NIGER DELTA

NIGER DELTA

The Federal Government yesterday, received a ten billion dollar private sector investment proposal aimed at fast-tracking the development of infrastructure and social wellbeing of the people of the Niger Delta region.

The proposal, which was presented to stakeholders during the meeting of ministers, governors of Niger Delta region and Chief Executives of International Oil and Gas Companies, IOCs, in Abuja, is targeted at a paradigm shift from public sector funding mechanism to private sector funding mechanism.

According to it, the funds which will be sourced in partnership with the Federal Government from the development partners, IOCs, Sovereign Wealth Fund, both national and international, commercial banks, cooperative banks and insurance companies, will be pooled under Niger Delta Investment Fund, NDIF, for investors to access and execute meaningful development projects in the region.

Founder and CEO of Henshaw Capital Partners, Barbara James, who presented the document to the Minister of Niger Delta Affairs, Pastor Usani Uguru Usani, regretted that public funding of projects in the Niger Delta region had been retrogressive due mainly to improper monitoring and evaluation.

In his remarks, Minister of Niger Delta Affairs, Usani, said, there was need for sourcing of funding because the developmental need of Niger Delta region was enormous.