Dr. Peter Mbah, the esteemed Governor of Enugu State, is on the cusp of a momentous stride as he readies to unveil an extensive pipeline of 30 transformative projects, collectively valued at over ₦1.6 trillion ($2.1 billion). This groundbreaking revelation will transpire alongside the introduction of the innovative Enugu State Integrated Sector-Based Productivity Growth Strategy. The much-anticipated milestone is set to unfold during the inaugural Enugu State Investment and Economic Growth Stakeholder Roundtable, scheduled for this Friday.
The exciting news, conveyed through an official statement by Prof. Chidiebere Onyia, the distinguished Secretary of the State Government (SSG), underscores Enugu State’s fervent commitment to elevating its economy from its current worth of $4.4 billion to an impressive $30 billion.
This forthcoming roundtable holds monumental significance, as it serves as a fulcrum for establishing enduring partnerships and collaborative efforts that can galvanize Enugu’s economic advancement with unprecedented velocity. As a precursor to even more comprehensive initiatives, the Investment and Economic Growth Roundtable will pave the way for the imminent launch of the inaugural Diaspora and Investment Forum, meticulously slated for the second quarter of 2024.
Amidst the vibrant atmosphere of Enugu, this grand event is poised to attract a diverse array of investors spanning both local and international realms. The meticulously curated project pipeline encompasses an array of sectors, encompassing transportation, energy, information and communications technology, water and sanitation, agriculture and agro-industrialization, industries, healthcare, and financial services.
Prof. Onyia expounds on the objectives of the Roundtable, elucidating that its purpose transcends mere identification of obstacles to investment and economic expansion within the state. Instead, it endeavors to instill unwavering investor confidence, while simultaneously delving into investors’ risk profiles and preferences for returns.
The grand vision illuminated by Prof. Onyia encapsulates a concerted effort to establish robust partnerships that expedite project formulation and foster co-investments in the development of crucial infrastructural projects within the state. United by a shared objective, participants of this assembly will engage in a dynamic dialogue focused on uncovering investment vistas within Enugu State. Their collaborative efforts will strategically blueprint mechanisms to attract private capital for pivotal infrastructure ventures, which notably encompass an array of environmentally sustainable and resilient projects. The successful realization of these projects will act as the catalyst for unlocking the latent economic prowess of not only Enugu State but also the broader South-Eastern Nigeria region.
Distinguished attendees of this remarkable gathering will include senior executives from the World Bank Group, African Development Bank Group, International Finance Corporation, African Export-Import Bank, United Kingdom Department for Trade and Business, Africa Finance Corporation (AFC), Nigerian Sovereign Wealth Fund, commercial banks, corporate pension funds, private equity funds, infrastructure funds, and other domestic financial institutions.
Prof. Onyia aptly captures the monumental significance of this roundtable, stating, “Implementation of the State’s Integrated Sector-Based Productivity Growth Strategy will ensure that those sectors with the greatest potential for growth are supported through measures to reduce unnecessary regulation and boost innovation and growth. This investment roundtable is therefore the first step towards generating investment interest in these critical areas and charting a clear path to bankability for these projects which would ultimately create hundreds of thousands of jobs, and grow and expand the economy towards the US$ 30 billion growth target of this administration,” he concluded.
