The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged Niger Delta states to establish Special Economic Zones (SEZs).
Okonjo-Iweala made the call virtually on Tuesday at the Niger Delta Economic and Investment Summit in Port Harcourt.
The summit, under the theme ‘Driving Investment, Innovation and Industrial Growth in the Niger Delta’, was organised by the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA).
The WTO chief said the Niger Delta possessed the ingredients to become Nigeria’s next major industrial hub, alongside Lagos.
She, however, said abundant natural resources alone could not guarantee development without effective policies and adequate infrastructure.
“The situation of the Niger Delta people is far from satisfactory. The region needs to try and do better,” she said.
Okonjo-Iweala stressed the need to improve project execution, maintenance culture, port efficiency and digital infrastructure while reducing trade costs.
She also lamented the region’s high poverty index, saying its development indicators remained unsatisfactory.
According to her, available data showed the Niger Delta to be multidimensionally poor, while economic growth was declining and life expectancy continued to fall.
“Doing the right things will renew investors’ confidence in the region. NDCCITMA should take the lead in attracting investors to the region,” she said.
Okonjo-Iweala urged the region to position itself as a major trade hub, leveraging its abundant resources and strategic economic advantages.
Also speaking, Dr Samuel Ogbuku, Managing Director of the Niger Delta Development Commission (NDDC), pledged the commission’s commitment to developing Small and Medium-sized Enterprises (SMEs).
Ogbuku said the politicisation that previously undermined the NDDC’s visible impact had ceased following its recent collaboration with NDCCITMA.
He said the chamber was advancing the NDDC’s vision of growing businesses, adding that the commission had released an initial N5 billion loan.
According to him, the facility was provided to NDCCITMA to support businesses and enterprise development across the region.
“NDDC had supported SMEs in the past, particularly agri-businesses, but the commission is yet to witness a positive impact.
“People think that we have done nothing to support the people, but this is not true. NDDC has given an initial seed fund of N5 billion,” he said.
The NDDC managing director called for greater collaboration among Niger Delta states and advocated a think tank to galvanise development ideas.
He said global investors required an enabling environment supported by investment and active participation from people within the region.
Ogbuku said collaboration could enable the states to jointly develop critical infrastructure, including power stations, rail lines and regional roads.
“Such infrastructure will facilitate economic integration and accelerate development across the Niger Delta,” he said.
He regretted continued capital flight from the region, saying international companies benefited from its resources without creating adequate economic opportunities for residents.
The summit’s keynote speaker, Mr Aigboje Aig-Imoukhuede, urged Niger Delta elites to move beyond lamentation and formulate a clear development compass.
“We need to move from a rent economy to a regional and productive economy,” he said.
Aig-Imoukhuede said the Niger Delta must leverage its resources to become an economic powerhouse in Africa, stressing the need for deliberate execution.
In his welcome address, NDCCITMA Board Chairman, Mr Idaere Ogan, urged Niger Delta states to reposition their enterprise, resources and strategic relevance to Nigeria and Africa.
Ogan said the N5 billion NDDC loan had been distributed to more than 4,000 beneficiaries across the nine Niger Delta states within 18 months.
He urged the region’s governors and chambers of commerce to align priority opportunities and support a unified economic agenda.
“No single state or institution can unlock the region’s full potential in isolation,” Ogan said. (NAN)