The Director-General (DG) of the newly established Rivers State Investment Promotion Agency (RSIPA), Chamberlain Peterside, has listed the challenges facing the agency. He has also hinted at ways of getting around the problems.
Peterside, former Commissioner of Finance in Rivers State, made the disclosures in an exclusive interview with BusinessDay in his office in Port Harcourt.
The Rivers-born technocrat honed his skills in Wallstreet working in the global private group of Merrill Lynch in New York City before transitioning to New Era Capital which got him involved in relationships and transactions that are focused on Africa said: “The first challenge we are facing squarely is what we call creating institutional framework. The Executive Order created the board on August 19, 2024. Since then, its three months. So, creating the solid institutional framework, and more importantly, getting the right kind of human capital that is efficient and focused is the main challenge.
“Sometimes, you don’t find this typically in public service but we need to work hard on ourselves to create this kind of environment. It is quite a challenge especially as the agency is new.”
Saying the agency has a timeframe of between three and six months for the agency to be operational and for the one-stop-shop to be operational, he however noted that getting the place to be operational would need a sequence. This he said is because “there is a method to the madness.”
Agreeing that extortion of investors and business people wanting approvals from the governor’s office was a big problem, the DG said, “My understanding is that there should be minimum impediment for an investor who wants to spend his or her money. You want to invest, you want to create value, create jobs, you want to help contribute to the internally generated revenue (IGR) and boost the gross domestic product (GDP) of the country through Rivers State, why should anybody demand for an incentive to do that? That should be absolutely wrong and we do not share in that philosophy at all.”
He went on: “In the past, it has been quite a challenge and right down when I was in the ministry and I have had to ask; somebody has a bright idea but how do they get it through if they don’t have access to the governor? Most times, it is not only at the governor’s office but you have to know someone who knows someone who gets something through. That is wrong, it shouldn’t be the case.”
On the challenge of negative presentation of Rivers State in the media, the DG said the agency would begin to counter this by presenting facts and figures that would speak the real truth about Rivers State.
He said the agency would create a character and an image of doing what is right at all times. This, he stated, would correct most of the negative perceptions.
The next solution he mentioned is by creating accessibility for members of the investing public. He said his lines are open and he does not cut deals to do what is expected of him.
He said such credibility load would help addressing the negative impressions. “The truth is, it will be quite a challenge to build an institutional framework that would ensure that we do not condone that kind of malfeasance.”
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