…Warns that the economic carpet was shifting under the feet of the BRACED states
Chamberlain Peterside, Director-General of the Rivers State Investment Promotion Agency (RSIPA) used the platform of the regrouping BRACED Commission to outline plans to fast-forward the investment wheels of the state that has witnessed frequent crisis for over a decade.
The BRACED Commission just bounced back and has already held a roundtable in Port Harcourt preparatory to an economic summit in the near future. The roundtable featured the investment promotion agencies of the cooperating states: Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta states.
Peterside not only chaired the roundtable but made presentations for Rivers State economic landscape. He hailed the rebounce of the BRACED Commission which did well at the onset. “The governors of the region were one and united for one cause. Then, politics came and everything scattered.”
“The agenda is simple, to integrate the economy of the region into one strong bloc.” He admitted that Rivers State’s investment promotion agency is very young, plus six months in the limbo of state of emergency. “This thus is a very unique opportunity to get resurgent momentum.”
He listed the achievements of RSIPA in the short period since its establishment saying they have received numerous investment proposals. “We’ve engaged actively with the private sector, both those currently operating in the state and those intending to invest. We do realize the fact that investment begins from domestic investors. and you have to guide them.
“Through outreach programmes and establishment of a One-Stop-Center (OSC), we have created a streamlined system for addressing investor needs, supporting their business operations. For the first time in Rivers State, prospective investors and small and medium enterprises now have a centralized hub that can address their challenges and find solutions that enable them to thrive.”
He outlined the plans ahead thus: “One of our cardinal focuses at RSIPA is to enhance the operating climate and improve the ease of doing business.
“We are committed to creating a vibrant and business-friendly environment that attracts and retains investment. We are also working closely with other ministries, departments, and agencies to harmonize our activities.
“Collaboration for us is key; we see Rivers State as a single ecosystem where all stakeholders work together to support investment inflow and build a favorable environment for businesses to flourish.”
For the region, he lamented the situation whereby “The carpet is shifting under our feet. The IOCs (international oil corporations) have moved offshore. The issue before us now is how should the region act now. We should target big ticket investment proposals. This is because some proposals will involve other states. There is thus need to collaborate.”
He gave examples of projects that cannot be for one state. “Railway system is not for one state. At the moment, there is no railway line that links Benin to Port Harcourt to Calabar. BRACED can push this agenda.
“There is an oil route from Opobo to Akwa Ibom where Sterling Oil is operating. It’s a route of interest. Gov Sim Fubara wants us to synergise with other states economically. The best time is now because all the governors are now in one political party.”
He called on all the agencies in the BRACED states to sell the idea to their governors. “Let the governors know that BRACED task is not a competition but as a collaboration. We have the Niger Delta Development Commission (NDDC), the South-South Chambers of Commerce, Industry, Mines and Agriculture (SSCCIMA), the Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA), etc. This is the ripest time to strike the iron.”
Patience Ranami Abah, Director General of the Bayelsa Investment Promotion Agency (BIPA), also shook the floor when she presented what she termed ‘Closing the Value Capture Gap’. She showed how the states will win bigger by playing together to present an economic front.
David Franklin, a deputy director, who represented the Permanent Secretary, Federal Ministry of Industry, Trade, and Investment, Abuja, said investment in people is the beginning of prosperity. “The South-South is the hub of power of Nigeria due to hydrocarbon industry, blue economy, agriculture, tourism, etc.”
Joe Keshi, the DG, BRACED Commission, in his welcome remarks, said the roundtable was themed around synchrosnising investment frontiers in a strategic framework for south-south economic integration.
The roundtable ended with a communique that recommended setting up a monitoring committee, and other organs to drive integration and investment.
Ends/
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Chamberlain Peterside addressing the BRACED gathering
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Members of the roundtable
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