Rivers to reopen shut factories

Rivers State Governor, Siminalayi Fubara, has said his administration is taking measures to ensure that numerous production factories that shut down operations in the state reopen.

Fubara gave the assurance at the opening ceremony of a 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.

“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 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,” Fubara stated. According to Fubara t Rivers State will provide investment opportunities across diverse sectors of the economy, including oil and gas, agriculture and agro-processing.

He lamented that for years, Rivers State Government depended more on allocations from the Federation Accounts to fund its expenditures because tax revenues had remained low due to poor investments and economic growth.

Chairman of the occasion and former Governor of Cross River State, Mr Donald Duke, said the summit signaled a rebirth of commitment to correcting previous investment errors and to build enduring foundation upon which to anchor implementation of deliberate policies to moving Rivers State forward.

Delivering his goodwill message, Bayelsa State Governor, Douye Diri, represented by the Secretary to State Government, Mr Nimibofa Ayawei, said they were delighted to be part of the summit geared towards finding a pathway to achieving economic prosperity of Rivers State, and pledged the continued partnership that would expand the investment frontiers of both states.

In his keynote address, former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, said that because of the prevalence of poor governance in Nigeria, the human and natural resources abundant in the country had not be sufficiently harnessed to achieve the desired prosperity.

In his goodwill message, Speaker of the Rivers State House of Assembly, Rt. Hon. Victor Oko-Jumbo, said the legislature would be pivotal in creating business-friendly environment by enacting laws that offer the hope of a secured business climate to achieve economic prosperity.

Chairman of Rivers State Internal Revenue Service, Dr Chibeoso Aholu, in his welcome address, said Rivers State Economic and Investment Summit 2024 represented a milestone in the journey towards economic growth and investment opportunities in the State.