Keynote speaker at the ongoing Niger Delta Economic and Investment Summit 2026, Mr Aigboje Aig-Imoukhuede, has disclosed that oil-producing states in the region have received about $160 billion in revenues from their natural resources since 1999, without commensurate development.

Aig-Imoukhuede, who made the disclosure on Tuesday in Port Harcourt, said the huge revenues accruing to the region had failed to translate into corresponding improvements in development indicators and the living conditions of its people.

“Since 1999, by my estimates, the Niger Delta states and their local governments have received the historical equivalent of $140 billion in federal allocations, including the benefit of agriculture. When the substantial resources separately channeled through the NEDC are taken into account, I think the accumulated resource has been about $160 billion over 27 years. There are no single consolidated public accounts” he said.

Aig-Imoukhhuede asked a plethora of questions as what infrastructure the region has that raises productivity? What industrial capacity was created? What regional economic platforms emerged? What institutions have been established that can repeatedly originate, finance, and execute complex projects? What globally competitive enterprises grew out of this period? What assets would still be producing 25 years from now?

He agreed that the region contains enormous hydrocarbon reserves, extensive coastlines and waterways, fertile land, major urban centers, ports, universities, entrepreneurs, and a brilliant youthful population, yet, “most recent comprehensive poverty surveys suggest that more than half of our people are multi0dimensionally poor. And in some of the most resource-rich states, the incidence is substantially higher”.

The chairman of the Access bank Holdings proposed that the Niger Delta region requires a development and investment compact, “a durable framework within which our nine constituencies, the federal government, the private enterprise, communities, development institutions, and long-term capital can agree a limited number of regional priorities and organize themselves to deliver them”.

In her virtual goodwill message, the President of the world trade organization, WTO, Dr. Ngozi Okonjo-Iweala said that the region needed regeneration and any effort to lift the people up is welcome development.

Okonjo-Iweala noted that it was not an exaggeration to say that the situation of Niger Delta citizens is far from satisfactory, as shown by available statistics. “Available data 2022 information shows that only four of the Niger Delta states, Imo, Cross River, Abia and Edo, are in the top ten of the National Human Development Index, which measures the attainment of states in education, health and general standard of living”.

According to her, “60 percent of households in the region lack access to clean drinking water, compared to the national average of 51 percent. 72 percent of households lack access to sanitation facilities in the Niger Delta, compared to the national average of 69 percent. Educational attainment, measured as a percentage of people aged 10 years and above, who did not complete six years of schooling, shows that the Niger Delta has a 33 percent score”.

She recommended that the private sector, led by the Chambers, could partner with the governments of the region to establish viable special economic zones that form the backbone of a regenerated Niger Delta region.

“Critical minerals and agriculture and the coastal economy. The region is endowed with kaolin, silica, clay, bentonite, etc., which are used as inputs in a variety of products like bricks, glass and tiles, as well as inputs to electronics and semiconductors. Similarly, the region has great potential in agriculture and the produce can be processed into high-value products that can contribute to economic growth and food security.

“The Niger Delta region has an extensive coastline with seaports for shipping activities and for aquaculture. Harnessing these for shipping services and fisheries could lay the foundation for a thriving coastal economy beyond oil. Ladies and gentlemen, let me conclude by joining you all and the chambers to see itself as a true engine of growth and development using the natural resources of the region whilst generating profits for private sector members”, she said.

In his address, the managing director of the Niger Delta Development Commission, NDDC, Dr. Samuel Ogboku recalled that the establishment of the Niger Delta Chamber of Commerce, was revived by the NDDC, as part of the vision to bring businesses, small and medium scale enterprises, to meet, to grow the region for prosperity.

Ogbuku regretted that oil and gas in Nigeria seems to be moving far away from from the regions, “far away to the deep offshore, and headquarters move to Lagos and Abuja, while the operational pieces still remain with us”, adding that “some of our governments have been grappling with the issues of tax payment from the IOCs, where IOCs use their offices and not be able to decide where to operate. But we must understand that as much as this is history, this gives us an opportunity to reflect on where we are coming from and where we are today”.

He said the summit was a platform for the region to come together. “Put our resources together to ensure that we bring back the Niger Delta of our dream. The President of the Federal Republic of Nigeria has been able to take out oil subsidies, which has been able to empower the Nationals”.

Earlier in his welcome address, the chairman of the Niger Delta Chamber of commerce, industry, trade, mines and agriculture, NDCCITMA, organizers of the summit, Idaere Ogan said the purpose of the event was to move conversation from resources to productivity, from extraction to value, from dependence to a sustainable economic diversification.

Ogan confirmed that “the Niger Delta is blessed with investment opportunities that cut across several critical sectors, agricultural and agro-processing, oil and value chains, gas utilization, petrochemicals, maritime, tourism, digital technology. But the most significant goal of this is investment in our high-value population that we are able to represent here today.

“The challenge before and now is nurturing that vital handshake between government and the private sector. That has been the missing link in our development agenda. We are going to work so hard for this to happen as the manifestation of this leads to unprecedented growth and development potentials for our region”.