The Federal Government has urged state governments to embrace healthy economic competition by attracting investment, creating jobs and expanding economic opportunities, saying Nigeria’s long-term prosperity will depend on the economic transformation of its subnational governments.
The call was made on Thursday at the Delta State Economic and Investment Summit 2026 in Asaba, where government officials and economic experts said the reforms introduced by President Bola Tinubu’s administration have improved macroeconomic stability, strengthened investor confidence and enhanced the fiscal capacity of states.
Speaking at the summit, Vice President Kashim Shettima said the increasing number of investment forums being organised across the country reflects a growing commitment by states to drive development by harnessing their unique economic strengths.
According to him, the Tinubu administration’s reforms, including increased federation allocations and improved macroeconomic stability, have provided states with greater financial capacity to pursue ambitious development initiatives.
“The future of a people cannot be deposited in a single commodity. Diversification is an instinct of economic self-preservation and a measure of the quality of leadership,” Shettima said.
He encouraged states to maximise their comparative advantages, noting that Delta State’s coastline, oil and gas resources, agricultural potential, solid minerals and expanding industrial base position it as a leading destination for investment in Africa.
Also speaking, Governor Sheriff Oborevwori disclosed that the state has earmarked $100 million (about ₦137.8 billion) as a Viability Gap Funding facility to reduce investment risks and encourage greater private sector participation.
He said the fund demonstrates the state’s determination to ensure that commitments made during the summit result in concrete investments and economic growth.
“This summit is not a talk show; we are matching words with action,” the governor said.
Oborevwori added that the summit builds on investment engagements undertaken in China and Brazil in 2025, as part of the state’s strategy to diversify its economy beyond oil.
