Governor Mbah Woes Investors, Targets $2 Billion Diaspora Investments

Posted by Ignatius Okpara Featured, Latest Headlines, News, News Across Nigeria Monday, June 26th, 2023

(AFRICAN EXAMINER) – The governor Ndubuisi Mbah’s led administration in Enugu state is to hold a Diaspora Investment Forum that would see the state reap about $2 billion in investment interests in the first year of the administration.

The event which christened: “The Enugu State Diaspora and Investment Forum” and proposed for April 2024, will be heralded by a couple of activities , including the Investment and Economic Growth Stakeholder Roundtable scheduled for September 2023.

This is to inform key stakeholders about upcoming investors’ days, Diaspora Forum in December 2023, to bring together the diaspora investing community, and Closed Boardrooms in March 2024 to “close deals and mobilise institutional partners with investment interests in curated projects”.

Governor Mbah, made this known while speaking with Newsmen in Enugu on Monday

He stated that the state is open for business and welcomed all project sponsors, domestic and international financial institutions, and development partners, just as he called on the diaspora community to invest in the state to deliver transformative development outcomes for their people.

He said: “The Enugu State Diaspora and Investment Forum will be a multi-stakeholder, fully transactional platform championed by the Enugu State Government to accelerate the identification, preparation, curation, and financial closure of investment projects to achieve the State’s Private Sector-Led Economic Transformation Agenda.

“In its first year, the Enugu State Diaspora and Investment Forum aims to attract at least US$2 billion in investment interests” Mbah stated.

Giving more insight on the planned Forum, Mbah said “In September 2023, the Investment and Economic Growth Stakeholder Roundtable will bring together bilateral and multilateral development partners, as well as senior-level executives from commercial banks, public and corporate pension funds, sovereign wealth funds, private equity funds, infrastructure funds, and other domestic financial institutions for a systematic discussion on advancing viable investment opportunities in the state as my administration steers Enugu State on a path of private sector-led economic growth.

According to him, “The Enugu State Diaspora and Investment Forum (ES-DIF) and the series of preliminary business and investment roundtables will be implemented by a Diaspora and Investment Unit established within my office, which will be tasked with the responsibility of working with relevant government agencies, project sponsors, domestic and international financial institutions, private investors including the diaspora investing community, and development partners to crowd in capital for critical development programmes and projects in priority sectors that can improve Enugu State’s global competitiveness and drive suitable development outcomes.

“The Enugu State Diaspora and Investment Forum will, among others, identify and curate projects to bankability; work with relevant government agencies to facilitate policy reforms, technical assistance support and innovative partnerships; mobilize capital for bankable projects, including net-zero aligned projects that can unlock the economic potential of Enugu State and South-Eastern Nigeria; implement an annual investment marketplace with special boardrooms for government agencies, potential investors, and project sponsors to match and mutually de-risk projects; and accelerate the financial closure of investment deals brought to the ES-DIF platform by public and private investors”.

The Enugu State Diaspora and Investment Forum he further stressed, will comprise six interdependent activity areas, namely: Enugu State Diaspora and Investment (ESDI) Platform, ESDI Market Place, ESDI Forum Investors’ Day, a Deal Tracker, Policy Environment Reforms, and a Diaspora Engagement Programme.

He added that his announcement of the planned Forum, Monday, marked the takeoff of the work of the Enugu State Diaspora and Investment Unit.

The governor, it would be recalled, had in his manifesto assured Citizens of the state that he is going to raise the state’s Gross Domestic Product (GDP) from $4.4 billion to $30 billion in eight years.