Africa
GOV. Siminalayi Fubara of Rivers, on Wednesday urged investors to invest towards the economic and social greatness of the state in the interest of the future generation.
Fubara made the call in Port Harcourt at the opening ceremony of a two-day Rivers State Economic and Investment Summit (RSEIS) with the theme: “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability”
Fubara said that the summit was aimed at advancing investment opportunities in the state.
He said it would also provide an opportunity for cross-fertilisation of ideas on the economic and investment challenges facing the state.
Fubara said that the state government deeply appreciated the presence and contributions of the participants towards the development of the state.
“Historically, Rivers state, especially Port Harcourt, was an established commercial centre in Nigeria, the Trans-Amadi Industrial Layout has hosted several thriving commercial and industrial concerns that created income, jobs, and prosperity for our state and people.
“We have since lost our rating as one of the industrialised states and competitiveness as a preferred destination for domestic and foreign direct investments,” he said.
He said that the development resulted in the continuous posting of low economic growth, high unemployment rate, and slow development.
Fubara said that for decades, the state government had continued to depend more on allocations from the federation account to fund its expenditures.
“This is because tax revenues has remained low due to low investments and economic growth.
“For us, building a resilient, robust, and diversified economy holds the key to sustainable peace, security and progress of our state.
“We therefore commit to the re-industrialisation of Rivers State in partnership with the informal and organised private sectors through necessary policy, legal, and other support measures and systems.
“This was why we approved the summit as the first of several measures to unveil the economic potential of the state to both local and foreign investors and markets,” Fubara said.
The governor expressed optimism that the state would emerge from the summit and position itself as a premier investment destination, offering boundless economic opportunities for domestic and global investors.
“Our state is blessed with enormous human and natural resources, including oil and gas, fertile soil, solid minerals, and extensive coastline with great water bodies.
“It is the centre-point of the oil and gas industry in West Africa. We account for over 40 per cent of crude oil production onshore in the country and 100 per cent of liquefied gas that the country exports.
“The state also is the second largest economy in Nigeria, and with a nominal GDP of over $28.4 billion.
’’The state’s economy ranks among the top 25 economies in Africa, comparable to countries like Botswana, Rwanda, and Gabon,” he said.
He said that the state has a relatively robust infrastructure, including good roads, two seaports, an international airport, and a free trade zone.
Fubara stated that with a population of no fewer than seven million indigenously diverse, educated, highly hospitable people and a business-friendly environment, the state stood at the centre of diverse economic opportunities.
He stated that the state provided several investment opportunities across diverse sectors of the economy such as oil and gas, agriculture and agro-processing, manufacturing, hospitality and tourism, education, ICT.
“Others are healthcare, infrastructure development, glass products and garments production, and power generation and transmission to mention a few,” he said.
The governor further said that with over 40 per cent of fertile arable landmass, the state had the potential to make a significant contribution to national food security.
He said this was achievable with commercial investments in mechanised agriculture and the agro-processing industrial value chains,
Fubara said that several state-owned but moribund companies, farmlands, and business infrastructure, would be revitalize and made available for interested private investors to take over.
Fubara said that the state presented lucrative opportunities for the commercial production of highly valued cash crops for the export market.
He said that with these advantages and prioritising peace and security, the economy of the state had great potential for serious investors to tap into, exploit and gain huge profits and returns on investments.
He disclosed that the state government had approved the establishment of the Rivers State Investment Promotion Agency to provide a one-stop-shop investment services and facilitation to investors in the state.
“We have already implemented certain policy initiatives and reforms, including the prompt allocation and issuance of land titles and certificates of occupancy to prospective investors and a moratorium on state taxes and levies on new businesses.
“We are also working on the harmonisation of state and Local Government taxes to eliminate double taxation and the imposition of multiple levies on investors,” Fubara said.
In his speech, the Chairman of the Occasion, Mr Donald Duke, a former Governor of Cross Rivers, commended Fubara for making deliberate policies that would move the state forward.
Duke said that the summit was apt and a call for the state and the country at large to focus on human capital growth to ensure that its citizens were trained to become productive.
Duke advised the Rivers government to harness and strengthen it’s areas of comparative advantage to become economically buoyant.
In a remark, Gov. Douye Diri of Bayelsa, said the state was delighted to be part of the summit geared towards finding a pathway to achieving economic prosperity of Rivers.
Diri, who was represented by Mr Nimibofa Ayawei, the Secretary to the State Government reiterated continuous partnership that would expand the investment frontiers of both states.
Highlights of the summit were presentation of papers on available opportunities in oil and gas, energy mix, property and housing development, among others.(NAN)
F.A
May 23, 2024
Tags: Economic Summit Fubara woos investors
