KEY POINTS
• WTO Director General Ngozi Okonjo Iweala wants Niger Delta states to establish Special Economic Zones.
• She said better infrastructure, project execution and lower trade costs are needed to attract investment.
• NDDC said it had released an initial N5 billion facility to support businesses across the region.
MAIN STORY
World Trade Organisation Director General Ngozi Okonjo Iweala has urged Niger Delta states to establish Special Economic Zones as part of efforts to attract investment and accelerate industrial development in the region.
She made the call virtually on Tuesday at the Niger Delta Economic and Investment Summit in Port Harcourt, organised by the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture under the theme, ‘Driving Investment, Innovation and Industrial Growth in the Niger Delta’.
Okonjo Iweala said the Niger Delta had the resources and strategic advantages to emerge as Nigeria’s next major industrial hub alongside Lagos, but warned that natural resources alone could not deliver development without effective policies and infrastructure.
She said the region needed stronger project execution, better maintenance, more efficient ports and improved digital infrastructure, while reducing the cost of trade.
The WTO chief also raised concerns about the region’s development indicators, citing high poverty levels, declining economic growth and falling life expectancy.
She said improving these conditions would be critical to restoring investor confidence and urged the regional business community to take a more active role in attracting investment.
Okonjo Iweala said the Niger Delta should position itself as a major trade hub by using its natural resources and strategic economic position to build a more productive economy.
Also speaking, the Managing Director of the Niger Delta Development Commission, Samuel Ogbuku, said the commission was committed to supporting small and medium sized businesses.
Ogbuku said the NDDC had provided an initial N5 billion seed fund through NDCCITMA to support enterprise development across the region.
He said the commission’s previous interventions in small businesses, particularly agribusinesses, had not produced the desired visible impact, but expressed hope that its collaboration with the chamber would improve outcomes.
The NDDC chief also called for stronger cooperation among the nine Niger Delta states and proposed a regional think tank to generate and coordinate development ideas.
He said joint action could allow the states to develop infrastructure such as power stations, rail lines and regional roads, creating stronger economic links across the region.
Ogbuku also expressed concern about capital leaving the region despite the presence of international companies benefiting from its resources.
The summit’s keynote speaker, Aigboje Aig Imoukhuede, urged leaders and business elites in the region to develop a clear strategy for economic transformation rather than focusing on past challenges.
“We need to move from a rent economy to a regional and productive economy,” he said.
Imoukhuede said the Niger Delta could become an economic powerhouse in Africa if its resources were backed by deliberate planning and execution.
NDCCITMA Board Chairman Idaere Ogan said more than 4,000 beneficiaries across the nine Niger Delta states had received support from the N5 billion NDDC facility within 18 months.
He called on state governors and chambers of commerce to coordinate priority investment opportunities and pursue a common economic agenda for the region.
THE ISSUES
- The proposed Special Economic Zones could provide a framework for concentrating infrastructure, business incentives and investment activity in strategic areas of the Niger Delta.
- Infrastructure remains central to the region’s ability to attract and retain investors, with ports, power, roads, rail and digital connectivity identified as areas requiring attention.
- Greater cooperation among the nine states could allow infrastructure and economic projects with regional benefits to be developed jointly rather than through isolated state initiatives.
- The N5 billion enterprise facility places attention on access to finance for businesses, while the reported number of beneficiaries highlights the scale of demand for business support across the region.
- The call to move from a rent based economy to a productive regional economy reflects the summit’s broader focus on using the Niger Delta’s resources to generate wider business opportunities and economic participation.
WHAT’S BEING SAID
“Doing the right things will renew investors’ confidence in the region. NDCCITMA should take the lead in attracting investors to the region.” – Ngozi Okonjo Iweala, Director General, WTO
“We need to move from a rent economy to a regional and productive economy.” – Aigboje Aig Imoukhuede, keynote speaker
“No single state or institution can unlock the region’s full potential in isolation.” – Idaere Ogan, Board Chairman, NDCCITMA
WHAT’S NEXT
Niger Delta states, business chambers and the NDDC are expected to deepen collaboration around investment opportunities, enterprise support and regional infrastructure, while the proposed think tank could provide a platform for coordinating development ideas.
BOTTOM LINE
The summit placed infrastructure, investment coordination and enterprise development at the centre of efforts to reposition the Niger Delta economy. Okonjo Iweala’s proposed Special Economic Zones would add another mechanism for attracting investment and industrial activity to the region.
