Gov Mbah: Gearing up to grow Enugu’s economy from $4.4 bn to $30bn
Governor of Enugu State, Dr. Peter Mbah, will on Friday, September 1, unveil a ₦1.6 trillion ($2.1 billion) pipeline of 30 projects at the first Enugu State Investment and Economic Growth Stakeholder Round-table.
The governor is also scheduled to launch the Enugu State Integrated Sector-Based Productivity Growth Strategy.
This was made known in a statement released by the Secretary of the State Government (SSG), Prof. Chidiebere Onyia, in Enugu on Monday.
He said the Investment and Economic Growth Round table, which is a precursor to the launch of the maiden multi-stakeholder and fully transactional Diaspora and Investment Forum scheduled for the second quarter of 2024, would hold in Enugu and also draw investors from across various industries locally and internationally.
“The ₦1.6 trillion Naira ($2.1 billion) project pipeline spans several industries, including transportation and healthcare infrastructure, as well as energy, power, and agro-allied industrialization.
“Senior executives from the World Bank Group, the African Development Bank Group, the International Finance Corporation, the African Export-Import Bank, the United Kingdom Department for Trade and Business, the Africa Finance Corporation (AFC), as well as the Nigerian Sovereign Wealth Fund, commercial banks, corporate pension funds, private equity funds, infrastructure funds, and other domestic financial institutions will convene in Enugu to chart a course for effectively mobilising private capital for large-scale infrastructure projects, including net-zero aligned projects that can unlock Enugu State’s and South-Eastern Nigeria’s economic potential.
“The Round-table discussion will cover a range of topics, including addressing barriers to investment and economic growth in Enugu State; improving investor confidence in the State understanding investor’s risk and return preferences; and identifying partnership opportunities for project preparation and co‑investments” he stated.
According to Prof. Onyia, this is in line with Governor Mbah’s determination to grow the Enugu State economy from $4.4 billion to $30 billion.
“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.
“The new administration recognises private investment as a key driver of long-term economic growth and prosperity, and the round-table discussion will lay the groundwork for long-term partnerships and cooperation that can catalyse Enugu’s accelerated economic growth.
“Part of this administration’s agenda is the development of an Investment Plan for the Integrated Sector-Based Productivity Growth Agenda with a credible pipeline of projects that will advance transformative change in key sectors. When it is released, the Plan is expected to incentivise and encourage private sector investors, as well as other stakeholders, to participate in the financing and delivery of critical infrastructure investment projects.
“We are optimistic about the future of PPPs and investments in Enugu as we build a clear legal, institutional and policy framework that should provide the business-friendly environment that can enhance private sector participation and catalyse the scale of financing required to deliver these essential public infrastructure services.
“This investment round-table is therefore the first step towards generating investment interest in these critical areas, and charting a clear path to bankability for these projects”, he concluded.