The governor of Nigeria’s oil wealthy Delta State, Dr. Emmanuel Eweta Uduaghan has unveiled a comprehensive package to creating befitting environment to ensure that private sector investments thrive in the state.
Uduaghan’s zeal to lift the state beyond its frontiers include driving investment in technology and industrialization for the global investment community.
And he chose the largest concentration of private fund managers worldwide in Cologne, Germany where he led a delegation from Delta State to unfold the one stop shop investment incentive.
A five-year tax holiday, duty draw back for export-oriented concerns and tariff incentives on value chain enterprises top the log of the carrot Uduaghan dangled before the Cologne Forum, host of the 2014 African Finance and Investment Forum (AFIF).
In his presentation, “Investment Opportunities to Enhance Economic and Development”, the Delta State governor listed other incentives as land acquisition concessions, reduced stamp duty charges, permits and license cost cutting and timeliness and liaising with federal regulatory agencies to facilitate operational licensing procedures.
Explaining that industrialization remains the key driver of his Delta Beyond Oil initiative, Uduaghan said the private sector is leading the establishment of industries in the state through harnessing the economic potentials of the immediate environment and leveraging on the state’s comparative advantage.
With a population of 5.1 million and Gross Domestic Product (GDP) of $24.88 billion in 2013 as well as huge investments in physical infrastructure development, security and human capital development, Uduaghan said Delta State offers an exceptional and profitable haven for investors.
Three special economic zones targeting diverse areas have been set up with the private sector leading their development. These are the Koko/Ogidigben Free Trade Zone, Warri Industrial Business Park and Asaba ICT Park.
Using the Delta Beyond Oil initiative, Uduaghan identified five key investment opportunities in Delta State. They include power, manufacturing, agriculture, infrastructure and tourism. He emphasized that Delta State is the most viable destination for investors, a situation boosted by its status as a leading oil and gas producer, a coastal state with access to four seaports, having a young, educated and active population and continuous investment in security.
Under his administration, government institutions, processes and systems have been strengthened in the areas of public financial management, policy and strategy, public sector and knowledge management. He said structures have also been set up for the enforcement of the Fiscal Responsibility Act and the Public Procurement Act.
Members of the Delta State delegation include Chike C. Ogeah, Commissioner for Information; Afam Obiago, Economic Adviser to the Governor and Ben Igo, permanent secretary in the Ministry of Economic Planning.
AFIF brings together expert Financiers, Bankers, Investors, Public sector and Entrepreneurs from across sub-Saharan Africa to the rest of the world. The forum is designed for public and private institutions interested in securing finance for projects; investors (private and institutional) looking for projects to invest in; as well as policy makers, financiers/bankers, to build partnership.