By Daniel Abia, PORT HARCOURT
The Niger Delta oil-producing states and their local governments have received an estimated $160 billion in federal allocations and other development resources over the past 27 years, without commensurate development outcomes, Chairman of Access Bank Holdings, Mr Aigboje Aig-Imoukhuede, has said
Aig-Imoukhuede disclosed this on Tuesday while delivering the keynote address at the ongoing 2026 Niger Delta Economic and Investment Summit in Port Harcourt
He said the figure represented an estimated $140 billion in federal allocations to the Niger Delta states and local governments since 1999, including agricultural benefits, while resources channelled through the Niger Delta Development Commission (NDDC) brought the total to about $160 billion
He, however, noted that there were no consolidated public accounts showing how the resources had been utilised
According to him, the development record of the region raised several questions about infrastructure, industrial capacity, regional economic platforms and institutions created over the years
He asked: “What infrastructure do we have 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?”
Aig-Imoukhuede acknowledged that the Niger Delta had enormous hydrocarbon reserves, extensive coastlines and waterways, fertile land, major urban centres, ports, universities, entrepreneurs and a youthful population
He, however, said available poverty statistics showed that more than half of the region’s population remained multidimensionally poor, with the incidence substantially higher in some resource-rich states
The Access Bank Holdings chairman said the region needed a development and investment compact that would bring together the nine Niger Delta states, the Federal Government, private sector, communities, development institutions and long-term capital providers
He said the framework should enable stakeholders to agree on a limited number of regional priorities and organise themselves to deliver them
In a virtual goodwill message, the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, said the Niger Delta required regeneration, adding that efforts aimed at improving the wellbeing of its people should be welcomed
Okonjo-Iweala said available statistics showed that the situation of citizens in the region remained unsatisfactory
She noted that 2022 data showed that only four Niger Delta states — Imo, Cross River, Abia and Edo — were among the top 10 states on the National Human Development Index, which measures attainment in education, health and standard of living
She said 60 per cent of households in the region lacked access to clean drinking water, compared with the national average of 51 per cent, while 72 per cent lacked access to sanitation facilities, compared with the national average of 69 per cent
She also said educational attainment remained a concern, noting that 33 per cent of people aged 10 years and above in the region had not completed six years of schooling
Okonjo-Iweala recommended partnerships between the private sector, led by chambers of commerce, and governments in the region to establish viable special economic zones as a foundation for the regeneration of the Niger Delta
She identified critical minerals, agriculture and the coastal economy as areas with significant potential beyond oil
According to her, the region is endowed with minerals such as kaolin, silica, clay and bentonite, which are used in the production of bricks, glass, tiles and other industrial products, including inputs for electronics and semiconductors
She also said the region’s agricultural potential could be harnessed to produce and process high-value products that would contribute to economic growth and food security
On the coastal economy, Okonjo-Iweala said the region’s extensive coastline and seaports could support shipping, aquaculture and fisheries, laying the foundation for a thriving economy beyond oil
She urged the chambers of commerce to position themselves as engines of growth by leveraging the region’s natural resources while creating profitable opportunities for private-sector investors
Also speaking, the Managing Director of the NDDC, Dr Samuel Ogbuku, said the commission had revived the Niger Delta Chamber of Commerce as part of efforts to bring businesses and small and medium-sized enterprises together to promote regional prosperity
Ogbuku observed that oil and gas activities appeared to be moving away from the region, particularly to deep offshore locations, while the headquarters of major companies were increasingly relocating to Lagos and Abuja
He said this had created challenges for some state governments in securing tax payments from international oil companies, but urged stakeholders to use the changing circumstances as an opportunity to reflect and develop new strategies
He said the summit provided a platform for stakeholders to pool resources and work towards rebuilding the Niger Delta
Earlier, the Chairman of the Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), Idaere Ogan, said the summit was designed to shift the conversation from resources to productivity, extraction to value creation, and dependence to sustainable economic diversification
Ogan said the region had investment opportunities across agriculture and agro-processing, oil and gas value chains, gas utilisation, petrochemicals, maritime, tourism and digital technology
He identified investment in the region’s human capital as a key priority, stressing that stronger collaboration between government and the private sector remained critical to achieving sustainable development