The Rivers State Government has reaffirmed its commitment to fostering economic growth and stimulating private sector investment as a cornerstone of its development strategy.
Governor Siminalayi Fubara stated this during the Niger Delta Economic and Investment Summit held at the Obi Wali International Conference Centre in Port Harcourt on Friday, November 29, 2024.
Represented by Deputy Governor Prof. Ngozi Nma Odun according to a statement by Owupele Benebo, Head of Press, Office of the Deputy Governor, the event was described as a convergence of policymakers, investors, and development stakeholders committed to exploring pathways for economic revitalization in the Niger Delta.
Governor Fubara emphasized his administration's dedication to creating a business-friendly environment. He highlighted the establishment of the Rivers State Investment Promotion Agency as a one-stop platform for facilitating investments, as well as measures to enhance safety, security, and sustainability for investors in the State.
“While national macroeconomic policies are beyond our control, we have maintained a stable fiscal policy, improved access to land titles, and significantly simplified business entry requirements,” he said.
The Governor also outlined investments in human capital development, including quality education, healthcare services, and poverty reduction initiatives. He disclosed a 4-billion-naira matching fund with the Bank of Industry to provide credit to micro, small, and medium enterprises (MSMEs) and the recapitalization of the State’s Microfinance Bank to ensure affordable loans for low-income entrepreneurs.
Expressing optimism about the State’s economic future, Governor Fubara called for an intensified focus on private sector-driven growth. However, he lamented the underinvestment in the Niger Delta despite its vast economic potential, citing the absence of large-scale commercial ventures in sectors beyond oil and gas. He urged stakeholders to attract more investments in agriculture, mining, energy, manufacturing, and technology.
Representing the Federal Government, Dr. Shuaib Belgore, Permanent Secretary of the Ministry of Regional Development, highlighted the Niger Delta’s youthful population as a valuable resource for driving technology-based industries. He called for investments in digital skills training, tech hubs, and startups to boost the region's economy.
Belgore noted that President Bola Tinubu’s administration is creating an enabling environment for businesses through investor-friendly policies, improved security, and investments in critical infrastructure.
In his remarks, Dr. Samuel Ogbuku, Managing Director of the Niger Delta Development Commission (NDDC), stressed the importance of collaboration among Niger Delta States. He described the summit’s theme, “Building Synergy,” as timely and essential for achieving sustainable development.
“Development requires alignment, like a well-constructed sentence. Without synergy, progress becomes fragmented,” Ogbuku said, urging Governors and stakeholders to pool resources and align efforts to attract investments and drive growth.
Ambassador Kenule Nwiya, founder and convener of the Niger Delta Economic and Investment Summit, expressed gratitude to the Rivers State Government and the Ministry of Regional Development for their support in ensuring the summit's success.
