Enugu State Governor, Dr. Peter Mbah, has assured multinational firms that his administration will create an enabling business environment and de-risk investment flow to ensure high returns on investment (RoI).
Mbah made this promise at the Second Existing Foreign Direct Investors Roundtable in Abuja. Over 90 multinational corporations were present at the event which held, Thursday, January 30, at the Aso Presidential Villa, Abuja.
The governor’s assurance is part of his administration’s efforts to position Enugu State as a leading investment hub in Nigeria. According to him, the state has curated multiple projects across different sectors to bankability, making it easier for investors to access investment opportunities.
Enugu’s Investment Opportunities
The governor claimed that Enugu State offers abundant opportunities and incentives across various sectors, including agriculture, tourism, manufacturing, mineral resources, logistics, aviation, real estate, and ICT.
He remarked that the state has enormous growth potential, given its strategic location and natural resources.
In agriculture, the state plans to develop special agro-allied industrial zones to drive modernization and productivity. In tourism, it plans to invest in film and movie academies, arts and crafts villages, and resort areas. It also wants to develop its mineral resources, transportation, and logistics infrastructure to boost manufacturing.
Incentives for Investors
To attract more investors, Mbah listed several incentives, including:
- One-Stop Shop: The Enugu State Investment Development Authority, provides a single point of contact for investors.
- Federal Regulatory Agencies: Presence in Enugu to facilitate approvals and reduce bureaucratic hurdles.
- ENGIS: Enugu State Geographic Information System Services, which cuts Certificate of Occupancy processing time to 72 hours.
- Land Use Regulations: Allow investors to track and benchmark service delivery timelines.
The governor said that Enugu has seen a surge in Foreign Direct Investment (FDI) due to the government’s proactive approach to working with investors to mitigate risks. “In some cases, we provide the offtake agreements they need to facilitate entry,” he said.
He also revealed that he had recently signed the Land Use Regulations, which allow investors to track and benchmark service delivery timelines. This move aims to increase transparency and accountability in the investment process.
Enugu’s Rise as an Investment Hub
Enugu State’s efforts to improve its business environment have not gone unnoticed. According to a survey presented by the Presidential Enabling Business Environment Committee (PEBEC), Enugu State has joined the list of states where multinational firms are more likely to expand.
Director-General of PEBEC and Technical Adviser to the President of FDI, Princess Zahrah Mustapha-Audu, presented an empirical study ranking Enugu among the top states for investment.
This development is a testament to the state’s commitment to creating an enabling business environment. “Enugu is open for business. It is in our DNA to work with you and structure investments that make business sense,” the governor asserted.
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