Economic Diversification: Budgit Foundation Highlights Investment, Export Potentials in Delta State

In a bid to address the need for economic diversification and fiscal sustainability, the Budgit Foundation has underscored the investment and export opportunities available in Delta State.

 This was emphasized yesterday, during a focus group discussion with Civil Society Organizations in the state.

Highlighting the state government’s significant reliance on FAAC allocations, primarily derived from oil and gas revenues, Oluwatosin Isenigi, the Foundation’s representative, stated that Delta has the potential for fiscal sustainability beyond these industries.

Isenigi pointed out that the state holds significant opportunities for investment and exports in sectors such as maritime, agriculture, tourism, manufacturing, transportation, and aquaculture, which could contribute to its fiscal sustainability.

 Examining the present investments made by the Governor Sherrif Oborevwori led administration, he said that the meeting is aimed to gather data that could serve as a practical tool for various stakeholders to foster the overall development of the state.

Alice Adedayo, a researcher from the Foundation, emphasized the importance of economic diversification in Delta and other oil-producing states, highlighting that oil extraction, refining, and combustion significantly contribute to climate change.

During her discussion on “Energy Transition and Climate Change,” Adedayo pointed out the global movement away from fossil fuels toward renewable energy sources such as solar and hydropower as a strategy to address climate change.

She observed that with the growing necessity for energy transition, there is also an increasing demand for critical transitional minerals.

The researcher noted that transition minerals are available within the country, suggesting that the government could capitalize on the increasing demand for these critical energy minerals as an additional revenue stream.