mechanized farming.
The ultimate goal of the Oborevwori administration, according to Ofehe, is to shift Delta State from an import-dependent to an export-dependent economy. He emphasized that investments in renewable energy, particularly solar power, align with this agenda. Two companies have expressed interest in generating and supplying solar energy to the national grid or private homes and estates.
Regarding equity share and capital injection, Ofehe assured that the state government’s contribution would be in the form of land allocation and ensuring a conducive business environment. A Memorandum of Understanding will also be established with investing companies to allocate a minimum of 2% for the development of host communities as part of their corporate social responsibility.
Ofehe concluded by reiterating that Governor Oborevwori’s first year in office is poised to be marked by significant foreign investments, aiming to boost the state’s economy and create opportunities for growth and development.
