By Jemimah Wellington, JKNMedia Reporter
A SERIES of strategic initiatives aimed at creating an investment-friendly environment has been designed to lure back production factories and stimulate economic growth as revealed by Rivers State Governor Siminalayi Fubara.
Speaking on Wednesday at the Rivers State Economic and Investment Summit (RSEIS) held at the Dr. Obi Wali International Conference Centre in Port Harcourt, Fubara emphasized the state’s commitment to re-industrialization.
At the summit with the theme: “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability,” Fubara detailed various reforms aimed at positioning his State as a premier investment destination.
Key measures include the prompt allocation of land titles and certificates of occupancy, a moratorium on state taxes for new businesses, and efforts to harmonize state and local government taxes to eliminate double taxation.
Fubara also highlighted several significant agreements, such as a N4 billion matching fund loan scheme with the Bank of Industry Limited to support small and medium-scale businesses.
Additionally, partnerships with TAF Nigeria Limited and GOSH Nigeria Limited aim to construct 20,000 mixed housing units and an international automobile spare parts market, respectively.
The governor also announced ongoing projects, including the establishment of a multi-billion-naira aluminum rolling mill by Apache Aluminium LLC in the Ogoni area and a $10 million agricultural development project with Imagine Adama Agricultural and Technology of Israel. This project aims to revive abandoned agricultural infrastructures across the state.
Further boosting economic prospects, the State Executive Council approved a proposal by Rainbow Heritage Group to develop a New Port City on 1,000 hectares in collaboration with the Greater Port Harcourt City Development Authority.
Also, a $10 million Mangrove Forests Conservation and Carbon Capture Project is set to commence under a Public-Private Partnership with Planet One Holding Limited of Dubai.
Fubara emphasized the diverse investment opportunities in Rivers State, spanning sectors such as oil and gas, agriculture, manufacturing, tourism, and ICT, noting the potential for significant contributions to national food security through commercial investments in mechanized agriculture.
The governor addressed historical reliance on federal allocations due to low tax revenues from poor investments, advocating for a robust and diversified economy to ensure sustainable peace and progress while he stressed the importance of the summit in unveiling the state’s economic potential to both local and international investors.
Former Cross River State Governor, Mr. Donald Duke, chaired the event, urging Nigerian leaders to harness human capital for economic growth.
Duke advised Rivers State to leverage its comparative advantages for economic development.
Also, the Bayelsa State Governor, Senator Douye Diri, expressed support for the summit’s objectives, highlighting regional collaboration for expanded investment opportunities.
Former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, delivered a keynote address emphasizing the need for good governance and transparency to attract foreign direct investment and advocated for policies that dismantle barriers to business and promote investor confidence.
Rivers State House of Assembly Speaker, Rt. Hon. Victor Oko-Jumbo, and Chief Judge, Justice Simeon Amadi, both highlighted the role of the legislature and judiciary in creating a secure and efficient business environment. Justice Amadi noted the importance of the state’s multi-Door Court for resolving industrial disputes through alternative dispute resolution mechanisms.
Dr. Chibeoso Aholu, Chairman of the Rivers State Internal Revenue Service and the summit’s Local Organizing Committee, hailed the event as a milestone for economic growth.
Aholu emphasized the summit’s role in fostering innovative strategies and partnerships to propel Rivers State into a prosperous future.
The summit also featured presentations on opportunities in various sectors, including oil and gas, energy, and housing development, with expert panel discussions and interactive sessions for participants.
