By Festus Ahon & Ochuko Akuopha, Asaba

Delta State first economic and investment summit  kicked off yesterday with Vice President Yemi Osibanjo insisting that security and safety are key components of attracting investors and sustainable economic growth. The two-day summit which was convocated to find alternative to oil revenue, was attended by captains of industries and top government functionaries from across the country.

Speaking at the summit, Prof Yemi Osibanjo said; “There is a huge dividend when we are able to maintain law and order in the society. When there is security and when there is safety, when people can rely on the police, people can rely on the law enforcement agencies, there is huge dividend on the economy.

“But that is not the case when there is no security, people don’t want to invest or invest in where they spend so much money on security at the expense of whatever they are producing. So we need to beef up our institutions, we need to strengthen our institutions. “Vandalization of gas pipelines in Focados in Warri, in Ughelli has led to 60 percent  drop in gas production, which means that the power assets of the country cannot run.

“As of February 2016, we were producing for the first time in the history of this country, 5000MW but today we are slightly back to about 3500MW and about a month ago we were about half of that, 2500MW. “I know that with the continuous engagement with the young men in the Delta, who are causing the disruptions and vandalization,  I am sure that we will resolve that and we will be able to move along”.

In his remarks, Governor Ifeanyi Okowa said the state in the last 25 has grown to be a strong, vibrant and strategic component of the Nigeria federation, saying it has carved a nitch for itself as a pioneer in many respects.

Okowa said; “with the size of its economy standing at approximately $24.6 billion , Delta is the fourth largest economy in the country. Delta State is perhaps the only state in the Federation with multiple urban centres numbering as many as 12.

“As a Coastal state, it has four seaports in Warri, Koko, Burutu and Sapele. Indeed, it is fair to say that the Nigerian Business and corporate arena would not be the same without the solid contributions of illustrious Deltans who are excelling in all facet of human endeavour”. The Governor said; “the need for foresight, careful planning and creativity has never been as pressing as it is today. With the ever growing complexity, disruption and global competition of 21st century, it is incumbent on us to build a strong, robust and resilient economy that is adaptable to the physical, social and technological changes that are a part of the age we live in. We must rise to the challenge now or we lose out.

“From the onset of this administration we were determined to diversify the economy and make it more resilient to external shocks. We have set a target of 10 percent annual growth rate in our agricultural sector, especially in commodities where we have comparative advantage, particularly cassava, oil palm and aquaculture”.

The Minister of Finance, Kemi Adeoshun who also spoke during the summit, said Delta State has all the ingredients for economic growth, tasking the state government to widen it’s tax net to boost the revenue of the state.  Adeosun called on Nigerians to patronise locally made goods so as to reduce the stress on the Nigerian currency, adding that; “If you devalue and you don’t reform, you will never get the benefits, which economic reform does.