– Promises to set up Investment Promotion Agency
Mkpoikana Udoma
Port Harcourt — Rivers State Governor, Sir Siminalayi Fubara, has vowed to rebuild the economy of the State beyond crude oil and gas, so that it can be reckoned as a reliable economic gateway, investment destination and hub of robust industrial activities.
The Governor explained that it was for this reason that the economic and investment summit was organised in the State to congregate key players to share experiences, brainstorm and dissect ideas, and provide a roadmap that will put the State back on the lane for accelerated industrialization.
Governor Fubara gave the explanation when he received the report on the Rivers State Economic and Investment Summit 2024 from the Central Organising Committee at Government House in Port Harcourt.
Fubara pointed to how the economic summit served as a gateway through which the world saw the investment potentials of the State, and said that the government will leverage on the opportunity created to attract investments into the State to make life better for the people.
He maintained that what his administration is doing is to chart an enduring course for economic prosperity of the State.
“Our State used to be one of the best. We had all the companies here, and all the oil companies were here also. They started here, and life was good (for our people) here. I know fully well that no matter how strong a man is, the strong man will die (one day). But when you have a strong policy, and you have strong institutions, those institutions will live forever.
“So, what we did and what happened, we tried bringing intellectuals to brainstorm for the purpose of building a State with strong economy so that tomorrow, people will not be struggling to become governors because of the good economy of the State.”
Governor Fubara said he wants to rebuild the State and see that it becomes economically stronger so that posterity will remember him for how he improved on what he inherited, and not killing it.
He noted the 15-point recommendations of the report submitted to him and assured that his administration will take steps to establish an Investment Promotion Agency that will serve as a one-stop-shop for all business-related engagements.
“I read flashes of thoughts written by one Prince of Dubai. How did Dubai start? They started with having an Investment Promotion Agency. That means, if you are coming into the State, you have where to go, you are asked of what you have to offer, and you say these are the things I have to offer.
“The agency will have all the solutions to inquiries. If any of such inquiries is beyond them, they know where to seek the attention of the higher authorities.
“With that, you can see business moving smoothly, investors will have opportunity to interact. Even if they are not seeing the Governor directly, they are interacting with the right body. Assurances are there, confidence is there, quick decision making is also there,” he added.
Governor Fubara said the support of everybody is required in investing energy in productive ventures that will strengthen the economy of the State and grow it into becoming the envy of other states.
“I can say it boldly, when we came on board, we looked at the activities of the internal revenue board. They were doing so little. So, we had to set up a technical committee. This technical committee worked out some modalities that improved our IGR.
“Today, I can make bold to say that our IGR in a year, so far, what they had then cannot be compared to what we have now. So, I strongly believe that if we come together, work as a team, we will have a better State where these issues that we are having today: economic hardship, which is the main thing, will be addressed.”
On the nationwide protest, Governor Fubara said when the petrol subsidy was removed by the Federal Government, his administration was the first that took steps to provide palliatives to cushion the harsh effects.
He said, “Just like we did, after the issue of subsidy removal, we were one of the first states that launched free transport scheme for students and citizens of Rivers State, and we have sustained it. We didn’t end there; we brought a credit line of N4billion for our traders. Those people that are genuine ones that are struggling keyed into it.
“These ones are not stories. They happened live at the summit where we gave people money for them to invest to improve their businesses. Whatever Europe is today, it is because of small scale businesses that are encouraged.
“This is where you strengthen the economy of a country. On our part, we will continue to do that, because at the end of the day, if everybody is fine, crime rate will be reduced in our State,” he said.
Presenting the report on the Rivers State Economic and Investment Summit 2024, Chairman of the Central Organising Committee, Mr Chibeoso Aholu, said the summit held on 22-23 May 2024, and with the support from the Governor, they achieved huge success in executing it.
Aholu listed the 15-point recommendations made in the report that should receive immediate and future attention of the state government for implementation.
They included that the government should, “initiate appropriate policy and legislative framework that will improve ease of doing business and create a conducive business-friendly environment in the State; revive and recapitalise PABOD Finance, Ministry of Finance Incorporated, and Micro Finance Bank, to discharge their responsibilities effectively.
“The immediate establishment of the Rivers State Investment Promotion Agency as recommended by the summit. A draft Executive Order for the establishment of the Agency is here attached.
“Take measure to resuscitate the Trans-Amadi Industrial Layout and establish new industrial business districts, including the agricultural processing zone and a Free Trade Zone in the State.
“Take steps to provide necessary policy, regulatory and institutional frameworks to promote and advance the development of the Rivers State Blue Economy; and take practical steps to address the incessant demands and unending disruptions from communities, community groups, youths, which have caused the departure of many companies in the State”; among others.
