Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has said Delta State possesses the potential to emerge as one of Nigeria’s leading industrial centres, describing the state’s newly unveiled investment fund as a significant step towards attracting private capital.
Speaking on Monday at the Delta State Economic and Investment Summit, Okonjo-Iweala said the state has the resources, strategic location and economic potential needed to become a major contributor to Nigeria’s growth.
“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,” she said.
She also commended Governor Sheriff Oborevwori’s decision to establish a viability gap fund aimed at encouraging investments in the state.
“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,” she stated.
According to her, evolving global trade patterns have created fresh opportunities for states willing to position themselves as investment destinations.
“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.
Okonjo-Iweala urged the state government to make special economic zones central to its industrialisation strategy, stressing the importance of reliable infrastructure and collaboration with the Federal Government.
She also encouraged the government to concentrate on sectors where the state enjoys a competitive advantage.
“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 said.
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The WTO chief further identified the blue economy as an area of immense potential, noting that Nigeria spends hundreds of millions of dollars annually importing fish and related products.
“Delta can become Nigeria’s blue economy hub. Build fisheries, cold-chain facilities, port services and marine logistics,” she said.
Commenting on the state’s finances, Okonjo-Iweala praised the government for maintaining fiscal discipline.
“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,” she added.
Governor Oborevwori announced that the state had earmarked $100 million, equivalent to approximately ₦137.8 billion, as a viability gap fund designed to reduce investment risks and accelerate economic development.
“The government has set aside $100 million, approximately ₦137.8 billion, as viability gap funding to de-risk new investments in the state,” the governor said.
Meanwhile, the founding chairman of Seplat Energy and chairman of the summit, Austin Avuru, urged the state to focus on maritime development, industrial parks and commercial agriculture to stimulate economic growth and attract investors.
He emphasised the need for deliberate efforts to diversify the state’s economy and reduce dependence on traditional sources of revenue.
“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,” he said.