Driven by the mission to boost investments in both Rivers and Bayelsa States, Governors Sim Fubara of Rivers State and Duoye Diri of Bayelsa State have asked fleeing investors and businesses to return the two oil-producing States.
Consequently, the two governors dangled carrots of incentives before the existing and prospective investors with some offers such as industrial parks, tax harmonization and improved security.
Speaking about incentives to investments at the Annual General Meeting (AGM) of Rivers/Bayelsa States Branch of the Manufacturers Association of Nigeria (MAN) held in Port Harcourt on Wednesday, Governor Sim Fubara announced the setting up of Rivers State Security Fund, saying it would be modelled after the Lagos initiative.
Governor Fubara, who was represented by Charles Beke, Commissioner for Local Government and Chieftaincy Affairs, said he had demonstrated capacity to bring about prosperity and economic acceleration in the State.
Beke said that Governor Fubara was impressed with the theme of the AGM ‘Promoting Manufacturing in the Niger Delta Through Technological Innovation’, adding that the governor signalled his determination to rebuild the economy of Rivers State right on the take-off when he unveiled his Economic Blueprint.
“He (Fubara) has today created the vehicle of business transformation known as the Rivers State Investment Promotion Agency (RSIPA) after the economic summit with the objective of attracting investments to the State.
“He partnered with the Bank of Industry (BoI) to deliver N4 billion to Nano and SMEs in the state as a form of support on the basis of single digit interest. He has rolled out several policies to boost Ease of Doing Business (EoDB) in the State”, Beke said.
On security, Beke said the governor had dolled out patrol vehicles (100) to the Security Agencies, revealing that a Security Trust Fund was in pipeline.
On power, Beke said the governor was working with the Port Harcourt Electricity Distribution Company (PHED) to boost power supply by making light regular.
“The highlight of power policy is the recent signing of a memorandum of understanding (MoU) to process waste to wealth (power).
“Tax harmonization with the LGAs is a forgone exercise. Any business owner who encounters problem should notify the state government. The exercise has been concluded and business owners should not fall to dupes. Know your right”, he noted.
On the vexed issue of land papers, the commissioner said “Certificate of Occupancy does not need waiting for years anymore, it now a matter of 48 hours.”
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He also said road construction was going to more places, adding: “There is the Port Harcourt Ring Road which is now almost a statewide scheme.
“There is the Trans-Kalabari highway ongoing, there Bodo-Bonny Road by the FG, there the Opobo to Andoni Road which is being extended to more communities (Oyorokoto); there is the Ikwerre-Omoku Road, etc.”
He revealed that the Rivers State Industrial Park which had been demanded by the Organised Private Sector (OPS) in the State for decades had been slated, though not yet public.
Earlier, Governor Duoye Diri, represented by the Ebieri Jones (PhD), Commissioner for Trade, Industry, and Investment, also called on investors to head to the state, saying it is the safest State in Nigeria at the moment.
He said there was a solid plan for the economic development of Bayelsa State and its people.
“Infrastructure is critical to economic enhancement; thus, the governor is trying to connect the three senatorial zones in the state with mega roads, one of which is the road to Southern Ijaw, now crossing the River Nun.
“Another is the road to Brass town with the Phase one of 21 km consisting of 10 bridges awarded at 50Bn. So, the roads are in Bayelsa South, West, and East.
“We know investors need security and thus the governor has floated the Community Safety Corps headed by a retired army general. The Bayelsa State Industrial Blueprint is coming with a three-year plan. Tax has been harmonized, and the Bayelsa State Industrial Park is on the way. Shell is to supply the gas to power the park that would be integrated.”
Jones said two ministries were coming to boost economic policy transformation scheme in the State: Ministry of Marine & Blue Economy with a framework to be out before end of next month (December 2024); the other is the Ministry of Youth Development.
He said the State government was working with the Bank of Industry (BoI) to float a N4 billion fund to give low interest loans to manufacturers. He added that a palm produce company was coming to occupy 40,000 hectares of land to start agric business.
Earlier, Vincent Okuku, the MAN Chairman, Rivers/Bayelsa Branch, commended Governor Fubara for stabilising the business environment for businesses to continue despite the political situation in the State.
He mentioned the move to stabilize power supply in the state especially with the $300m deal with local and foreign investors on waste to wealth scheme. “We commend the governor for many projects that are ongoing and those commissioned.
“We commend Gov Duoye Diri on recent efforts to develop the agric sector and for marketing the state. No nation can be industrialized without a thriving manufacturing sector.”
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