29th August, 2023
By Alex Enebeli
Enugu State Governor, Peter Mbah, will unveil a $1.6 trillion ($2.1 billion) pipeline of 30 projects on Sept. 1 at the first Enugu State Investment and Economic Growth Stakeholder Roundtable (EGSR).
The governor is also scheduled to launch Enugu State’s Integrated Sector-Based Productivity Growth Strategy.
Prof. Chidiebere Onyia, Secretary of the State Government (SSG), disclosed this in a statement in Enugu on Monday.
He said the EGSR, which was 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 be held in Enugu.
This, Onyia said, would draw investors from across various industries locally and internationally.
“The $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, and the United Kingdom Department for Trade and Business will attend the summit.
Others are the Africa Finance Corporation (AFC), the Nigerian Sovereign Wealth Fund, commercial banks, corporate pension funds, private equity funds, infrastructure funds, and other domestic financial institutions.
According to him, the infrastructural projects include net-zero-aligned projects that can unlock Enugu State’s and South-Eastern Nigeria’s economic potential.
“The roundtable discussion will cover a range of topics, including addressing barriers to investment and economic growth in Enugu State, improving investor confidence in the state, and understanding investors risk and return preferences.
“It will be used to identify partnership opportunities for project preparation and co-investments,” he stated.
Onyia explained that EGSR was in line with 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.
The roundtable discussion will lay the groundwork for long-term partnerships and cooperation that can catalyse Enugu’s accelerated economic growth, Onyia said.
The SSG hinted that when it would be released, the plan was expected to incentivize 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 a business-friendly environment that can enhance private sector participation.
“It will catalyse the scale of financing required to deliver these essential public infrastructure services.
NAN