Headline: Okonjo-Iweala says Delta can become Nigeria’s next economic powerhouse
Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has expressed confidence that Delta State has the potential to emerge as Nigeria’s next major industrial and economic hub alongside Lagos.
Speaking at the Delta State Economic and Investment Summit in Asaba on Monday, Okonjo-Iweala praised the state government’s newly announced $100 million Viability Gap Fund, describing it as a bold initiative that could help attract private investment by reducing investment risks.
“I am convinced that Delta possesses the ingredients to become Nigeria’s next great industrial hub, standing alongside Lagos as an engine of the national economy. The emergence of a new growth pole here in Delta State would be good for Nigeria as a whole,” she said.
Commending Governor Sheriff Oborevwori’s investment drive, she noted that the fund demonstrates a commitment to turning investment opportunities into reality.
“The reason I came is because you take action. The fund you have just announced to de-risk investment is exactly the kind of thing that we need,” she added.
Okonjo-Iweala said shifting global trade patterns have created fresh opportunities for Nigeria and urged Delta to take advantage of them before they pass by.
She advised the state to make Special Economic Zones the centrepiece of its industrialisation strategy, stressing that their success depends on reliable infrastructure such as electricity, roads, rail, water transport and digital connectivity, alongside close collaboration with the Federal Government.
Rather than spreading resources across many sectors, she urged the state to focus on two or three industries where it has a clear competitive advantage and build complete value chains around them—from production and processing to financing and market access.
She also highlighted the blue economy as a major area for growth, noting that Nigeria spends about $866 million annually importing fish and fish products.
According to her, Delta is well-positioned to become the country’s blue economy hub by investing in fisheries, cold-chain facilities, port services and marine logistics.
Okonjo-Iweala further applauded the state’s prudent fiscal management, describing Delta as one of Nigeria’s strongest performers in debt sustainability, while urging the government to maintain financial discipline.
Governor Oborevwori announced that the state had earmarked $100 million (about N137.8 billion) as a Viability Gap Fund to de-risk new private sector investments, saying the initiative reflects his administration’s commitment to accelerating industrialisation, attracting investors and delivering sustainable economic growth.
Also speaking at the summit, Founding Chairman of Seplat Energy and Chairman of the Delta State Economic and Investment Summit, Austin Avuru, urged the state to move beyond its dependence on traditional economic models by prioritising maritime reforms, industrial parks and commercial agriculture to unlock greater private sector investment and build a more competitive economy.