Against the report of the National Bureau of Statistics which states that 27 states failed to attract a single foreign investment in 2022, Delta State which was among the states, has planned to bring in international investments by 2024 worth $1 billion.
Dr. Sunny Ofehe, the Executive Assistant on External Relations and Diaspora Affairs to Governor Sheriff Oborevwori of Delta State, said this on Sunday.
NBS, had in its capital importation report for the third quarter (Q3) of 2023 grouped Delta State among the 27 states that failed to attract foreign investment in the first nine months of 2023.
Also Read:
- I now know why Gov. Uba has been praising Tinubu — El-Rufai
- Surviving abroad marriage: My observations, by Tunde Asaju
- Why I dumped PDP – Nwoko; We won’t miss him — Commissioner
- Anambra: Three siblings killed, bodies dumped in deep freezer
- Telecom Tariff Hike: NLC suspends planned nationwide protest
According to the National Bureau of Statistics the value of capital importation into Nigeria fell by 34 percent to $2.82 billion in the first nine months of 2023, from $4.27 billion in the same period last year.
Capital importation can be explained as bringing in capital from abroad to fuel investment, trade, and manufacturing within a country
Addressing journalists in Asaba, the state capital, Ofehe disclosed that Delta State was working hard to surpass other states in terms of foreign direct investment (FDI) and that efforts are already underway to attract investors in areas such as modular refinery, renewable energy, and mega city homes.
He hinted that the Oborevwori-led administration plans to celebrate its first year in office with a minimum of $1 billion in international investments to the state.
Speaking on the huge potential in the state, Ofehe said that what the government needs was to tap into the mineral and natural resources to boost the economic growth and job creation for the youth.
He expressed the governor’s commitment to fulfilling his ‘MORE Agenda’, which includes attracting investments in key sectors such as oil and gas, housing, and agricultural sector.
“The opportunities we have in Delta are enormous so we can take advantage of his huge potential, sell this potential to the world, tap into the potential that our growing youths have and create an enabling environment for these investors.
“I want to ensure that we achieve this and the Governor is open, wanting to let all of these come in to fulfil his ‘MORE Agenda’ political promises to Deltans.
Notably, Ofehe disclosed that the state has already secured a $400 million investment for a modular oil and gas refinery with a daily production capacity of 20,000 barrels of crude oil.
He hinted that plans are underway to address the housing shortage by constructing 2,500 mega cities, as well as establishing assembling plants for agricultural equipment to boost mechanized farming.
“We have been able to attract investment in the area of a modular oil and gas refinery. 20,000barrel crude oil per day production. That has been secured of about $400million.
“We also have housing shortages in the state and we want to de-urbanise the big cities so we have investors coming to build 2500 mega city.
“We also have German investors who want to set up an assembly plant of their Agro-tractors equipment for farmers. This is to enhance mechanised farming that will increase agricultural output in the state.
According to him, the goal of the Oborevwori administration is to transform Delta State from an import-dependent economy to an export-dependent one.
He noted that the Agro-tractors equipment project would include knowledge transfer and the development of human capital, particularly among the youth.
He also hinted about investments in renewable energy, particularly solar power, with two companies expressing interest in generating and supplying energy to the national grid or private homes and estates.
“We also have investors in the area of renewable energy which includes solar power. We have two companies that want to come in to acquire land and generate energy through solar to either supply the national grid or sell to private homes and estates. They have all done their due diligence and know how they will get their return on investment.
He emphasized that these investment opportunities align with the ‘MORE Agenda’ and expressed his confidence in the governor’s honesty and dedication to the welfare of the state.
“All of these investment opportunities that my office is bringing in are in line with the MORE Agenda. I have critically looked at the MORE Agenda, I have studied it and I know the MORE Agenda is achievable and that’s why I even accepted to serve him in his administration and I’m bringing all of these investments to add value to the MORE Agenda.
“His Excellency is somebody I never got to know before the elections but now that I know him, I am very much committed to work with him to achieve his goals because I know he is honest, truthful and has the yearning of the state in his heart.
Ofehe assured that the state government is fully committed to supporting and ensuring the success of companies investing in Delta State.
Regarding equity share and capital injection, Ofehe stated that this would not be a problem as the investors are bringing in their own capital.
He averred that the state government’s contribution may be in the form of land allocation and ensuring a conducive business environment.
He also mentioned that a Memorandum of Understanding will be entered into with the investing companies to allocate a minimum of 2 percent for the development of host communities as part of their corporate social responsibility.
“These projects are purely private sector driven with the government coming in any form of equity with what they’re bringing in as contribution that will probably give them a certain percentage stake in the business.
“So there is transparency because they’re foreign companies, they have laid down standard to follow in terms of ethical standards and what we are adding to it is that a minimum of two percent will be set aside for corporate social responsibility for host communities development from the off take”.
Ofehe, however reiterated that Governor Oborevwori’s first year in office is poised to be marked by significant foreign investments aimed to boost the state’s economy and create opportunities for growth and development of the state.
Follow The Eagle Online Channel on WhatsApp
