Delta State has unveiled a $100 million (N136.5 billion) viability gap fund aimed at reducing investment risks and accelerating industrial development, as leading economic stakeholders identified the state as a future hub for manufacturing and business expansion.
Governor Sheriff Oborevwori announced the fund on Tuesday at the ongoing Delta State Economic and Investment Summit in Asaba, describing it as a concrete step towards ensuring that investment commitments translate into real projects and sustainable economic growth.
According to the governor, the initiative underscores the state’s determination to diversify its economy beyond oil by promoting private sector-led investments in agriculture, manufacturing, infrastructure and other non-oil sectors. He highlighted Delta’s strategic location, natural resources, expanding infrastructure and investor-friendly policies as key advantages for businesses.
Oborevwori also disclosed that the state has introduced several incentives, including tax waivers and the establishment of an Ease of Doing Business Council, to create a more attractive investment climate.
Vice President Kashim Shettima commended the growing competition among Nigerian states to attract investments, describing it as a positive development for national economic growth. He credited President Bola Ahmed Tinubu’s economic reforms with providing states greater fiscal capacity to pursue development initiatives.
Delivering the keynote address, Ngozi Okonjo-Iweala said Delta possesses the resources and infrastructure required to emerge as Nigeria’s next major industrial hub alongside Lagos, Kano and Port Harcourt. She cited the state’s natural gas reserves, seaports, railway connectivity, fertile agricultural land, solid minerals and skilled workforce as major economic strengths.
Okonjo-Iweala also praised Delta’s fiscal discipline, noting its strong performance in debt sustainability and urging the government to maintain prudent financial management while prioritising productive investments.
Also speaking, Finance Minister Taiwo Oyedele said recent federal economic reforms had restored macroeconomic stability by addressing monetary and tax policy challenges, creating a stronger foundation for state-led economic growth.
Charles Soludo noted that while Nigeria’s economy had become more stable, attracting foreign investment remained essential for sustained development.
Business leaders at the summit also pledged support for Delta’s industrialisation agenda. Tony Elumelu promised collaboration to improve electricity access in the state, while UTM Gas Limited’s Chief Executive Officer, Julius Rone, announced plans to establish the company’s corporate headquarters in Warri by 2030, further boosting Delta’s position as a key energy investment destination.
