News

May 22, 2024

Rivers more vibrant place for investment, ranks 25th in Africa – FUBARA 

Fubara

•Earmarks $10m to boost Agric Value Chain

•Signs PPP pact for $10m Carbon Capture Project

By DANIEL Abia 

 Governor Siminalayi Fubara has declared that Rivers state offers the best business place for investors to put in there and make profits and ranks as the 25th developed state in Africa.

The Governor maintained that his administration is taking measures to ensure that those numerous production factories that shut down operations in the State returned because of the renewed commitment to re-industralise the State.

Governor Fubara gave the assurance at the opening ceremony of the two-day Rivers State Economic and Investment Summit (RSEIS), with the theme: “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability,” which held at Dr Obi Wali International Conference Centre in Port Harcourt on Wednesday.

The Governor insisted that the various measures taken were to make Rivers to emerge as the premiere investment destination for all categories of investors.

 “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 N4billion 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,” he said.

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 $10million 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 $10million Mangrove Forests Conservation and Carbon Capture Project under the Private Public Partnership (PPP) arrangement,” he added.

He emphasised that “Rivers State provides several investment opportunities across diverse sectors of our economy, including oil and gas, agriculture and agro-processing.”

The State also prides itself, he said, in manufacturing, hospitality and tourism, education, ICT, and healthcare, infrastructure development, glass products and garments production, and power generation and transmission, among many others.

Governor Fubara also said that with over 40 per cent of fertile cultivable landmass, Rivers State has the potential to make a significant contribution to national food security with commercial investments in mechanised agriculture and the agro-processing industrial value chains.