Rivers State in Nigeria seeks to attract investors as a magnet in West Africa due to its vast oil resources.
Rivers State's Governor, Siminalayi Fubara, has talked about the state's efforts to improve its investment climate, trying to reassure potential investors about the possibility of earning profitable returns.
Rivers State is a significant oil-producing region in Nigeria and is home to large international oil companies and numerous oil wells. However, the area has struggled with oil theft and damage over the years and has a high unemployment rate.
Fubara outlined his administration's plans to remanufacture the state and reopen factories that had shut down. During the Rivers State Economic and Investment Summit (RSEIS), which took place at the Dr. Obi Wali International Conference Centre in Port Harcourt for two days, Sanusi, the Emir of Kano, gave a keynote address emphasizing the importance of proper management of the state's resources.
Sanusi pointed out that prosperous places have strong institutions and skilled populations as key factors. He mentioned Japan, Singapore, Germany, Australia, and Rwanda, which have all thrived without significant natural resources due to good governance, innovation, and education.
Fubara also discussed the steps taken to attract investors to Rivers State. He mentioned policies like swift land title and certificate of occupancy allocation, a moratorium on taxes and levies on new businesses, and efforts to eliminate double taxation and multiple levies on them.
Besides, Fubara revealed a $2.7 million matching fund loan scheme with the Bank of Industry Limited for small, micro, and medium enterprises to promote financial inclusion and boost the growth of these businesses.
Stressing the need for further initiatives, Sanusi pointed out that while countries with natural resources, such as Russia, the UAE, and Norway, have thrived, the key was visionary governance and strong institutions.
He argued that natural resources are neither a curse nor a blessing—it's the leadership that makes a difference. He said, "Oil is not a curse; the curse is the leaders we have had."
Fubara revealed several other endeavors, such as providing land for large-scale projects like a multibillion-naira aluminum rolling mill and working with international companies to develop the state's agricultural potential. He stated the importance of reviving abandoned agricultural projects and infrastructure, planning to spend $10 million on these efforts this year.
Fubara also listed various investment opportunities in diverse sectors, including oil and gas, agriculture, manufacturing, hospitality, tourism, education, ICT, healthcare, infrastructure development, glass products, garments production, and power generation and transmission.
Further, he commented on the state's ability to contribute significantly to the nation's food security through commercial investments in mechanized agriculture and agro-processing industrial value chains due to the 40% of fertile cultivable landmass.
In his keynote address, Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), connected the lack of prosperity in Nigerian despite its abundant resources to poor governance.
He highlighted the need for implementing beneficial policies, promoting transparency, and cultivating investor confidence. Additionally, he stressed the importance of providing suitable skillsets to the people and building lasting critical infrastructure to foster competent governance and make FDI effective.
Sanusi concluded by emphasizing investment in human capital, creating an education system to align with contemporary labor market needs, and ending corrupt practices in the judiciary, implementing logical tax policies, and nurturing a skilled workforce to reduce dependency on foreign expertise.
Fubara urged Rivers State to focus on becoming an industrial and commercial hub rather than relying on federal allocations for a decent living.
Read also:
- This will change in December
- Dikes withstand water masses so far - Scholz holds out the prospect of help
- Fireworks and parties ring in 2024 - turn of the year overshadowed by conflicts
- Attacks on ships in the Red Sea: shipping companies avoid important trade route
Rivers State, with its oil resources and strategic location in West Africa, has the potential to attract investment from the world. Bin gathered during the Rivers State Economic and Investment Summit, the Emir of Kano highlighted the importance of proper resource management and strong institutions, citing examples of prosperous countries without significant natural resources like Japan, Singapore, Germany, Australia, and Rwanda.
Source: edition.cnn.com
