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Enugu State to Unveil ₦1.6 Trillion Project Pipeline and Launch Innovative Economic Growth Strategy

Blessing Joseph by Blessing Joseph
August 31, 2023
in Business, Economy, News
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Enugu State to Unveil ₦1.6 Trillion Project Pipeline and Launch Innovative Economic Growth Strategy
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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.

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  • The Enugu State Government has entered into a N100 billion joint venture agreement to revive the long-abandoned Heneke Integrated Farm in Ezeagu Local Government Area, transforming it into a world-class agro-industrial hub. The agreement, signed on Tuesday at the Government House, Enugu, formalised the creation of Enugu Tribu Songhai Farms Ltd, a Special Purpose Vehicle (SPV) that will oversee the rehabilitation, expansion, and management of the 10,000-hectare project. Governor Peter Mbah, represented by the Secretary to the State Government, Prof. Chidiebere Onyia, described the deal as a milestone in Enugu’s push to industrialise agriculture. “Today, we formalise a partnership that will breathe new life into the Enugu Songhai Initiative, transform abandoned assets into thriving agro-industrial hubs, and advance food security, regenerative development, and inclusive growth for Ndi Enugu,” Onyia said. Originally established in 2013 but left incomplete, the farm will now be developed into a multi-sectoral agro-industrial ecosystem. Plans include large-scale crop production, livestock rearing, aquaculture, processing plants, renewable energy systems, and eco-tourism facilities. The project will also feature a 25-hectare training and incubation centre for youth and women, create thousands of jobs across agriculture and export value chains, and promote modern, sustainable farming practices. Commissioner for Agriculture and Agro-Industrialisation, Hon. Patrick Ubru, said Enugu has the resources and manpower to make the initiative a success. “This initiative will create thousands of jobs, boost food production, and change the mindset of our people towards agriculture. It is going to be an integrated system crop, livestock, aquaculture, processing, export, and eco-tourism driven by the community, private sector, and government,” he explained. Prof. Godfrey Nzamujo, Director of Songhai Sustainable Initiative, stressed that the project would leverage integrated farming and renewable energy to ensure efficiency. “We are committed to producing more and better with less. This is about integrated farming that combines crops, livestock, aquatics, renewable energy, and human capital development,” he said, urging young people to embrace agriculture as a pathway to decent livelihoods. Project financier and CEO of Tribu Limited, Ozor Silas Nnamdi, said the farm would double as a resort and agribusiness model for Africa. “We are going to build one of the best Songhai resorts in Africa. It is a shame that Nigeria still imports what it eats. This project is proof that we can change that narrative,” Nnamdi stated. With a capital injection of N100 billion and technical expertise from Songhai and Tribu, the Enugu State Government believes the revitalised farm will strengthen food security, attract investment, and position the state as a leader in modern agribusiness.
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  • The German government has expressed a strong interest in enhancing economic collaboration with Enugu State, Nigeria, focusing on key areas such as agriculture, energy, trade, and investment. This was revealed during a visit by the German Consul General, Weert Börner, who led a delegation of the German business community and the German Corporation for International Cooperation (GIZ) to meet with Governor Peter Mbah at the Enugu State Government House. Germany's decision to select Enugu as one of only three southern Nigerian states for intensified cooperation is based on recent findings indicating improved ease-of-doing-business under the Mbah administration. The visit marks the continuation of discussions that began in Lagos in 2023, aimed at increasing German investment and cooperation in the region. Börner expressed enthusiasm about the collaboration, stating, “I am very happy to be here in Enugu city to increase and deepen our conversation on this cooperation. The German government has decided to focus more on specific states within Nigeria, and we are particularly impressed with the progress in Enugu State.” Governor Peter Mbah warmly welcomed the German delegation and highlighted the ambitious goals his administration has set, including growing the state’s economy from $4.4 billion to $30 billion within the next seven years. Mbah emphasized that achieving this target would require significant private sector investments and international partnerships. “We are really excited about this partnership, especially because, although we are a subnational entity, our ambitions and goals are national in scale,” Mbah said. He outlined plans to unlock the state's economic potential, particularly in agriculture, where Enugu aims to go beyond food security to become a major player in agro-processing and export. Mbah also assured the German delegation of the state's readiness to support investment in energy, trade, and infrastructure. He highlighted ongoing efforts to operationalize the international wing of Akanu Ibiam International Airport and develop a cargo terminal to facilitate exports. Additionally, the state has acquired 300,000 hectares of land to attract commercial farmers and is modernizing its livestock industry through new legislation. The German delegation, which included representatives from Siemens Energy and the Deutsche Handels Kompetenz (DHK) chamber of industry and commerce, expressed confidence in the partnership and pledged to support Enugu's economic transformation through investment and expertise. This collaboration is expected to open up significant opportunities for both Enugu State and Germany, fostering economic growth and development in key sectors.
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