Members of the House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream), have said that Rivers State is peaceful, hospitable, and conducive for investments.
They urged potential investors to disregard negative narratives about political crises in the state and make strategic decisions to invest in Africa’s largest hydrocarbon hub, for exciting returns on investment.
The Chairmen of the House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream), Hon. Ikenga Ugochinyere and Prince Henry Okojie made the declaration in their separate remarks at the three-day retreat of the joint committee in Port Harcourt, the Rivers State capital.
Hon. Ugochinyere said that the state is peaceful because of the good leadership and responsible governance approach adopted by the Governor, Sir Siminalayi Fubara, whom he said has remained focused on his job.
He stated that the governor had facilitated the ease of doing business and created the right policies to enable investments to thrive in the state.
The lawmaker added that if the state was not peaceful, the huge number of National Assembly committees on oversight functions, and the litany of investors and other corporate institutions who have visited the state over the last couple of months to explore abounding opportunities would not have been possible.
He advised well-meaning Nigerians and the international community to disregard those trying to demarket the State.
Ugochinyere said: “We are gathered here in Port Harcourt, united by a shared commitment to enhance our regulatory frameworks, promote transparency, and foster sustainable development in Nigeria's oil and gas sector.
“I extend my sincere gratitude to His Excellency, Sir Siminalayi Fubara, for graciously hosting us and for his unwavering support. Your leadership and hospitality are greatly appreciated”.
He stated that the retreat was pivotal in changing the narratives, and provided stakeholders with a robust platform to deliberate on burning issues while exploring strategic solutions for the betterment of the industry.
The leader of the G-60 lawmakers further said, "As we commence this retreat, I wish to emphasize the significance of our gathering. The Petroleum Sector remains the backbone of Nigeria's economy, and it is incumbent upon us to ensure its efficiency, transparency, and sustainability. Our discussions over the next few days will be instrumental in shaping the future of this vital industry.
Speaking on the ease of doing business in the State, Hon. Ugochinyere specifically named Indorama Eleme Petrochemicals and Fertiliser Company as one example of the litany of thriving investments in Rivers State, which shareholders are genuinely proud of, saying that more of such businesses populate the state, making it an enticing environment for investors.
In his remarks, Hon Okojie, said: “We gather here in the dynamic city of Port Harcourt, at the prestigious Presidential Hotel, under the theme; ‘Enhancing Regulatory Frameworks, Promoting Transparency, and Fostering Sustainable Development in Nigeria's Oil and Gas Sector.’ This retreat is a critical convergence of minds and efforts aimed at addressing the pressing issues and exploring the immense opportunities within our sector”.
Represented by a member representing Brass/Nembe Federal Constituency of Bayelsa State, Hon. Marie Ebikake, Hon Okojie said, “I would like to extend my heartfelt gratitude to His Excellency, Sir Siminalayi Fubara, our host, for his unwavering support and warm hospitality. We are truly honoured to be in the presence of such distinguished leadership”.
Hon. Okojie said that deliberations from the retreat will positively impact the oil and gas industry, especially in providing a clearer understanding of the Petroleum Industry Act (PIA) governance and institutional frameworks to promote growth and sustainability in the sector.
He said, "I would like to highlight the importance of our interaction with stakeholders in the midstream and downstream sub-sectors. This engagement is crucial for understanding the challenges faced by our industry, and collaboratively devising solutions that promote growth and sustainability."
In his keynote speech, Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas said the 10th National Assembly is committed to deploying effective legislative reforms to strengthen the operations, create a competitive business-friendly environment, and institutionalize transparency and sustainable development in the oil and gas industry.
Represented by the Leader of the North-West Caucus in the House, Hon. Sada Soli, the speaker also noted that the National Assembly has already commenced the processes of legislative reforms that will enhance holistic governance overhaul to transform the nation’s major economic driver and revenue earner in line with the provisions of the PIA.
Rt. Hon. Abbas said that the federal lawmakers were dedicated to fostering an environment to effectively drive the objectives of the Renewed Hope agenda of President Bola Ahmed Tinubu, in promoting the key indices of ease of doing business while providing stakeholders the level playing field to participate in the sector.
He said, "The theme of this retreat speaks volumes on the commitment of the 10th House towards repositioning the energy sector of our economy. Our nation’s economic power is derived and dependent on oil. Over the years, the debate over the regulation, transparency, and sustainable development of the sector has dominated discussions even after the passage and coming into force of the Petroleum Industry Act in the 9th Assembly.
Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Chapter, Comrade Tekena Ikpaki, and the Chairman, Major Petroleum Marketers Association of Nigeria (MPMAN), Rivers State Chapter, Sir Francis Dimkpa, delivered goodwill messages at the event, where they expressed concerns over the multiplicity of regulatory bodies and fees slammed on marketers.
Speakers at the retreat include the Executive Commissioner, Corporate Services and Administration, Nigerian Upstream Regulatory Commission (NUPRC), Dr Kelechi Ofoegbu; Chairman, Dangote Group, Aliko Dangote; Director-General, Akwa Ibom State Investment Council, Obong Ibe Owodiong-Idemeko; and Chairman, Federal Inland Revenue Service (FIRS), Dr Zacchaeus Adelabu Adedeji.
The retreat wrapped up with a facility tour of Indorama Eleme Petrochemicals Company Limited at Eleme Local Government Area of the State.
