Former Central Bank governor Sanusi Lamido Sanusi believes that Nigeria’s oil-rich Rivers State has the chance to become a symbol of progress, offering hope for the future.
Rivers State Governor Siminalayi Fubara has also emphasized the state’s efforts to create a more inviting environment for investors, ensuring they receive satisfactory returns on their investments.
Situated in the Niger Delta region, Rivers State is significant for its oil production, hosting major oil companies and numerous oil wells.
Despite its oil wealth, the region has dealt with challenges like oil theft and sabotage, along with a high unemployment rate.
Creating an Ideal Place for Investors :
However, Fubara stressed that his government is working to revive the state’s industries and reopen many factories that had closed down.
At the Rivers State Economic and Investment Summit (RSEIS), which lasted for two days and had the theme “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability,” held at the Dr. Obi Wali International Conference Centre in Port Harcourt, Sanusi gave a keynote speech urging better management of the state’s resources.
“Rivers State has vast land, resources, and natural beauty, making it an attractive destination for investors, not just in Nigeria but in West Africa,” said Sanusi.
He emphasized that the state’s future prosperity depends on strong institutions and a skilled population.
Sanusi pointed out examples of successful countries like Japan, Singapore, Germany, Australia, and Rwanda, which have thrived through good governance, innovation, and education, despite lacking significant natural resources.
Fubara highlighted steps taken to attract investors to Rivers State. These include fast-tracking land allocation and issuing land titles, offering tax breaks to new businesses, and streamlining taxes to prevent double taxation.
Fubara also announced a N4 billion (over $2.7 million) loan scheme with the Bank of Industry Limited to support small and medium-sized businesses, fostering their growth and development.
“The problem isn’t oil, it’s the leaders,” :
Sanusi mentioned that countries like Russia, the UAE, and Norway have used their natural resources wisely, but it’s also because they have good leaders and strong institutions. He said that having resources like oil can be good or bad depending on the leaders. “Oil itself isn’t bad; it’s the leaders that are the problem,” he explained.
Fubara talked about other plans, such as allocating land for projects like an aluminum rolling mill and working with international companies to improve agriculture in the state.
He stressed the need to restart old agricultural projects and infrastructure and said he would set aside around $10 million for this in the coming year.
Governor Fubara also talked about investment opportunities in various sectors like oil and gas, farming, manufacturing, tourism, education, technology, healthcare, infrastructure, glass products, clothing, and power.
He said that Rivers State has a lot of fertile land and could help with food security by investing in farming and food processing.
In his speech, former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, said that because of poor governance in Nigeria, the country hasn’t fully used its human and natural resources to become prosperous.
He suggested that we need better policies to make it easier to do business, be more transparent, and make investors feel confident.
Moghalu also said that, along with improving people’s skills and building better infrastructure, we need good governance to make foreign investment truly beneficial for Nigeria.
Sanusi talked about the importance of investing in education and creating a school system that prepares people for today’s job market.
He said we need to stop corruption in the legal system, have reasonable tax policies, and train our workforce so we don’t have to rely on foreign experts.
Sanusi also encouraged Rivers State to aim higher than just getting money from the government and become a place where businesses thrive and people live well.