Enugu state Government will in September,2023, host an Investment and Economic Growth Stakeholders Roundtable ahead of its proposed Enugu state Diaspora and investment Forum that will come up in April 2024, aimed at attracting US$2.0 billion additional investments.
Briefing newsmen in Government House,Monday, June 26,the state Governor, Dr Peter Mbah said that the roundtable “is the precursor to the launch of the first edition of the Enugu state Diaspora and Investment Forum (ES-DIF) ,scheduled to hold in April ,2024.
According to the Governor, ” the Enugu state Diaspora and Investment Forum will be a mult- stakeholder, fully transactional platform championed by the Enugu state Government to match project sponsors, domestic and international financial institutions, private investors including the diaspora investing community and development partners to viable investment opportunities in the state that can deliver optimal risk- adjusted returns for the global competiveness and driving suitable development outcomes in the state.
Governor Mbah disclosed that in the first year, Enugu state Diaspora and Investment Forum aims to attract at least US$2.0billion dollars in additional investment.
He stressed that his government has made a concerted effort to identify commercially viable investment and business opportunities that cut across multiple sectors including energy, Agribusiness, tourism and transport as well as the data centre economy.
“We intend to pursue new investment partnerships with financiers ,project sponsors and developers and technical assistance providers to structure, implement and unlock these value transactions.
“To achieve this , I will host an Investment and Economic Growth Stakeholders Roundtable in September 2023 to engage bilateral and multilateral development patners ,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 to private sector-led economic transformation.
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.
“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 have five key functions:
To identify and curate projects to bankability.
To work with relevant government agencies to facilitate policy reforms, technical assistance support and innovative partnerships.
To mobilize capital for bankable projects, including net-zero aligned projects that can unlock the economic potential of Enugu State and South-Eastern Nigeria.
“To implement an annual investment marketplace with special boardrooms for government agencies, potential investors, and project sponsors to match and mutually de-risk projects.
To accelerate the financial closure of investment deals brought to the ES-DIF platform by public and private investors.
According to the Governor, the Enugu State Diaspora and Investment Forum will include six (6) interdependent activity areas:
An Enugu State Diaspora and Investment (ESDI) Platform – for investment deal origination and structuring, due diligence, and deal advisory services. The digital platform will host a live database of deal pipelines at different stages of preparation. An ESDI Market Place – designed to engage project sponsors, the government, financial institutions and development partners in roundtables and physical/virtual board rooms for project consideration and dealmaking. ESDI Forum Investors’ Day – for investment matchmaking and accelerating deals to financial close.
“This includes public sessions, closed boardrooms, business-to-business meetings, entrepreneurship incubation events for start-ups, deal or no-deal type pitching sessions, and a deal gallery open to potential Investors.
A Deal Tracker – to regularly review and provide updates on boardroom outcomes and hold periodic update meetings with project sponsors, engage investors and enhance portfolio management and reporting.
Policy Environment Reforms – to consistently monitor investment opportunities and risks, and implement policy reforms needed to enhance project bankability, build knowledge partnerships with development partners and the private sector, and develop knowledge products to inform investments in the State.
“A Diaspora Engagement Program – aimed at engaging Diasporans to increase their participation and contributions to the state’s transformation agenda, including (i) Ndi-Enugu who live outside the State’s borders but in Nigeria (ii) Nigerians and other Africans who live abroad and (iii) people of African descent around the world. Building on the work of the African Development Bank Group and Partners, the Diaspora and Investment Unit will work with diasporans on securitization of their remittances, diaspora bonds, trade and investment promotion, and knowledge sharing.
“Enugu state is open for business and welcomes all project sponsors, domestic and international financial institutions, and development partners. I invite the diaspora community to invest in Enugu State to deliver transformative development outcomes for our people.
“Implementation Roadmap:
This announcement will kick off the work of the Enugu State Diaspora and Investment Unit, which will work with you to identify, prepare, and curate projects for the inaugural Enugu State Diaspora and Investment Forum (ES-DIF). The state government will host a series of business and investment roundtables in preparation for the Forum, including:
Investment Roadshows from August 2023 to meet potential investors and project sponsors.
A Stakeholder Roundtable in September 2023 to inform key stakeholders about upcoming investors’ days.
A Diaspora Forum in December 2023, which will bring together the diaspora investing community.
Closed Boardrooms in March 2023 to close deals and mobilise institutional partners with investment interests in curated projects, Governor Mbah said
Fielding questions from Newsmen, Governor Mbah explained that the Diaspora and Investment Forum will be a road show to showcase investments opportunities in Enugu state.”Enugu state is now opened for business”, he said.
Author; Maureen Ikpeama