Alice Thompson
Mon, Aug 28, 2023 10:40 PM

Enugu State Unveils ₦1.6 Trillion Pipeline of Projects for Economic Growth

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Enugu State Unveils ₦1.6 Trillion Pipeline of Projects for Economic Growth
Enugu State Governor, Dr. Peter Mbah, is set to unveil a ₦1.6 trillion ($2.1 billion) pipeline of 30 projects aimed at driving economic growth in the state. The projects cover various sectors, including transportation, healthcare, energy, power, and agro-allied industrialization. A stakeholder roundtable will be held to discuss investment opportunities and mobilize private capital for these infrastructure projects. The initiative aligns with the state government's goal to grow the Enugu State economy from $4.4 billion to $30 billion.

The Governor of Enugu State, Dr. Peter Mbah, is ushering in a new era of economic growth with the unveiling of a ₦1.6 trillion ($2.1 billion) pipeline of 30 projects. These projects span multiple sectors, including transportation, healthcare infrastructure, energy, power, and agro-allied industrialization.

The announcement was made by the Secretary of the State Government (SSG), Prof. Chidiebere Onyia, who highlighted that the investment and economic growth stakeholder roundtable would serve as a precursor to the upcoming Diaspora and Investment Forum. The event aims to draw investors from various industries locally and internationally, encouraging partnerships and cooperation to unlock Enugu State's economic potential.

The ₦1.6 trillion project pipeline is expected to attract the attention of international organizations such as the World Bank Group, the African Development Bank Group, and the International Finance Corporation. Additionally, representatives from the African Export-Import Bank, the United Kingdom Department for Trade and Business, 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 are expected to participate in the roundtable discussion.

The primary objective of the roundtable is to mobilize private capital for large-scale infrastructure projects that will contribute to Enugu State's economic growth. Key topics of discussion will include addressing investment barriers, improving investor confidence, and identifying partnership opportunities for project preparation and co-investments. The Enugu State Integrated Sector-Based Productivity Growth Strategy will also be launched during the event.

According to Prof. Onyia, the State aims to significantly boost its economy from $4.4 billion to $30 billion. To achieve this, the administration is committed to supporting sectors with high growth potential, reducing unnecessary regulation, and fostering innovation and growth. The Investment Plan for the Integrated Sector-Based Productivity Growth Agenda, which will incentivize private sector investors, is currently under development. The Enugu State Government aims to create a business-friendly environment to attract more private sector participation and secure financing for critical infrastructure projects.

This investment roundtable serves as a crucial step towards generating interest from investors and establishing a clear roadmap for the implementation of these transformative projects in Enugu State. The State government is optimistic about the future of public-private partnerships and investments and is taking steps to provide a conducive framework for their success.

The projects outlined in the ₦1.6 trillion pipeline have the potential to propel Enugu State's economic development and improve the lives of its residents. The focus on essential sectors such as transportation, healthcare, and energy aligns with the State's vision for sustainable growth and prosperity.

Enugu State continues to position itself as an attractive investment destination, and the unveiling of this impressive project pipeline reinforces its commitment to driving economic growth and attracting both local and international investors. With the launch of the Enugu State Integrated Sector-Based Productivity Growth Strategy, the State is signaling its readiness to embrace transformative change and secure a brighter future for its people.

Source of content: OOO News 2023-08-28 News

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