BRACED Investment Commission mooted for south-south states; as investment proposals flood Rivers post-emergency

A single investment promotion agency may soon emerge after a summit of the BRACED states of Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta.

This is as it emerged at the revived BRACED meeting in Port Harcourt, Rivers State, that investment proposals have flooded the state after state of emergency.

Tips on the coming of joints programmes for the six states in what is now termed ‘The Power of Six’ emerged at the meeting when Chamberlain Peterside, Director-General of the Rivers State Investment Agency (RSIPA) disclosed that the agency has already achieved many feats in its short existence.

He said: “In the short period since our establishment, RSIPA has already achieved several milestones. We have received numerous investment proposals and continue to receive huge interest. 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, so you have to cultivate them, you have to hand-hold them, and you have to guide them. Through outreach programs and establishment of a One-Stop-Centre (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.”

On what RSIPA sees as vision for a thriving business environment, Peterside, a onetime commissioner for finance in Rivers State, said: “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.”

On joint programmes BRACED could pursue, Peterside suggested the creation of a BRACED Investment Promotion Agency Network as suggested by Bayelsa State head to foster collaboration amongst their investment promotion agencies.

He also suggested joint marketing and project development initiatives that target 30 million potential consumers in the region and beyond, rather than the silo operating framework as was often rejected by speakers at the summit.

He also looked at: “Collaboration on large-scale, cross-border infrastructure projects based on the principle of subsidiarity with the trans-regional railway network; and harmonizing investment policies and sharing best practices to sustain unified environmental, social, and governance (ESG) standards.

“We are all aware of what the environmental degradation that this region has suffered over the years and decades as already pointed out, and I think that it behooves us in the IPAs under the auspices of the BRACED Commission to harmonize our policies, standardize ESG principles as we pursue our investment aspirations.”

On the ‘Power of Six’, he said: “As we look to the future, we are inspired by the concept of elevating our investment flow to the Power of 6. By working together as BRACED states, we can amplify our individual strengths, create regional powerhouses that attract large-scale investment, foster innovation, drive sustainable development, and think bigger—pursue big-ticket investment.”

In his speech, much responsibility was referred to Bayelsa State DG, Patience Ranami Abah, a lawyer and investment expert, to drive investment promotion of the BRACED states.

Peterside he agreed with the proposal to this effect by Joe Keshi, the Director-General of the BRACED Commission, that Abah should guide the IPAs in the region in that pan-regional effort to push trans-regional effort to create a compact investment promotion agencies working in concert with the BRACED Commission to help others flesh out some of what they discussed at the summit and help others guide the process moving forward to action after talks.

Peterside said RSIPA was an institution that is still in its infancy but has already begun to make significant strides in driving economic growth and investment inflow in Rivers State.

He said RSIPA was formally established through an executive order on the 5th of August 2024. “Our creation followed the resounding success of the Economic and Investment Summit held in May 2024, which focused on galvanizing private sector investment into our state. This marked the beginning of a new era for Rivers State—an era of strategic investment promotion and economic transformation.

“Since its formation, RSIPA has been relentless in building the systems, processes, and structures required to fulfill its mandate. As the first agency of its kind in the state, RSIPA operates with a dedicated governing board and a management team. Together, we have worked tirelessly to position our state as a preferred investment destination in Nigeria—not just in the South-South or among the BRACED states, but in Nigeria.”

Advancing roles for BRACED Commission, Peterside said the re-emergence of the BRACED Commission adds a new dynamic dimension to their operations at RSIPA. “As a collective of six states, we share many commonalities and opportunities for collaboration. Together we can achieve much more than we can do individually.

“As we continue to build the institutional framework for RSIPA’s future, we remain very, very committed to aligning our efforts with the BRACED states to create a more prosperous South-South region.

“Together we can improve the well-being of our people, position our region as a globally competitive economic hub in terms of blue economy, manufacturing, and beneficiation of raw materials. So rather than be the energy powerhouse that exports natural resources, oil and gas, we should be an industrial hub in Africa—not just in Nigeria.”

He pleaded: “Let us all work together to ensure that the tide of investment and development all across the states and our communities can be lifted.”

The states reached resolutions that toed the line of Peterside’s treatise and suggestions of Bayelsa’s Abah on the title: “Investment Frontiers: A Strategic Framework for South-South Economic Integration.” This focused on fostering unity and collaboration among regional investment promotion commissions to drive collective progress and sustainable development.

The communique which recogised the presence of Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta states as well as well as federal and private sector attendees from the Federal Ministry of Commerce, Industry, and Investment; the Nigeria Economic Summit Group; and private sector leaders in oil and gas, railways, agriculture, power, and the blue economy.

The communique said participants recognized the South-South as a gateway to Nigeria’s economic transformation, citing its abundant natural resources, fertile soil, cultural traditions, and strategic international trade routes.

It also acknowledged hurdles to include infrastructural gaps, environmental issues, governance deficiencies, an unwelcoming business environment, and restricted regional integration.

On ‘Value Capture’, the communique identified a need to move from a resource-dependent model to a diversified, value-added, and investment-driven economy.

The symposium resolved to position the South-South as Nigeria’s gas industrial hub, West Africa’s maritime gateway, a leading blue economy zone, and a centre for value-added manufacturing.

Key resolutions included to unlock the region’s untapped potential by create a harmonized Regional Investment Promotion Framework, a BRACED Investment Charter for uniform investor service, and a Regional Investment Roadmap.

On infrastructure and project planning, the group agreed to align transport, energy, and logistics corridors while developing a pipeline of priority, bankable projects.

On economic reforms, it was agreed to improve the ease of doing business through regulatory reforms, security enhancements, and improved infrastructure.

On social and human capital, it was resolved to prioritize youth empowerment, entrepreneurship, and skills development as long-term prosperity drivers.

For technical oversight, it was resolved to establish a ‘Technical Working Group’ to oversee the implementation strategy.

The communique which was signed by some of the BRACED states urged state governments, investors, and development partners to collaborate in transforming the BRACED states into a beacon of economic dynamism. “The BRACED platform will continue to coordinate regional economic integration and investor engagement.”