BY PETER EGWUATU

Akwa Ibom State Government said it was ready to raise over N200 billion from the Nigerian capital market to beef up its infrastructural facilities that would spur industrial revolution in the state.

Speaking to newsmen during the Capital Market Committee (CMC) retreat in Uyo, Akwa Ibom State, Governor Godswill Akpabio, said, “N200 billion will not be enough for us to provide all the facilities we have planned to provide. We will need more than that money, so we hope the capital market will assist us.”

According to him, “We will come to the capital market by the time we tidy up our financial statement and other necessary requirements required by the regulatory authorities.”

Akpabio commended the Securities and Exchange Commission (SEC) for its effort to transform the Nigerian capital market.

In his words: “I want to thank the SEC for bringing the retreat to Akwa Ibom State to discuss issues pertaining to the downturn of the stock market and proffer solution for a rebound. Our appreciation also goes to the minister of coordinating economy, Dr. Ngozi Okonjo Iweala.

Gov Akpabio

It is therefore our hope that this retreat will yield fruits. The 21st century has to be African century. Nigeria’s growth rate has received global recognition as we have grown steadily on average of four or five per cent annually.”

Continuing, he said, “We must not slack in our economic vision of 2020 and therefore if we must catch up with the developed countries then we have to work faster. We should capitalize on our growth and must key the foundation of sustaining this growth.

“Strong leadership becomes imperatives for rapid economic growth. We need transformational leadership. It must be complemented with sound management; contracts must not be inflated, budget must be implemented, and there must be prudence in management of resources. All these underscore the need for transformational leader as we have in Akwa Ibom State.”

Meanwhile, Director General of the SEC, Ms. Arunma Oteh has commended Gov. Akpabio for his effort in transforming the state within a short period of time.

In her remark at the opening of the CMC retreat, she said: ”We are overwhelmed with the development of the state within a short period of time. We are amazed of what we saw at the airport, road and Ibom Meridien hotel.

“We are so delighted to have you and your team discuss with the chieftain of the capital market. It is important that you raise money to further transform the state. No society can grow without long term capital.

“Capital market does not just involved getting capital, but undergo some form of scrutiny. Capital market provides more than just capital, but ensure that funds are used in the best way possible.

“If we do not transform industry the job employment would be an illusion. We need to unleash entrepreneur skills in us. About 70 to 80 per cent of job employment comes from the Small Medium Scale Enterprise (SMEs).”

The Governor further revealed his government’s commitment to establish industrial estates in different parts of the state to attract investment that will help create job for the teeming unemployed people.

He said his vision is to make Akwa Ibom an investor’s destination as part of the unprecedented transformation that has taken place in the state in the last four years of his administration.

“Akwa Ibom used to be a pedestrian state but now it has become a destination. Akwa Ibom now has almost 2,200 roads that have been constructed to meet international standards.  Akwa Ibom International Airport is the best in this country so far because it meets international standards as best practices were employed in the building of the airport,” he stated.