Rivers State Is The Best Place To Invest And Do Business – Gov. Fubara.
– Removed double taxation, sets to activate Aluminum plant and Songhai fish farms, others in Rivers state.
Dez Mayorz Report.
Day 1 of the ongoing Economic and Investment Summit in Rivers State was an epic august gathering as the Rivers State Governor, Sir Siminalayi Fubara started his administration commitment to making Rivers State the best place in the country to invest and do business
for viable businesses to expand their portfolios, or entrepreneurs looking to network with industry leaders and potential partners.
Fubara said Rivers State is the second largest economy in Nigeria with a nominal GDP of over $28.4bn, and the economy ranks in the top 25 economies in Africa comparable to countries like Botswana, Rwanda, and Gabon.
In his statement at the ongoing Rivers State Economic and Investment Summit held at the ObiWali International Conference Centre, Port Harcourt on Wednesday; the governor said that his government is building a resilient, robust, and diversified economy which holds the key to a sustainable peace, security and progress as well as the spiritual, social, and physical well-being of the people.
Committed to re-industrialization of the State in partnership with the informal and organized private sectors through necessary policy, legal, and other support measures, and systems.
His statement reads in parts:
“Against this background, I feel very optimistic that Rivers State will emerge from this summit and position itself as a premier investment destination, offering boundless economic opportunities for domestic and global investors.”
“For decades, the Rivers State Government had continued to depend more on allocations from the federation account to fund its expenditures because tax revenues had remained low due to low investments and economic growth.”
“Rivers State also is the second largest economy in Nigeria, and with a nominal GDP of over $28.4bn, and the economy ranks in the top 25 economies in Africa comparable to countries like Botswana, Rwanda, and Gabon.”
“The State has a relatively robust infrastructure, including good roads, two seaports, an international airport, and a free trade zone, and with a population of over seven million indigenously diverse, educated, highly hospitable people, and a business-friendly environment, and stands at the center of diverse economic opportunities.”
Fubara, furthermore called on investors to take advantage of the vast opportunities across the diverse sectors of the economy, which include the oil and gas, agriculture and agro-processing, manufacturing, hospitality and tourism, education, ICT, and healthcare, infrastructure development, glass products, and garments production, as well as power generation and transmission.
Sir Fubara listed several of the state-owned but moribund companies, farmlands, and business infrastructure, which includes oil palm estates, rubber plantations, poultry, and fish farms that are available for interested private investors to take over and revitalize, stressing that the State presents lucrative opportunities for the commercial production of highly valued cash crops for the export market.”
He stated that his administration has already implemented certain policy initiatives and reforms, including the prompt allocation and issuance of land titles and certificates of occupancy to prospective investors and a moratorium on State taxes and levies on new businesses, adding that his government is working on the harmonization of State and Local Government taxes to eliminate double taxation and the imposition of multiple levies on investors.”
The governor emphasized that his government recently launched a N4 billion naira matching fund loan scheme with the Bank of Industry for small, micro, and medium-scale businesses to drive financial inclusion and enhance their growth and development.
“In addition, Apache Aluminium LLC of America has started the acquisition of land to establish a multi-billion-naira aluminum rolling mill (plant) in the Ogoni axis of Rivers.”
“We have opened discussions with Imagine Adama Agricultural and Technology of Israel to support the State in developing our huge agricultural potential, including reviving abandoned agricultural projects and infrastructures such as the Rivers Songhai Farm, the School-to-land farms, fish farms, feed mills, oil palm estates and poultry farms across the State.
We have earmarked about 10 million USD for this project this fiscal year.
Approved the proposal by Rainbow Heritage Group to build the New Port City in the State on about 1000 hectares of land in collaboration with the Greater Port Harcourt City Authority.”
“We have also concluded arrangements for the signing of a Memorandum of Understanding with Planet One Holding Limited of Dubai for a 10,000,000 USD Mangrove Forests Conservation and Carbon Capture Project under the Private Public Partnership arrangement.”- Gov. Siminalaye Fubara.
During the the summit, the chairman of the summit and former governor of Cross River State, Mr. Donald Duke lauded the vision of Governor Siminalayi Fubara in putting together the economic summit to create a pathway for economic growth and prosperity for the state, describing it as the real policy action to restore the state to her true position as the treasure base of the nation.
He said Rivers State has greater potential as it is blessed with diverse natural resources to attract investors from across the globe and diversify its economy.
Giving his keynote address, Prof. Kingsley Moghalu harped on the relevance of the summit in advancing the economic opportunities of Rivers State and commended the initiators as it provides the platform for investors to take advantage of.
Also, the Chairman of the local organizing committee and Chairman of Rivers State Internal Revenue Service, Dr. Chibeoso Aholu said the theme of the summit, “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability” reflects the collective aspiration to harness innovative strategies and sustainable practices for a thriving economic future.
Dez Mayorz Report.
21/05/2024.
