Oil & Gas Investments in Niger Delta

The Niger Delta region of Nigeria has been promised investments of over N30 billion naira in infrastructural and agricultural development by a consortium which include the African Development Bank ADB and the Foundation for Partnership Initiatives in the Niger Delta( PIND Foundation).

The pledged was made recently in Calabar during a two-day investors’ summit organized by the Cross River State government towards attracting investments into the state. Titled “Cross River International Collaboration and Investors’ Summit (ICIS) the summit aim was to adopt new strategies for regional integration and economic development of the Niger Delta.

During the two-day summit, the state governor Professor Ben Ayade launched a 30-year Growth and Development Strategy GDS in the presence of top foreign dignitaries among whom were the Ambassadors of the Republic of Korea Major General Lee in Tae rtd, and that of Royal Norwegian Embassy Mr. Jen-Petter Kjemprud among others.

Many prospective investors and stakeholders presented their goodwill messages and also made significant pledges towards investing in the state and in the Niger Delta as a whole. One of such was the Executive Director of PIND Tunji Idowu who represented the Executive Director of PIND Foundation Dr. Dara Akala.

In his goodwill message, Dr. Akala reiterated that “The Niger Delta needs new approaches and platforms for setting strategic directions and working smarter together towards attracting the much-needed investments for development and wealth creation in the region”.

These views of Dr. Akala was supported by Senior Director, ADB, Nigeria, Mr. Ebrima Faal who represented the ADB President Dr. Akinwumi Adesina who revealed that the agency has already taken a position in investing in the region by initiating several projects and programmes in the region.

According to the ADB, the Agency is investing over $200 m for Nigeria’s electrification programme aside assisting the region and Nigeria in areas of industrialization.