Enugu set to launch N1.6 trillion projects at investment and economic roundtable

Enugu State’s Governor, Dr. Peter Mbah, is set to unveil a pipeline of 30 projects worth over ₦1.6 trillion ($2.1 billion) and introduce the Enugu State Integrated Sector-Based Productivity Growth Strategy during the inaugural Enugu State Investment and Economic Growth Stakeholder Roundtable on Friday. 

This information was communicated through a statement from Prof. Chidiebere Onyia, the Secretary of the State Government (SSG), seen by Nairametrics.

According to Prof. Onyia, this is in line with the government’s determination to grow the Enugu State economy from $4.4 billion to $30 billion.

The roundtable discussion therefore will lay the groundwork for long-term partnerships and cooperation that can catalyse Enugu’s accelerated economic growth.

About the Investment and Economic Growth Roundtable

The Investment and Economic Growth Roundtable will also serve as a precursor to the launch of the first Diaspora and Investment Forum, planned for the second quarter of 2024. 

The event, taking place in Enugu, will attract investors from diverse industries both locally and internationally. The extensive project pipeline covers various sectors, such as transportation, energy, information and communications technology, water and sanitation, agriculture and agro-industrialization, industries, healthcare, and financial services.

According to Onyia, the Roundtable dialogue aims to not only identify hindrances to investment and economic expansion in the state but also to bolster the confidence of investors. Furthermore, it seeks to enhance the state’s comprehension of investor risks and preferences for returns. 

The overarching objective, as explained by Onyia, is to uncover avenues for partnerships that facilitate project preparation and co-investments in critical infrastructure ventures within the State.

During this assembly, their discussions will revolve around investment prospects within the State. Their goal is to strategize effective methods of attracting private capital for substantial infrastructure projects, which includes a pipeline of environmentally sustainable and resilient infrastructure projects. The successful execution of these projects holds the key to unlocking the economic potential of both Enugu State and the broader South-Eastern Nigeria region.

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 establishments will be present for this event.

What they said
 
Prof. Onyia emphasized the potential of the roundtable. He said, “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.

“This investment roundtable is therefore the first step towards generating investment interest in these critical areas and charting a clear path to bankability for these projects which would ultimately create hundreds of thousands of jobs, and grow and expand the economy towards the US$ 30 billion growth target of this administration”, he concluded.