Rivers State Governor, Sir Siminalayi Fubara, has said that a more vibrant investment-friendly environment has been created to reassure investors of requisite return on their investments.
The Governor maintained that his administration is taking measures to ensure that those numerous production factories that shut down operations in the State returned because of the renewed commitment to re-industralise the State.
Governor Fubara gave the assurance 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,” which held at Dr Obi Wali International Conference Centre in Port Harcourt on Wednesday.
The Governor insisted that the various measures taken were to make Rivers to emerge as the premiere investment destination for all categories of investors.
Governor Fubara stated: “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,” he said.
Governor Fubara further said: “The State Government provided hundreds of hectares of land as its equity and work has since started at both sites. Apache Aluminium LLC of America has started the acquisition of land to establish a multi-billion-naira aluminium rolling mill (plant) in the Ogoni axis of Rivers State.
“We have opened discussions with Imagine Adama Agricultural and Technology of Israel to support the State in developing our huge agricultural potential, including reviving abandoned agricultural projects and infrastructures such as the Rivers Songhai Farm, the School-to-Land farms, fish farms, feed mills, oil palm estates and poultry farms across the State. We have earmarked about $10million for this project this fiscal year.
“Last week, the State Executive Council approved the proposal by Rainbow Heritage Group to build the New Port City in the State on about 1,000 hectares of land in collaboration with the Greater Port Harcourt City Development Authority.
“We have also concluded arrangements for the signing of a Memorandum of Understanding (MoU) with Planet One Holding Limited of Dubai for a $10million Mangrove Forests Conservation and Carbon Capture Project under the Private Public Partnership (PPP) arrangement,” he added.
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.
Governor Fubara also said that with over 40 per cent of fertile cultivable landmass, Rivers State has the potential to make a significant contribution to national food security with commercial investments in mechanised agriculture and the agro-processing industrial value chains.
“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.
Governor Fubara lamented that for years, the Rivers State Government depended more on allocations from the Federation Accounts to fund its expenditures because tax revenues had remained low due to poor investments and economic growth.
The Governor stated that, “it is for this reason, that there is a resolve to build a resilient, robust, and diversified economy that will hold the key to sustainable peace, security and progress of our State and the spiritual, social, and physical well-being of our people.
“We, therefore, commit to the re-industrialisation of Rivers State in partnership with the informal and organised private sectors through necessary policies, legal, and other support measures, and systems.
“This was why we approved the Rivers State Economic and Investment Summit 2024 as the first of several measures to unveil the economic potential of the State to both local and foreign investors and markets.
“Against this background, I feel very optimistic that Rivers State will emerge from this summit, and position itself as a premier investment destination, offering boundless economic opportunities for domestic and global investors,” he stressed.
Governor Fubara explained efforts made to create a robust climate of ease of doing business in the State, including harmonising and reducing double taxation, which wear down businesses.
He also said that an Investment Promotion Agency has been established that will serve as a one-stop-shop to coordinate all investment activities.
“Furthermore, we have also approved the establishment of the Rivers State Investment Promotion Agency to provide one-stop-shop investment services and facilitation to investors in the State.
“In the first year of our administration, we received an appreciable number of expressions of interest from local and foreign investors to invest in diverse sectors of our economy, including agriculture, real estate, power generation, and manufacturing,” the Governor added.
Chairman of the occasion and former Governor of Cross River State, Mr 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.
Mr 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, Senator Douye Diri, represented by the Secretary to State Government, Mr 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.