News
Enugu takes bold step to $30bn economy with investment roundtable
…as UK Govt, World Bank, Afreximbank, AfDB, others pledge support
The Enugu State Government on Friday took a bold step towards the actualisation of a $30 billion economy in the next four to eight years, as the state successfully hosted an inaugural Enugu State Investment and Economic Growth Stakeholders Roundtable.
This was even as the administration of the state governor, Dr Peter Mbah used the occasion to unveil 30 investment opportunities worth over $2.1 billion, which it said were projects that would directly impact the lives of the people and change the economic fortunes of the state.
The event saw a large turn out of community of investors, development bankers, international development agencies, and other critical stakeholders, including the Government of the United Kingdom (UK), the World Bank, African Export-Import Bank (AfriExim), African Development Bank (AfDB), United Kingdom Department for Business and Trade, and the Infrastructure Credit Guarantee Company.
Speaking at the event, which was attended by prospective local and international investors, development financiers, and members of the diplomatic community, Mbah said that the theme of the event, “Leveraging Public-Private Partnerships”, underscored the administration’s vision to accelerate sustainable economic transformation powered by the private sector.
He urged investors to look towards Enugu as a preferred investment destination, saying the state was taking deliberate steps to create a friendly and de-risked business environment that would guarantee impressive returns on investment.
“The roundtable marks a new beginning for long-term partnerships and cooperation for shared prosperity, which will catalyse a sustainable, resilient, and prosperous Enugu,” he stated, assuring that Enugu would regain its lost glory in no time.
“Enugu State will become Nigeria/South East’s most remarkable success story driven by industrialisation and structural economic transformation, responsible public financial management, robust growth in trade and investment, and sustainable and inclusive infrastructural development.
“The magnitude of the efforts required to achieve our transformation goal calls for a shift away from the current dominant public sector model and towards policies and business environment reforms that will attract increased private sector and African diaspora participation in financing and delivering infrastructure and services in critical economic areas.
“We are no longer satisfied with the status quo, and so, we are presenting a pipeline of 30 potential project opportunities with an estimated investment value of more than 2.1 billion dollars.
“My vision is to transition the state from public to private investment-led growth, which will eventually close our physical and social infrastructure gap, create hundreds of thousands of jobs for the people, and expand our economy towards the 30-billion-dollar growth trajectory that we know is achievable”, he stated.
While laying out the State’s Integrated Sector-Based Productivity Growth Strategy, which charts a clear path to achieving the $30 billion GDP growth target, Mbah said: “We know that our goals for economic transformation are challenging, but they are attainable, and my government is resolute in its commitment to deliver on the promise we made to Ndi Enugu”.
Meanwhile, the strategic sector opportunities and indicative projects presented by the Secretary to the State Government, Prof. Chidiebere Onyia, span transport and logistics, agriculture, energy and minerals, healthcare, eco-tourism and hospitality, aviation, as well as information and communication technology (ICT) sectors.
Speaking at the event, the Deputy British High Commissioner to Nigeria, Jonny Baxter, commended the Dr. Mbah administration for putting together the roundtable.
“This round table discussion is for us to understand and engage in the state’s transformation agendas and to also position the state into one of Africa’s hubs by accessing the investment opportunities that are existing.
“It should also be known that cashew, coconut and plantain are products being planted in Enugu and other South Eastern States are among the top priority products which are under the scheme. I will be delighted to ask people in the UK to look out for the cashew nuts produced in Enugu when they buy it in the UK. Cocoyam, which is also produced in the state, is also a priority product.
“We are all working together so that we can transform the enormous economic potentials in the state into a prosperous reality. I look forward to fostering a mutual investment and trading relationships between the UK and Enugu State,” he said.
Commending the roundtable, which he described as a demonstration of Mbah’s vision to transform Enugu’s economy, the World Bank Country Director for Nigeria, Shubham Chaudhuri, said there could not be job creation and sustainable economic growth and development without private-sector investments.
On his part, the Regional Chief Operating Officer, Afrexim Bank, Eric Intong, said the financial institution was ready to support the Enugu State government in project preparation to ensure their realisation, adding that Afrexim Bank was poised to trade with Enugu.
The Transmission Company of Nigeria has said 90 per cent of its substations have received bulk power supply following efforts to recover the grid which suffered another collapse on Tuesday.
It said the ongoing restoration of the national grid which collapsed for the sixth time this year is ongoing and almost completed.
The Public Affairs General Manager of TCN, Ndidi Mbah said in a press statement that it has restored supply to Abuja.
On Monday, the grid collapsed at about 6:18 p.m., plunging many into darkness.
Checks by our correspondent confirmed that power generation dropped from 3.87 gigawatts at 5 p.m. to 3.56GW at 6 pm., and then to 0.00GW by 7 pm and 8 pm.
Reacting, electricity consumers in the Federal Capital Territory decried the incessant grid collapses, describing them as an embarrassment to the country.
But the transmission company in a reassuring message said the problem would be resolved soon.
The statement read, “The Transmission Company of Nigeria hereby states that the national grid experienced a partial disturbance, on Monday, 14th October 2024 at about 6:48 pm and notes that efforts to fully recover the grid are still ongoing.
“Although the recovery of the grid commenced immediately, with Azura power station providing the blackstart, grid recovery reached advanced stages at about 10.24 am, today when it encountered a challenge that caused a slight setback in the recovery process.
“The slight setback notwithstanding, TCN continued with the grid recovery process, which has reached an advanced stage, ensuring bulk power availability to about 90 per cent of its substations nationwide.
The statement added that supply has been restored to the Abuja axis and other major distribution load centres nationwide.
“Supply has been restored to the Abuja axis and other major distribution load centers nationwide.
“The partial disturbance did not affect the Ibom Gas generating station which was islanded from the grid yesterday and continued to supply areas in the South Southern part of the country such as Eket, Ekim, Uyo, and Itu 132kV transmission Substations during the period.
“Investigation into the cause of the incident will be carried out as soon as the grid is fully restored.”
The Federal Government has issued a forecast of five days of heavy rainfall, which could lead to flooding in 22 states and the Federal Capital Territory (FCT), starting today, October 14, 2024, and ending on October 18, 2024.
The prediction was made by the National Flood Early Warning Systems Centre under the Federal Ministry of Environment in a statement released on Monday.
Communities living along the flood plains of Rivers Donga, Benue, and Ogun have been advised to evacuate immediately due to increasing water levels, which could lead to severe flooding.
Affected Areas.
The following states and their surroundings are predicted to experience rainfall that may result in flooding:
1. Osun State: Ede, Ile-Ife, Ilesa, Osogbo
2. Delta State: Escravos
3. Cross River State: Ikon
4. Taraba State: Donga, Ibi, Wukari, Bandawa, Beli, Bolleri, Dampar, Duchi, Garkowa, Gassol, Gungun Bodel, Kambari, Kwata Kanawa, Lau, Mayo Ranewo, Mutum Biyu, Ngaruwa, Serti, Yorro
5. Nasarawa State: Rukubi
6. Kebab State: Argungu, Birnin-Kebbi, Gwandu, Kalgo, Ribah, Sakaba, Yelwa
7. Gombe State: Bajoga
8. Katsina State: Bakori, Funtua
9. Borno State: Biu, Briyel
10. Kaduna State: Birnin-Gwari, Buruku, Kaduna, Jaji
11. Niger State: Bida, Kontagora, Lapai, Lavun, Magama, Mashegu, Mokwa, New Bussa, Rijau, Sarkin Pawa, Suleja, Wushishi
12. Yobe State: Dapchi
13. Adamawa State: Demsa, Farkumo, Ganye, Gbajili, Jimeta, Mayo-Belwa, Mubi, Natubi, Numan, Song, Shelleng, Wuro Bokki
14. Kogi State: Ibaji, Omala
15. Kwara State: Jebba, Kosubosu
16. 16. Bauchi State: Kari, Tafawa Balewa, Kirfi
17. Plateau State: Shendam
18. FCT: Kubwa, Gwagwalada, Bwari 19. Kano State: Sumaila
20. Oyo State: Kishi 21. Sokoto State: Silame
22. Zamfara State: Majara Advisory.
The government has urged residents in these areas to take precautionary measures and remain alert.
The forecast highlights the potential for flash floods, particularly in vulnerable communities.
Residents are encouraged to monitor updates from local authorities and evacuate if necessary.
The Ministry of Environment and disaster management agencies are collaborating with state governments to prepare for emergency responses.
The national electricity grid has collapsed again throwing the country into darkness.
The grid collapsed at about 6:18 pm on Monday, leaving Nigerians in darkness.
Reports said the power generation dropped from 3.87 gigawatts at 5 pm to 3.56GW at 6 pm and 0.00GW at 7 pm and 8 pm.
The Enugu Electricity Distribution Company confirmed the grid collapse in a statement on Monday evening.
The EEDC informed its customers “of a general system collapse that occurred at 18:48 hours today, 14th October 2024,” saying this has resulted in the loss of supply currently being experienced across the EEDC network.
“Consequently, due to this development, all our interface TCN stations are out of supply, and we are unable to provide services to our customers in Abia, Anambra, Ebonyi, Enugu, and Imo States.
“We are on standby awaiting detailed information of the collapse and restoration of supply from the National Control Centre (NCC), Osogbo,” the EEDC stated in the statement signed by the Head of Corporate Communications, Emeka Ezeh.
EEDC distributes power to the five South East states.
Also, the Abuja Disco confirmed the grid collapse in a statement Monday night.
“Dear Valued Customer, Please be informed that the power outage being experienced is due to a system failure from the national grid at 6:58 pm today, affecting the power supply to our franchise areas.
“Rest assured, we are working with the relevant stakeholders to restore power as soon as the grid is stabilised. Thank you for your understanding,” the company said.
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