Mbah to Unveil over $2.1bn Project Pipeline, as Enugu Holds Inaugural Investment Roundtable

*To also unveil integrated sector-based productivity growth strategy

Governor of Enugu State, Dr. Peter Mbah, will on Friday, unveil an over ₦1.6 trillion ($2.1 billion) pipeline of 30 projects at the first Enugu State Investment and Economic Growth Stakeholder Roundtable.

The governor is also scheduled to launch the Enugu State Integrated Sector-Based Productivity Growth Strategy.

This was made known in a statement released by the Secretary of the State Government (SSG), Prof. Chidiebere Onyia, in Enugu on Monday.

He said the Investment and Economic Growth Roundtable, which is 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 hold in Enugu and also draw investors from across various industries locally and internationally.

“The over ₦1.6 trillion Naira ($2.1 billion) project pipeline spans several sectors, including transport, energy, information and communications technology, water and sanitation, Agriculture and Agro industrialisation, industries, healthcare and financial services.

“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 institutions will convene in Enugu to discuss investment opportunities in the State and chart a course for effectively mobilising private capital for large-scale infrastructure projects, including climate resilient and sustainable infrastructure projects pipeline that can unlock Enugu State’s and South-Eastern Nigeria’s economic potential.

“The Roundtable discussion aims to uncover barriers to investment and economic growth in the state; improve investors’ confidence and the state’s understanding investors’ risks and return preferences; and identify partnership opportunities for project preparation and co-investments of critical infrastructure investment projects in the State” he stated.

According to Prof. Onyia, this is in line with Governor 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, and the roundtable discussion will lay the groundwork for long-term partnerships and cooperation that can catalyse Enugu’s accelerated economic growth.

“Part of this administration’s agenda is the development of an Investment Plan for the Integrated Sector-Based Productivity Growth Agenda with a credible pipeline of projects that will advance transformative change in key sectors. When it is released, the Plan is expected to incentivise 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 the business-friendly environment that can enhance private sector participation and catalyse the scale of financing required to deliver these essential public infrastructure services.

“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.