Rivers State Governor, Siminalayi Fubara, has announced that his administration has created a more vibrant and investment-friendly environment, aimed at reassuring investors of a favorable return on their investments.
The governor emphasized that his government is taking concrete steps to revive the state’s industrial sector, which will encourage the reopening of numerous production factories that had previously shut down operations in the state.
He made this assurance during the opening ceremony of the two-day Rivers State Economic and Investment Summit (RSEIS), themed “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability,” held at the Dr. Obi Wali International Conference Centre in Port Harcourt on Wednesday.
The summit aimed at exploring pathways to economic growth and sustainability, and the governor’s statement highlights his administration’s commitment to creating an enabling environment for investors and promoting economic development in the state.
The governor insisted that the various measures taken were to make Rivers emerge as the premier investment destination for all categories of investors.
Governor Fubara stated: “We have 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.
“We are also working on the harmonization of State and Local Government taxes to eliminate double taxation and the imposition of multiple levies on investors.
“Two weeks ago, we launched the N4bn matching fund loan scheme with the Bank of Industry Limited for small, micro, and medium-scale businesses to drive financial inclusion and enhance the growth and development of these businesses to grow our economy, create jobs and wealth for our people.
“We have signed a development agreement with TAF Nigeria Limited for the construction of 20,000 mixed houses in the Greater Port Harcourt City. We signed another development pact with GOSH Nigeria Limited for the construction of an international automobile spare parts trading and commercial market.”
Governor Fubara further said: “The State Government provided hundreds of hectares of land as its equity and work has since started at both sites. Apache Aluminium LLC of America has started the acquisition of land to establish a multi-billion-naira aluminium rolling mill (plant) in the Ogoni axis of Rivers State.
“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 $ 10m for this project this fiscal year.
“Last week, the State Executive Council approved the proposal by Rainbow Heritage Group to build the New Port City in the State on about 1,000 hectares of land in collaboration with the Greater Port Harcourt City Development Authority.
“We have also concluded arrangements for the signing of a Memorandum of Understanding (MoU) with Planet One Holding Limited of Dubai for a $10m Mangrove Forests Conservation and Carbon Capture Project under the Private Public Partnership (PPP) arrangement.
Highlights of the summit were the presentation of papers on available opportunities in oil and gas, energy mix, property and housing development, among others, while subject matter experts dissected the papers in a panel discussion session.
There was also question and answer opportunity for discussants and panellists.