Delta State has unveiled a $100 million (about ₦136.5 billion) Viability Gap Fund aimed at reducing investment risks and accelerating industrial development, as the state positions itself as one of Nigeria’s leading investment destinations.
Governor Sheriff Oborevwori announced the initiative on Tuesday during the ongoing Delta State Economic and Investment Summit in Asaba, describing the fund as a concrete commitment to ensuring that agreements reached at the summit translate into real investments and economic growth.
According to the governor, the summit is focused on building strategic partnerships capable of transforming Delta into a diversified industrial economy that can withstand fluctuations in the global oil market.
“This summit is not a talk show; we are matching words with action,” Oborevwori said, adding that his administration is committed to creating an enabling environment where investors can thrive.
The governor highlighted Delta’s strategic advantages, including an estimated population of six million people, abundant natural resources, fertile agricultural land, expanding infrastructure, multiple urban centres, and a business-friendly environment.
He noted that the state’s economy is valued at approximately ₦17 trillion (about $12.34 billion), making it one of Nigeria’s major contributors to economic growth.
Oborevwori also outlined reforms designed to improve the ease of doing business, including the establishment of the Delta State Ease of Doing Business Council, which he chairs personally. Investors, he said, would enjoy incentives such as waivers on tenement rates, levies, and selected government charges for up to five years after commencing operations.
Vice President Kashim Shettima, who attended the summit, described the growing competition among Nigeria’s states to attract investments as a positive development capable of driving national prosperity.
He credited President Bola Tinubu’s economic reforms for creating a stronger fiscal environment that has enabled state governments to pursue ambitious development initiatives.
Shettima said each state must leverage its unique strengths and comparative advantages, stressing that Nigeria’s future depends on productive competition rather than conflict.
He also assured investors that the Federal Government would continue supporting credible investments while strengthening institutions and removing obstacles that hinder enterprise.
Delivering the keynote address, World Trade Organisation (WTO) Director-General Dr. Ngozi Okonjo-Iweala said Delta possesses all the ingredients needed to become Nigeria’s next major industrial hub alongside Lagos, Kano, and Port Harcourt.
She cited the state’s abundant natural gas reserves, multiple seaports in Warri, Sapele, Burutu and Asaba, fertile agricultural land, rail connectivity, solid mineral resources and 49 tertiary institutions as major advantages.
Okonjo-Iweala also praised Delta’s fiscal discipline, noting that the state ranked among Nigeria’s strongest performers in debt sustainability and fiscal management.
She urged the government to maintain prudent financial management while directing public resources towards productive investments that stimulate industrial growth and job creation.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the Tinubu administration had restored macroeconomic stability through exchange rate reforms, tax reforms and the end of excessive monetary financing.
According to him, increased federal allocations have strengthened the finances of state and local governments, enabling greater investments in infrastructure and human capital.
Oyedele stressed that while the Federal Government is responsible for maintaining macroeconomic stability, state governments play the central role in translating that stability into jobs, industries and improved living standards.
Several business leaders also pledged support for Delta’s industrialisation agenda.
Founder of Heirs Holdings, Tony Elumelu, described Delta as a safe and attractive investment destination, promising to partner with the state government to expand electricity distribution.
Governor Charles Soludo of Anambra State said Nigeria’s economy had begun to stabilise but stressed that foreign investment remains essential for sustained growth.
Business leaders also highlighted major opportunities in Delta’s energy sector. Mosra Energy disclosed that the state holds more than 200 million tonnes of coal deposits, while UTM Gas Limited revealed that Delta’s investment in the company had grown significantly in value since 2022. The company also announced plans to establish its corporate headquarters in Warri by 2030.
Professor P.L.O. Lumumba called on African governments and investors to deepen investments within the continent, arguing that stronger intra-African investment would accelerate industrialisation, create jobs and reduce dependence on foreign capital.
The summit concluded with renewed optimism that Delta’s investment-friendly policies, strategic location and abundant natural resources could position the state as one of Nigeria’s fastest-growing industrial and commercial centres.
