Away from inane political rhetoric, Rivers State is being fixed as a vibrant investment destination with a view to reassuring investors of requisite return on their investments, the Governor, Siminalayi Fubara has said.

Fubara said this on Wednesday, May 22, 2024 at the opening ceremony of the two-day Rivers State Economic and Investment Summit (RSEIS) with the theme: “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability,” held at Dr Obi Wali International Conference Centre in Port Harcourt, Rivers State.

In a clear departure from the policy direction of his predecessor, Governor Fubara said his administration is reactivating the numerous production factories which operations were shut down operations in the State in line with its renewed commitment to re-industrialise the State.

In furtherance of this, he announced that his administration has earmarked $10million to boost the Agricultural value chain, signed a Public Private Partnership (PPP) Pact for $10million MFC, Carbon Capture Project, amongst other ambitious initiatives.

He stressed that these measures were aimed at making Rivers State emerge as the premiere investment destination for all categories of investors.

“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 harmonization of State and Local Government taxes to eliminate double taxation and the imposition of multiple levies on investors.

“Two weeks ago, we launched the N4billion matching fund loan scheme with the Bank of Industry Limited for small, micro, and medium-scale businesses to drive financial inclusion and enhance the growth and development of these businesses to grow our economy, create jobs and wealth for our people.

“We have signed a development agreement with TAF Nigeria Limited for the construction of 20,000 mixed houses in the Greater Port Harcourt City. We signed another development pact with GOSH Nigeria Limited for the construction of an international automobile spare parts trading and commercial market.”

Governor Fubara emphasised that “Rivers State provides several investment opportunities across diverse sectors of our economy, including oil and gas, agriculture and agro-processing.”

The State also prides itself, he said, in manufacturing, hospitality and tourism, education, ICT, and healthcare, infrastructure development, glass products and garments production, and power generation and transmission, among many others.

“Several state-owned but moribund companies, farmlands, and business infrastructure, including oil palm estates, rubber plantations, poultry, and fish farms are available for interested private investors to take over and revitalize,” the Governor added.

Chairman of the occasion and former Governor of Cross River State, Donald Duke, said the summit signalled a rebirth of commitment to correcting previous investment errors and to build enduring foundation upon which to anchor implementation of deliberate policies to moving Rivers State forward.

Duke said Nigerian Government should stop the mere celebration of the large population size of the country, and begin to ensure that its citizens are trained to become productive and contribute to the nation’s economy in order to attain the zenith of economic growth for the country.

He advised the Rivers State Government, and indeed, all sub-nationals to look into harnessing their areas of comparative advantage so that they can strengthen those areas to become economically buoyant.

Delivering his goodwill message, Bayelsa State Governor, Douye Diri, represented by the Secretary to State Government, Nimibofa Ayawei, said they were delighted to be part of the summit geared towards finding a pathway to achieving economic prosperity of Rivers State, and pledged the continued partnership that will expand the investment frontiers of both states.

In his keynote address, a former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, said that because of the prevalence of poor governance in Nigeria, the human and natural resources abundant in the country have not be sufficiently harnessed to achieve the desired prosperity.

He particularly advocated the implementation of well-meaning policies that will dismantle all the barriers to doing business while also promoting transparency and building investors’ confidence.

Prof. Moghalu said, added to fostering two location factors of developing requisite skills among the people and building enduring critical infrastructure, the foundation for good and competent governance should be assured to make the foreign direct investment (FDI) sought to benefit the country.

In his goodwill message, Speaker of the Rivers State House of Assembly, Rt. Hon. Victor Oko-Jumbo, emphasised that the Legislature is pivotal in creating a business-friendly environment by enacting laws that offer the hope of a secured business climate to achieve economic prosperity.

Also speaking, the Chief Judge of Rivers State, Justice Simeon Amadi, noted the correlation between achieving economic growth and role of the judicial system.

He said when industrial disputes are resolved fast, particularly at the Rivers State Multi-Door Court that offers alternative dispute resolution (ADR) mechanism, parties can both enjoy justice served and gains of doing business in a peaceful environment.

In his welcome address, Chairman of Rivers State Internal Revenue Service, Chibeoso Aholu, PhD, said the Rivers State Economic and Investment Summit 2024 represents a milestone in the journey towards economic growth and investment opportunities in the State.

Dr Aholu, who is also the Chairman of the Local Organising Committee of the Summit, noted that the summit’s theme; “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability”, is reflective of the collective aspirations to harness innovative strategies and sustainable practices for a thriving economic future.

Highlights of the summit were presentation of papers on available opportunities in oil and gas, energy mix, property and housing development, among others, while subject matter experts dissected the papers in a panel discussion session.

There was also question and answer opportunity for discussants and panellists.