Vice President Kashim Shettima on Monday called on Nigeria’s 36 states to embrace healthy competition in attracting investments, creating jobs and driving economic growth, describing the wave of state investment summits across the country as evidence of a new era of economic awakening at the subnational level.
Speaking at the Delta State Economic and Investment Summit 2026 in Asaba, the Delta State capital, Shettima said the nation’s future prosperity would depend not only on the Federal Government but also on the ability of states to harness their unique strengths and comparative advantages.
According to the Vice President, the increasing quality and ambition of investment summits organised by state governments reflect a growing determination to transform local economies into engines of national development.
“The cycle of competition among our states is now evident in the quality and ambition of the investment summits convened across the federation. Every state possesses immense promise, but each must define a trajectory unique to its history, geography, people and comparative advantage.
“This is the race we must welcome: a race that proclaims growth rather than conflict, a race in which the prize is employment, prosperity and human dignity, a race for the future,” Shettima said.
The Vice President attributed the renewed economic activism by state governments to President Bola Ahmed Tinubu’s economic reforms, which he said have significantly increased federal allocations, giving states greater fiscal capacity to pursue development projects.
He said two major factors had driven the current wave of investment summits nationwide.
“This season of summits owes itself to two developments. The first is the stronger foundation laid by the economic reset of His Excellency, President Bola Ahmed Tinubu, GCFR, which has placed far larger allocations in the hands of state governments to pursue their internal development agendas.
“The second is that no state wishes to be trapped in the dilemma of having money but not knowing how to spend it. For rescuing us from that dilemma, I believe Mr President deserves a round of applause,” he stated.
Shettima noted that the Tinubu administration had promised to place Nigeria firmly on the path of sustainable growth, adding that each economic summit now serves as a platform for translating that promise into enterprise and investment.
“One highlights agriculture, another minerals, technology, ports, energy or tourism. In that healthy rivalry, Nigeria discovers the full measure of her wealth,” he said.
The Vice President also pointed to recent assessments by international credit rating agencies, including Fitch Ratings, Standard & Poor’s (S&P) and Moody’s, as evidence that Nigeria’s economy is moving in the right direction.
Commending Delta State Governor Sheriff Oborevwori for organising the summit, Shettima said the state’s greatest strength lies beyond its oil wealth.
“The future of a people cannot be deposited in a single commodity. Diversification is an instinct of economic self-preservation and a measure of the quality of leadership. A government that prepares for life beyond oil understands that resources may finance progress, but only ideas, institutions and enterprise can sustain it,” he said.
He assured investors, entrepreneurs, financiers, industrialists and development partners attending the summit that the Federal Government would continue to support credible investments by strengthening institutions and removing barriers to doing business.
Earlier, Governor Sheriff Oborevwori said the investment summit was inspired by investment missions undertaken by his administration to China and Brazil last year in search of development partnerships for Delta State.
According to him, the summit is designed to bridge the gap between investment opportunities and capital while unlocking the state’s vast economic potential.
He expressed appreciation to Vice President Shettima for attending the event and commended his leadership and contributions to Nigeria’s development.
Anambra State Governor, Professor Charles Soludo, also addressed the gathering, expressing optimism about Nigeria’s economic outlook.
Soludo said the country had achieved macroeconomic stability but stressed that foreign investment would remain essential for sustained economic expansion.
“We have stabilised. Nigeria is now on the rise,” he said, while reminding participants that “deals are the real thing” at investment summits and encouraging stronger networking among investors and policymakers.
Delivering a goodwill message, Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, congratulated Governor Oborevwori on the developmental strides recorded in Delta State despite global economic uncertainties.
She urged governments at all levels to embrace fiscal discipline, reduce the cost of trade, improve project execution and strengthen maintenance culture to maximise development outcomes.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said state governments and local councils were now receiving unprecedented revenues under President Tinubu’s Renewed Hope Agenda, which he said had helped restore macroeconomic stability.
He urged both governments and private sector players to leverage the improved fiscal environment to drive inclusive growth and shared prosperity.
Chairman of Heirs Holdings, Chief Tony Elumelu, described Delta State as increasingly secure and attractive for investment, pledging to partner with the state government to improve access to affordable electricity for residents and businesses.
Also speaking, renowned Kenyan scholar and keynote speaker, Professor P.L.O. Lumumba, challenged African leaders to maximise the continent’s vast natural resources while pursuing mutually beneficial partnerships with global economies.
He urged African nations to move away from what he described as “parasitic relationships” towards “symbiotic relationships” with countries such as Brazil, China, Europe and the United States, stressing that Africans must increasingly be recognised not only as recipients of investment but also as investors in the global economy.
The Delta State Economic and Investment Summit 2026 brought together senior government officials, business leaders, development partners and investors to explore strategies for diversifying the state’s economy, attracting private capital and accelerating sustainable development beyond oil.
