Okowa to release $10m for completion of Kwale industrial park

Governor Ifeanyi Okowa has promised to pay a $10 million counterpart fund for the completion of the Kwale Industrial Park in Delta State.

He made the pledge during the signing of a memorandum of understanding (MoU) between the state government and a Chinese agricultural company to grow soya bean at the facility in Shenyang, China.

The governor, in a statement by his Chief Press Secretary, Olisa Ifeajika, outlined the vision of the state government for an aggressive industrialisation agenda.

He said: “I am here personally and along with key members of the state executive council and legislators as a sign of our commitment to this initiative. Nigeria is open for business and I make bold to say that the Kwale Industrial Park is a compelling investment choice.

“In Delta, we are working relentlessly to make Kwale the most investor-friendly location in Nigeria. It is a peaceful community and the support of the community is already assured. I can tell you that they are eagerly waiting for the park to take off.”

On incentives, Okowa said his administration was floating a $10 million fund to support investors in bringing to being the park.

The governor continued: “The money will be utilised as a counterpart start-up equity fund from the state government to enable investors partially de-risk their investments. I am confident that some of you who have existing plants will find such equity contributions helpful in kick-starting your ventures in the park.

“Delta State is also looking forward to collaborating with the Province of Liaoning on a strategic partnership. We believe that such government-to-government partnership will be a confidence booster for prospective investors, and we assure them of the security of their investments.”

In his remarks, Nigeria’s Ambassador to China, Baba Jidda, lauded the governor’s initiative and challenged other states to emulate the move for the development of the nation.