•Lumumba tasks state on becoming global industrial hub

Delta State, on Monday, intensified its campaign to attract local and foreign investment, as Vice President Kashim Shettima, Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, minister of Finance and Coordinating minister of the economy Taiwo Oyedele, joined Governor Sheriff Oborevwori, in showcasing the state’s economic opportunities at the Delta State Economic and Investment Summit 2026, in Asaba.

The summit, themed “Harnessing Our Strengths, Unlocking Our Potentials,” highlighted the state’s vast investment opportunities in agriculture, manufacturing, oil and gas, mining, the blue economy and infrastructure.  However, renowned pan-African scholar, Professor Patrick Lumumba, cautioned that sustainable development would depend on visionary leadership that extends beyond present achievements and political tenures.

Speaking at the summit, Oyedele urged Delta State to take full advantage of the Federal Government’s ongoing economic reforms to accelerate industrialisation, attract private capital and create jobs.

He said President Bola Tinubu’s administration had undertaken difficult, but necessary reforms, including the unification of the foreign exchange market, removal of fuel subsidies, restoration of monetary discipline and implementation of tax reforms aimed at broadening the tax base while reducing the burden on businesses, particularly small and medium-sized enterprises.

Oyedele said, the achievements were not being highlighted to declare victory, but to demonstrate that the Federal Government had laid the foundation for macroeconomic stability, creating an enabling environment for states to drive investment-led growth.

He explained that increased government revenues resulting from the reforms had enabled states and local governments to pay salaries, settle pension arrears, expand infrastructure and improve public services.

ALSO READ: Tinubu’s govt will meet January deadline on FCT projects completion — Wike

“The Federal Government provides economic stability. State governments convert that stability into shared prosperity. Local governments, in turn, translate that prosperity into a higher standard of living for every family. That is what genuine fiscal restructuring looks like in practice,” he said.

Read the rest on www.tribuneonlineng.com

He described Delta as one of Nigeria’s most strategically positioned states, citing its abundant natural resources, entrepreneurial population, fertile agricultural land and coastal location as competitive advantages capable of supporting long-term economic expansion.

“When strong federal economic reforms are matched with visionary leadership at the state level, opportunity becomes reality,” he added. Governor Oborevwori announced a series of incentives designed to attract investors, including the establishment of a 100-million-dollar viability gap funding programme to de-risk new investments.

He disclosed that the fund, equivalent to about N133.8 billion, was fully provided by the state government without borrowing.

The governor also revealed that over 12,000 hectares of farmland had been earmarked for commercial agriculture, creating investment opportunities across cassava, rice, oil palm, potato and other agricultural value chains.

He added that Delta’s extensive coastline offers significant prospects for developing a thriving marine and blue economy.

Oborevwori assured investors that security had improved considerably across the state, noting that Delta was recognised by the Federal Ministry of Petroleum Resources as Nigeria’s safest state for oil and gas investments in 2024.

On her part, Dr. Ngozi Okonjo-Iweala, challenged Delta State to position itself as a global destination for skilled labour, manufacturing and investment by creating an environment where businesses can thrive and industries can compete internationally.

Delivering the keynote address,  Okonjo-Iweala said Delta possesses the natural resources, strategic location, infrastructure and human capital required to become Nigeria’s next major industrial hub.

She commended Governor Sheriff Oborevwori for unveiling a $100 million Viability Gap Fund to de-risk investments, describing the initiative as a practical step towards attracting private capital and ensuring investment commitments translate into real economic projects Beyond government incentives, private sector leaders also expressed confidence in Delta’s investment climate.

Business leader Tony Elumelu praised the state’s infrastructure development and called for stronger public-private partnerships to unlock opportunities in power, mining and other productive sectors.

He said investments in roads, housing and public infrastructure had strengthened Delta’s attractiveness to investors while reinforcing its reputation as a peaceful destination for business.

Despite the optimism, Lumumba urged the state government not to measure success against neighbouring states but against the world’s leading investment destinations.

He argued that Delta possesses the natural resources, skilled workforce and economic potential to become a globally competitive industrial hub if it invests more aggressively in research, innovation, manufacturing and reliable electricity.

“The question is, with all the resources that we have, whether we are talking about agriculture, minerals, oil, pharmaceuticals or the blue economy, what are we doing that is keeping with the demands of the 21st century?” he asked.

Lumumba also challenged African leaders to rethink investment by placing greater emphasis on intra-African capital rather than depending excessively on foreign investors.

He encouraged Delta State to leverage opportunities created by the African Continental Free Trade Area (AfCFTA) by attracting investors from across Africa and positioning itself as a manufacturing and innovation centre for the continent.

The former Director of the Kenya School of Law further called on the Federal Government to remove barriers restricting the movement of Africans across the continent to boost trade and investment.

He concluded by urging Governor Oborevwori to build institutions capable of sustaining development beyond his administration. “Delta looks promising. Keep it that way. Make it even better. Think beyond yourselves, bearing in mind that you are not truly successful until your successor also succeeds,” Lumumba said