NEWS

Enugu plans to attract $30 billion in investments

The Enugu State Government successfully conducted the first Enugu State Investment and Economic Growth Stakeholders’ Roundtable on Friday, taking a bold step toward the realization of a $30 billion economy in the upcoming four to eight years.

The State Governor’s administration, led by Dr. Peter Mbah, utilized the occasion to announce 30 investment opportunities totaling more than $2.1 billion. The administration claimed that these projects will have a direct influence on people’s lives and alter the state’s economic fortunes.

A significant number of key participants, including the Government of the United Kingdom (UK), the World Bank, the African Export-Import Bank (AfriExim), the African Development Bank (AfDB), the United Kingdom Department for Business and Trade, and the Infrastructure Credit Guarantee Company, attended the event.

Mbah said that the theme of the event, “Leveraging Public-Private Partnerships,” underscored the administration’s vision to accelerate sustainable economic transformation powered by the private sector. Development financiers, prospective local and foreign investors, and members of the diplomatic community were all present.

He urged investors to consider Enugu as a top location for investments, noting that the State was making conscious efforts to establish a welcoming and risk-free business environment that would ensure remarkable returns on investment.

He promised that Enugu will quickly reclaim its former splendor, saying that the roundtable “marks a new beginning for long-term partnerships and cooperation for shared prosperity.”

“Industrialization and structural economic transformation, accountable public financial management, robust growth in trade and investment, and sustainable and inclusive infrastructural development would propel Enugu State to become Nigeria/South East’s most amazing success story.

“The scale of the efforts required to achieve our transformation goal calls for a shift away from the current dominant public sector model and toward policies and business environment reforms that will attract increased private sector and African diaspora participation in funding and delivering infrastructure and services in key economic areas.

As a result of our dissatisfaction with the current situation, we have 30 potential project prospects with an estimated investment value of more than 2.1 billion dollars in our pipeline.

He said, “My vision is to move the state from public to private investment-led growth, which will eventually close our physical and social infrastructure gap, create hundreds of thousands of jobs for the people, and expand our economy towards the 30-billion-dollar growth trajectory that we know is achievable.

Mbah stated: “We know that our goals for economic transformation are challenging, but they are attainable, and my government is resolute in its commitment to deliver on the promise we made to Ndi Enugu” while outlining the State’s Integrated Sector-Based Productivity Growth Strategy, which lays out a clear path to achieving the $30 billion GDP growth target.

The Secretary to the State Government, Prof. Chidiebere Onyia, also highlighted strategic sector opportunities and representative projects in the fields of transportation and logistics, agriculture, energy and minerals, healthcare, eco-tourism and hospitality, aviation, and information and communication technology (ICT).

Jonny Baxter, the deputy British high commissioner to Nigeria, spoke at the occasion and applauded the Dr. Mbah administration for organizing the roundtable.

This round table conversation will help us comprehend and participate in the state’s transformation goals, as well as position the state to become one of Africa’s centers by taking advantage of available investment opportunities.

It should be noted that among the top priority goods covered by the initiative are cashew, coconut, and plantain, which are being grown in Enugu and other South Eastern States. When individuals buy cashew nuts in the UK, I will be happy to ask them to look for Enugu-produced cashews. A priority product is cocoyam, which is also grown in the state.

“We are all collaborating so that the state’s great economic potential can be realized in a bright future. I’m looking forward to encouraging trade and business ties between the UK and Enugu State, he remarked.

The World Bank Country Director for Nigeria, Shubham Chaudhuri, praised the roundtable and said it was an example of Mbah’s vision to alter Enugu’s economy, adding that without private sector investments, job creation and sustained economic growth and development were impossible.

Eric Intong, the regional chief operating officer of Afrexim Bank, stated that the financial institution was prepared to assist the administration of Enugu State in the planning of projects to ensure their realization and that Afrexim Bank was prepared to conduct business with Enugu.

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