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Shettima Woos Investors as Delta Unveils $100 Million Fund to Drive Economic Growth
Vice President Kashim Shettima has called on local and international investors to take advantage of the enormous business opportunities in Delta State, describing healthy competition among states as a vital tool for driving economic growth and national development.
Speaking at the Delta State Economic and Investment Summit in Asaba, Shettima said every state has unique strengths that can attract investment, create jobs and improve the lives of its people. According to him, Nigeria will make greater progress when states build on their comparative advantages instead of competing through conflict.
“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 said.
The Vice President noted that the economic reforms introduced by President Bola Tinubu’s administration have created a stronger foundation for states to attract investments and expand their economies.
He said each state contributes differently to Nigeria’s development through sectors such as agriculture, energy, technology, minerals, ports and tourism.
“We promised to place Nigeria on the path of growth, and each gathering offers another platform for turning that promise into enterprise. Every host state contributes to the Federation’s commercial ambition. One highlights agriculture, another minerals, technology, ports, energy or tourism. In that healthy rivalry, Nigeria discovers the full meaning of her wealth.”
Shettima described Delta State as one of Nigeria’s most naturally endowed states, pointing to its coastline, abundant natural gas reserves, ports, power assets, fertile agricultural land and skilled workforce.
“The state has one of the longest coastlines in the Federation, abundant natural gas, ports, power assets, rich agricultural resources and an educated, enterprising population. A state so endowed already qualifies as a first-order investment destination. What remains is for the world to be told.”
Delta unveils $100 million investment support fund
At the summit, Delta State Governor Sheriff Oborevwori announced the creation of a $100 million (about N137.8 billion) Viability Gap Fund aimed at reducing investment risks for private sector investors.
According to the governor, the initiative is designed to ensure that agreements reached during the summit translate into real projects that will accelerate industrialisation and economic growth.
“The government has set aside $100 million, approximately N137.8 billion as Viability Gap Funding to de-risk new investments in the state.”
He stressed that the fund demonstrates his administration’s commitment to turning investment promises into measurable results.
“This is a practical demonstration of our total commitment to ensuring that the agreements reached at this summit are executed without delay. As stated at the beginning of this speech, this summit is not a talk show; we are matching words with action.”
Oborevwori added that his administration remains committed to maintaining a business-friendly environment capable of attracting both local and foreign investors.
“This summit is not another talk shop; it showcases our vision and strong will to reposition the State economy and enhance its competitiveness in business. Through this summit, we hope to connect ideas with capital, forge strategic partnerships, and maximize our comparative advantages as a state to build an enduring legacy of wealth and prosperity.”
Okonjo-Iweala says Delta can rival LagosDirector-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, expressed confidence that Delta State has the potential to become Nigeria’s next major industrial hub alongside Lagos.
She praised the state’s investment fund, describing it as a bold move that could encourage more investors to establish businesses in the state.
“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 also commended Governor Oborevwori’s decision to establish the investment fund.
“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.”
Okonjo-Iweala noted that global trade patterns are changing rapidly, creating fresh opportunities for countries and regions prepared to take advantage of them.
“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 encouraged Delta State to make Special Economic Zones a central part of its industrialisation strategy.
Lumumba urges visa-free movement across AfricaKenyan scholar and Pan-Africanist, Prof. Patrick Lumumba, used the summit to call on Nigeria and other African countries to remove visa restrictions that limit movement across the continent.
According to him, Africa cannot achieve meaningful economic integration while citizens continue to face unnecessary travel barriers.
“Your Excellency, the Vice President, Nigeria is the largest economy in Sub-Saharan Africa. I look forward to the day when an investor from Ethiopia can board a plane and arrive in Asaba without visas, landing cards or exit cards. I look forward to the day when there will be no visa requirements for an African coming into this country.”
He argued that Africans should become the primary investors in the continent instead of relying heavily on foreign capital.
“When we think about investment, we still imagine that our investors must come from Malaysia, Brazil or China. That is not the case. The next time this summit is held, I want to see Kenyans here, Ghanaians here, Ethiopians here, Moroccans here and Egyptians here. Africans must begin to believe that they possess both the intellectual capacity and the financial resources needed to develop their own continent.”
Elumelu backs Delta’s investment driveChairman of Heirs Holdings, Tony Elumelu, also endorsed Delta State as an emerging investment destination, praising Governor Oborevwori for creating an environment that encourages business growth.
He called for collaboration between the state government and the private sector to unlock Delta’s power potential and strengthen its infrastructure.
Elumelu highlighted the state’s four seaports, two airports and expanding road network as major assets capable of transforming Delta into one of Nigeria’s leading commercial and logistics centres.
He also advocated dredging the waterways leading to Warri and Burutu ports to accommodate larger vessels, saying the move would significantly boost cargo traffic, create jobs and stimulate economic activity.
On agriculture, he urged the government to establish strategic land banks that would make large-scale farming easier for investors, particularly in oil palm, cassava and ethanol production.
He further recommended that the state’s second phase of development should focus on maximising the economic returns from infrastructure investments while strengthening security through modern technology to protect businesses and residents.
