The Delta State Government has launched a $100 million (about ₦136.5 billion) Viability Gap Fund as part of efforts to attract private investments, accelerate industrialisation, and diversify the state’s economy beyond
Governor Sheriff Oborevwori announced the initiative during the ongoing Delta State Economic and Investment Summit in Asaba, describing the fund as a strategic intervention aimed at reducing investment risks and ensuring that viable projects receive the support needed to succeed.
Oborevwori said the establishment of the fund demonstrates his administration’s commitment to translating investment discussions into tangible projects capable of creating jobs and stimulating economic growth across the state.
According to the governor, Delta possesses enormous economic potential, with a population of about six million people, abundant natural resources, fertile agricultural land, expanding urban centres, and a strategic location linking major commercial markets across Nigeria. He estimated the state’s economy at approximately ₦17 trillion ($12.34 billion), positioning Delta as one of Nigeria’s key economic drivers.
He noted that the state’s development strategy is anchored on building a diversified economy driven by private-sector investment rather than dependence on crude oil revenues.
The governor explained that his administration has introduced several business-friendly reforms, including the establishment of the Delta State Ease of Doing Business Council and incentives such as waivers on tenement rates, levies, and other statutory charges for qualified investors for up to five years after commencing operations.
Vice President Kashim Shettima commended Delta State’s initiative, describing the growing competition among states to attract investment as a positive development for Nigeria’s economy.
He said the increasing number of investment summits organised across the federation reflects a new era in which states are competing through economic innovation rather than political rivalry.
Shettima attributed the momentum to the economic reforms introduced by President Bola Ahmed Tinubu, saying improved federal allocations have enabled states to pursue ambitious development programmes and infrastructure projects. He also cited positive assessments from international rating agencies as evidence that Nigeria’s economy is on a path toward greater stability.
Delivering the keynote address, Ngozi Okonjo-Iweala said Delta has all the ingredients required to emerge as Nigeria’s next major industrial hub alongside Lagos, Kano and Port Harcourt.
She highlighted the state’s extensive gas reserves, multiple seaports, rail infrastructure, fertile land, solid mineral deposits and strong educational institutions as critical assets capable of driving industrial expansion.
Okonjo-Iweala also praised Delta’s fiscal management, noting its strong ranking in fiscal performance and debt sustainability. She urged the government to maintain prudent financial management while prioritising investments that enhance productivity and long-term economic growth.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the Federal Government’s economic reforms have created a stable macroeconomic foundation that states can leverage to achieve sustainable development.
He explained that increased revenues to states and local governments have strengthened their capacity to invest in infrastructure, improve public services and promote economic opportunities, while stressing that state governments remain responsible for transforming macroeconomic stability into prosperity for citizens.
Also speaking, Charles Soludo said Nigeria’s economy has become more stable and called for stronger collaboration among governments, investors and the private sector to attract foreign capital and close investment deals.
Founder of Heirs Holdings, Tony Elumelu, described Delta as a safe and welcoming destination for investors and pledged support for initiatives that will improve electricity access and affordability across the state.
Kenyan scholar Patrick Loch Otieno Lumumba urged African governments and businesses to maximise the continent’s vast natural resources through stronger intra-African investment and partnerships that promote industrialisation and economic self-reliance.
Industry leaders also highlighted Delta’s growing investment potential. Chief Executive Officer of Mosra Energy, Ramos Olukayode, disclosed that the state holds more than 200 million tonnes of coal deposits in Obomkpa, Ukunzu and neighbouring communities.
Similarly, UTM Gas Limited Chief Executive Officer, Julius Rone, revealed that Delta State’s ₦42 billion investment for an eight per cent equity stake in the company in 2022 has appreciated to about ₦200 billion. He also announced plans to relocate the company’s corporate headquarters to Warri when full operations commence in 2030, further strengthening Delta’s position as an emerging energy investment hub.
