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Shettima Backs Delta’s Investment Drive, FG Pledges Support as Oborevwori Unveils $100m Fund

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Vice President Kashim Shttima

By Our Correspondent

In an effort to accelerate investment opportunities of Delta state,Vice President Kashim Shettima on Monday declared that the Federal Government would continue to support and partner with states driving economic reforms and investment promotion in line with President Bola Tinubu’s Renewed Hope Agenda, describing Delta State as one of Nigeria’s most promising investment destinations.

Speaking at the Delta State Economic and Investment Summit 2026 in Asaba, Shettima commended Governor Sheriff Oborevwori for what he described as a bold and strategic investment agenda capable of transforming Delta into a major hub for local and international investors.

The summit attracted top government officials, captains of industry, development partners and global economic leaders, including Governor Chukwuma Soludo of Anambra State, Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, NDDC Managing Director Samuel Ogbuku, Tantita Security Services Managing Director Kestin Pondi, and other stakeholders who explored pathways for accelerating investment, industrialisation and sustainable economic growth.

Shettima said the Federal Government was encouraged by Delta State’s commitment to economic recovery and diversification, assuring that Abuja would not hesitate to assist any state actively pursuing reforms that align with national economic priorities.

According to him, the increasing competition among Nigerian states to attract investments should be encouraged because it promotes development rather than conflict.

“The type of competition among our states is now evident in the quality and ambition of the investment summits convened across the federation. Every state is defining its own trajectory based on its geography, people and comparative advantage. This is a race we must welcome because the prize is employment, prosperity and human dignity,” the Vice President said.

He noted that Delta possesses enormous economic potential through its vast oil and gas resources, long coastline, rich agricultural land, solid minerals and expanding industrial base, stressing that these advantages would only become economically valuable if properly organised, financed and converted into productive investments.

Shettima urged the state government to sustain investments in agriculture, manufacturing, logistics, industrial development and the blue economy, describing them as critical sectors capable of creating jobs and strengthening Delta’s competitiveness.

He added that the investment summit demonstrated Governor Oborevwori’s resolve to move beyond policy discussions by pursuing tangible investments capable of delivering measurable economic outcomes.

Eladed Governor Sheriff Oborevwori announcement a $100 million (about ₦133 billion) Investment Support Fund, which he said designed as a Viability Gap Fund to reduce investment risks and encourage both domestic and foreign investors to establish businesses in the state.

The announcement drew a standing ovation from participants, who described the initiative as one of the boldest investment commitments by a sub-national government in recent years.

Oborevwori explained that the fund would ensure that investment agreements reached during the summit are translated into bankable projects capable of stimulating industrialisation, creating employment opportunities and expanding the state’s economy.

“The Delta State Government has set aside $100 million, approximately ₦133 billion, as a Viability Gap Fund to de-risk new investments in the state. This demonstrates our commitment to turning investment commitments into measurable economic impact,” the governor declared.

He further assured investors of Delta’s fiscal stability, revealing that despite executing numerous infrastructure projects across the state, his administration had not borrowed from commercial banks.

“We have not borrowed a kobo from any bank, and we have no intention of doing so. This reflects our commitment to fiscal discipline, prudent financial management, transparency and accountability,” he said.

Oborevwori explained that the summit, themed “Unlocking Delta’s Economic Potentials,” was conceived following investment missions to China, Brazil and Germany in July 2025, where his administration engaged global investors to showcase the state’s vast economic opportunities.

According to him, the summit was deliberately designed to go beyond speeches by producing concrete partnerships capable of delivering jobs, wealth creation and sustainable prosperity.

“This is not a mere talk shop. The money is there as practical evidence of our commitment. We are matching words with action. We are ready, we are stable, and the investment engagements we began in Brazil, China and Germany are already yielding results,” he stated.

The governor added that overwhelming interest forced organisers to close participant registration after it exceeded 4,000 prospective delegates, a development he described as evidence of growing investor confidence in Delta State.

Also speaking at the summit, WTO Director-General Dr. Ngozi Okonjo-Iweala identified Nigeria’s weak maintenance culture as one of the country’s greatest obstacles to sustainable development.

She lamented that despite huge investments in infrastructure over the years, poor maintenance had consistently reduced the lifespan and economic value of public assets, thereby increasing avoidable costs.

“We lack good maintenance culture in Nigeria,” she observed, urging governments to prioritise proper management of infrastructure if the country hopes to sustain long-term economic growth.

Describing Governor Oborevwori as an “action-oriented governor,” Okonjo-Iweala expressed confidence that Delta possesses the natural resources and strategic advantages to emerge as a global economic hub, particularly in gas development, agriculture, marine services and solid minerals.

She urged the Delta State Government to collaborate closely with the Federal Government in developing the proposed Delta Special Economic Zones in Koko and Kwale while positioning the state as a leading centre for marine investment, equipment manufacturing and ship repair.

Anambra State Governor Chukwuma Soludo also stressed the need to strengthen Nigeria’s domestic economy through increased patronage of locally manufactured products.

According to Soludo, the country’s industrialisation efforts would remain constrained unless Nigerians deliberately prioritise Made-in-Nigeria goods, arguing that stronger local consumption would stimulate production, create jobs and expand investments across the country.

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Business & Economy

FG Secures Release of 98 Transmission Equipment Containers Stranded for Decades

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Minister of Power, Joseph Tegbe(right),Comptroller-General of Customs, Bashir Adeniyi,(2n right)

By Jacob Moses,Abuja

The federal government, through the Ministry of Power under the Minister Joseph Tegbe, has secured the release of transmission equipment that have been stranded at the nation’s ports fortwenty years.

Announcing the development at a media briefing in Lagos, Tegbe said the first 44 containers were released from the ENL Terminal and another 54 from the APMT and Sun & Moon Terminals, bringing the total to 98 of over 300 containers held.

The minister explained that the equipment, which includes high-capacity transformers, cables and switchgear, was procured to expand the transmission network and relieve overloaded substations.

Its detention stalled projects, kept existing substations under heavy strain, exposed valuable assets to deterioration and accumulated charges on the cargoes.

He noted that the cost is felt daily by businesses spending more on alternative power, families enduring interruptions and public institutions struggling to maintain essential services.

The release is in response to President Bola Ahmed Tinubu’s directive that the cargoes be cleared immediately, and the Minister and the Comptroller-General of Customs swung into action, working tirelessly to secure it.

Tegbe credited the president for the breakthrough and thanked the Ministers of Finance and of Marine and Blue Economy, the Comptroller-General of Customs, and officials of the Ministry of Power and its agencies.

Speaking at the event, the Comptroller-General of Customs, Bashir Adeniyi, said the release follows the president’s directive for immediate clearance and for agencies to resolve outstanding charges and administrative bottlenecks without delay.

Customs has begun steps to clear the containers, working with the Ministry of Power, the Nigerian Ports Authority and terminal operators.

He pledged to work hand in hand with the Minister until all the containers are cleared, and appealed to terminal operators to give Nigeria the support required for an important national quest.

Upon inspection, most of the equipment was found to be useful and viable. When evacuated, it will be verified, tested and refurbished where necessary, then deployed to project sites to complete stalled installations, relieve overloaded substations and strengthen constrained transmission corridors.

As these projects enter service, they are expected to deliver fewer interruptions from overloading, better voltage performance and a stronger network to carry electricity to homes, businesses and essential services.

Tegbe assured Nigerians that the Ministry would follow the recovery through to installation and commissioning and provide updates on the remaining containers, expressing confidence that they would be released without further delay.

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Business & Economy

Coastal Highway Will Unlock Blue Economy Corridor-Sen.Imasuen … As ABER Pushes for Nigeria Senate Blue Economy Caucus

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By David Owei

The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Neda Imasuen (Edo South), has described the Lagos-Calabar Coastal Highway as a game-changer that will unlock Nigeria’s Blue Economy corridor and create new opportunities for littoral communities.

Senator Imasuen made the remark on Wednesday in Abuja when the Founder and Convener of the Africa Blue Economy Roundtable (ABER), Dr. Piriye Kiyaramo, led a delegation on a courtesy visit to his office at the National Assembly.

He commended ABER’s advocacy for a community-owned Blue Economy and pledged to study its proposal for the establishment of a Nigeria Senate Blue Economy Caucus (NSBEC).

Presenting the proposal, Dr. Kiyaramo said that despite Nigeria’s 853km coastline, over 3 million artisanal fisherfolk and an estimated $70 billion annual Blue Economy potential, the country still lacks a dedicated parliamentary mechanism to legislate, coordinate, budget and provide oversight for the sector.

“We lose $2.3 billion annually to illegal, unreported and unregulated (IUU) fishing. We lose mangroves and young lives at sea. Without law, there is no Blue Economy; there is only blue anarchy,” he said.

Dr. Kiyaramo noted that the proposed Caucus is modelled after the East African Legislative Assembly (EALA), which governs Lake Victoria for seven countries.

“If EALA can govern Lake Victoria, the Nigerian Senate can govern the Gulf of Guinea front,” he stated.

He said the NSBEC is anchored on ABER’s vision of a connected, competitive and community-owned Blue Economy where no fisherfolk is left behind.

According to him, the Caucus, when established, could canvass for the Domestication of the AU Blue Economy Strategy, the Lomé Charter, ILO Convention C188 and the FAO Port State Measures Agreement; Legislation and enforcement of the 5-nautical-mile Artisanal Exclusive Zone;
Allocation of at least 10% of marine revenue to artisanal infrastructure; and Rallying South-South States to establish Ministries of Marine and Blue Economy, emulating the Bayelsa model.

Proposed Structure

Kiyaramo recommended a 23-member Caucus comprising two Senators each from Akwa Ibom, Bayelsa, Cross River, Delta, Edo and Rivers (12), plus Lagos, Ondo and Ogun (6), three non-littoral experts, and two ex-officio members from the Federal Ministry of Marine and Blue Economy and ABER as Technical Secretariat. Senator Imasuen is proposed as Chairman and Patron, with a minimum 35% women representation.

Four Standing Sub-Committees are proposed: Fisheries, Aquaculture and Blue Food Security; Blue Tourism, Marine Transport and Coastal Infrastructure; Blue Justice, Human Rights and Gender – to work with the International Human Rights Protection Service (IHRPS Forum) West Africa Envoy to track violations, provide legal aid, ensure women’s cold-chain ownership and enforce Free, Prior and Informed Consent (FPIC); and Blue Carbon, Mangroves and Climate Resilience – with 70% of benefits accruing to coastal communities.

The Caucus is also expected to initiate three landmark Bills: the National Blue Economy Act, the Artisanal Fisheries Protection and 5nm Enforcement Act, and the Blue Carbon and Mangrove Protection Act, while partnering with EALA, the ECOWAS Parliament and the Directorate of Technical Cooperation in Africa (DTCA).

90-Day Action Plan

Dr. Kiyaramo further proposed a 90-day take-off plan including inauguration by the Senate President, engagement with the South-South Governors Forum, a Public Hearing on the Blue Justice Gap and unveiling of 100 Bankable Blue Deals, and a Senate Motion on ILO C188 ratification and 5nm enforcement.

“The Caucus will harmonize blue laws, redirect IUU losses to community jobs and position Nigeria to lead the ECOWAS Blue Parliamentary Network,” he said.

“Like EALA governs Lake Victoria for seven countries, NSBEC can govern the Gulf of Guinea for Nigeria. History will not remember us for the oil we extracted, but for the ocean we preserved.”

The high point of the visit was the decoration of Senator Neda Imasuen as Patron of the Africa Blue Economy Roundtable by H.E. Dr. Mrs. Ezeadili Appolonia Obiageri. Hajiya Medina Dauda Nadabo, Director of Communication and Public Affairs of ABER, was part of the Convener’s entourage.

Signed:
Medina Dauda Nadabo Director Communications Public Affairs.

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Business & Economy

570% Fuel Price Increase: Take Cue From Us -ADC Tells Voters — Says Cost of Living Remains Central in January Elections

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By George Mgbeleke

The African Democratic Congress (ADC) has said that the outcome of the recent United States midterm elections, in which Americans voted to replace the ruling Republican Party in Congress amidst a nearly 37 per cent increase in fuel prices in several states, points the way for Nigerian voters grappling with a 570 per cent increase in petrol prices since President Bola Tinubu removed fuel subsidies in May 2023.

Earlier, the opposition party had urged Nigerians to emulate the Americans in the immediate aftermath of the US midterm elections, in which the ruling Republican Party suffered a crushing defeat. But as the shockwaves of the election continue to reverberate across the world, the party has now claimed that the outcome of the US election confirms its own position that the cost of living and affordability have become major issues in determining electoral outcomes, urging Nigerians to take a cue from this as the country heads to the polls in January.

“The lesson from America is simple: governments must answer to the people for their economic decisions. In January, the cost of living must be at the centre of Nigeria’s democratic choice,” the party said in a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, on Saturday.

“On Tuesday, American voters were responding to fuel-price increases of about 37 per cent. Nigerians have experienced a far steeper increase, with average petrol prices rising from N238.11 per litre in May 2023 to N1,596.25 by May 2026, translating to about a 570 per cent increase.”

The party explained that an increase of 570 per cent in petrol prices is not just an economic statistic, but the reason transportation has become unaffordable, food prices have risen and small businesses are struggling to survive.

“Every Nigerian household is paying the price for the APC and Tinubu’s failed policies,” the statement said, adding that while the government has continued to ask Nigerians to make sacrifices for a better future, more than three years later, the government has failed to show how the removal of subsidies could possibly benefit ordinary citizens.

“As January 16 approaches, Nigerians deserve clear answers about how fuel, electricity, food and transportation would be made affordable. The APC and President Tinubu clearly do not have answers. It is for the same reason that Americans voted against the ruling Republican Party, and it is for the same reason that Nigerians should reject the ruling APC in January,” the party said.

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