(Ecofin Agency) - The Acting President of Nigeria, Yemi Osinbajo (photo), has announced that the country has secured $1billion from Shell Petroleum Development Company (SPDC) to develop the Niger Delta region.

Osinbajo who made the announcement in Port Harcourt on Monday said the funding of “$1 billion at $200 million per annum over five years has been provided by Shell to provide drinking water, conduct health impact assessment and demonstrate remediation technologies. We must recommit to making the Niger Delta region a vibrant economic zone.”

He explained that the government intends to use small and medium businesses to create employment and stimulate growth in the area adding that the region should not entertain any fear that the projects will be abandoned as they were not being handled alone by the federal government.

This new development is coming after the Nigeria's oil minister Emmanuel Kachikwu, in October 2016, announced plans by the Federal Government to launch a $10 billion infrastructure investment program in Niger Delta. He said funds will come from oil companies and other investors interested in developing infrastructure in the region.

Anita Fatunji