The Enugu State Government successfully conducted the first Enugu State Investment and Economic Growth Stakeholders’ Roundtable on Friday, taking a bold step towards the realisation of a $30 billion economy in the upcoming four to eight years.
The State Governor’s administration, led by Dr. Peter Mbah, utilised 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.
The community of investors, development bankers, international development organisations, and other key stakeholders, such as the Government of the United Kingdom (UK), the World Bank, African Export-Import Bank (AfriExim), and African Development Bank (AfDB), United Kingdom Department for Business and Trade, and the Infrastructure Credit Guarantee Company.
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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.
“The round table marks a new beginning for long-term partnerships and cooperation for shared prosperity, which will catalyse a sustainable, resilient, and prosperous Enugu,” he stated, assuring that Enugu would regain its lost glory in no time.
“Enugu State will become Nigeria/South East’s most remarkable success story driven by industrialisation and structural economic transformation, responsible public financial management, robust growth in trade and investment, and sustainable and inclusive infrastructural development.
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“The magnitude of the efforts required to achieve our transformation goal calls for a shift away from the current dominant public sector model and towards policies and business environment reforms that will attract increased private sector and African diaspora participation in financing and delivering infrastructure and services in critical economic areas.
“We are no longer satisfied with the status quo, and so, we are presenting a pipeline of 30 potential project opportunities with an estimated investment value of more than 2.1 billion dollars.
“My vision is to transition 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”, he stated.
While laying out the State’s Integrated Sector-Based Productivity Growth Strategy, which charts a clear path to achieving the $30 billion GDP growth target, Mbah said: “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”.
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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 government for organising the roundtable.
“This round table discussion is for us to understand and engage in the state’s transformation agendas and to also position the state into one of Africa’s hubs by accessing the investment opportunities that are existing.
“It should also be known that cashew, coconut and plantain are products being planted in Enugu and other South Eastern States are among the top priority products which are under the scheme. I will be delighted to ask people in the UK to look out for the cashew nuts produced in Enugu when they buy it in the UK. Cocoyam, which is also produced in the state, is also a priority product.
“We are all working together so that we can transform the enormous economic potentials in the state into a prosperous reality. I look forward to fostering a mutual investment and trading relationships between the UK and Enugu State,” he said.
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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 realisation and that Afrexim Bank was prepared to conduct business with Enugu.
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