The Delta State Government has launched a $100m Viability Guarantee Fund and announced tax incentives for investors as part of efforts to attract local and foreign capital, diversify the state’s economy and reduce reliance on oil revenue.
Governor Sheriff Oborevwori unveiled the initiatives on Monday at the opening of the 2026 Delta State Economic and Investment Summit in Asaba, describing the event as a platform for connecting investors with business opportunities rather than a forum for discussions without action.
“This summit is not a talk show. It is about matching vision with action and building partnerships that will transform the economy of Delta State,” Oborevwori said.
To encourage private sector participation, the governor announced waivers on selected fees, levies and charges for investors for up to five years, depending on the scale and nature of their investments.
He said the state had invested in roads, security, education and other critical infrastructure to create a more business-friendly environment, adding that more than 12,000 hectares of land had been allocated for commercial agriculture.
Oborevwori highlighted investment opportunities in sectors including gas-fired power generation, solar energy, mini-grids, waste-to-energy, manufacturing, tourism and the blue economy, supported by Delta’s more than 160-kilometre Atlantic coastline.
The governor said the state had maintained fiscal discipline while executing development projects, noting that it had avoided borrowing from commercial banks for infrastructure delivery.
“We have not borrowed from commercial banks to execute our projects, and today we are unveiling a $100m Viability Guarantee Fund to reduce investment risks and demonstrate our commitment to ensuring that agreements reached at this summit are implemented,” he said.
He added that Delta recorded the highest oil and gas investments in Nigeria in 2024, describing the development as evidence of increasing investor confidence in the state.
Vice President Kashim Shettima urged Nigerian states to compete for investments rather than political influence, saying healthy competition would encourage job creation, industrialisation and economic growth.
“States are now competing for investments, and that is a healthy competition because the ultimate beneficiaries are Nigerians who will enjoy more jobs, more opportunities and improved quality of life,” Shettima said.
The Vice President noted that while Delta has significant natural resources, prosperity would depend on how effectively those resources are organised, financed and transformed into productive enterprises.
“The state’s natural resources alone cannot create prosperity unless they are properly organised, financed and transformed into productive enterprises that create jobs and improve people’s lives,” he said.
He encouraged investors, financiers and development partners at the summit to explore opportunities in Delta, assuring them of the Federal Government’s commitment to maintaining a stable and investor-friendly business environment.
Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, supported Delta’s diversification efforts, describing the $100m investment de-risking fund as a practical measure to attract private capital.
“I came because this governor takes action. The announcement of a $100m fund to reduce investment risks is exactly the kind of initiative that encourages investors,” she said.
Okonjo-Iweala advised the state to leverage global supply chain shifts by developing industries around agriculture, manufacturing, technology, energy and the blue economy.
She stressed that execution, rather than natural resources alone, would determine the success of Delta’s economic transformation.
“Endowments alone do not create prosperity. Budgets alone do not build roads or industries. Execution is what matters,” she said.
The WTO chief urged the government to focus on sectors where Delta has competitive advantages and build value chains that move beyond exporting raw commodities.
She also encouraged investment in gas infrastructure, digital technology and the blue economy, noting that Nigeria imports nearly $1bn worth of fish and fish products annually despite its extensive marine resources.
“The true wealth of Delta State is its people. This summit should mark the beginning of building a diversified, resilient and inclusive economy that creates better lives for everyone,” Okonjo-Iweala said.
Earlier, Chairman of the summit, Austin Avuru, called on the state government to reduce dependence on crude oil by expanding agriculture and manufacturing, while Secretary to the State Government, Dr Kingsley Emu, said Delta’s economy was valued at about N16.97tn, with the non-oil sector contributing approximately 71.4 per cent of its gross domestic product.
