Nigeria's Delta State seeks investors with $100m fund, aims to rival Lagos

Vice President Kashim Shettima has called on investors to harness the significant economic potential of Delta State, framing healthy competition among Nigeria's states as the key to sustainable national development. Speaking at the Delta State Economic and Investment Summit in Asaba, Shettima highlighted that each state possesses a unique investment proposition shaped by its history, geography, people, and comparative advantages.

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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.

"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 declared. The Vice President assured investors that the current administration has strengthened the foundation for states to pursue development through its economic reforms.

In a significant move to attract private capital, the Delta State Government unveiled a $100 million (N137.8 billion) Viability Gap Fund. This fund is designed to de-risk investments and ensure the swift implementation of agreements reached during the summit. World Trade Organisation Director-General Ngozi Okonjo-Iweala endorsed this initiative, stating that Delta State possesses the capacity to rival Lagos as Nigeria's next major industrial hub.

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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.

Other prominent figures at the summit included Kenyan scholar Patrick Lumumba, who urged the Federal Government to dismantle visa barriers hindering intra-African movement, and Anambra State Governor Chukwuma Soludo, who advocated for deeper economic collaboration between Delta and Anambra. Tony Elumelu, Chairman of Heirs Holdings, also expressed confidence in Delta as an emerging investment destination, particularly highlighting its untapped power potential.

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Delta State has the capacity to emerge as Nigeria’s next major industrial hub alongside Lagos.