The Rivers State government recently convened a pivotal two-day Rivers State Economic and Investment Summit (RSEIS), themed “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability.” Held at the Centre in Port Harcourt, the summit aimed to highlight the state’s economic potential and attract both foreign and local investors. The event was designed to explore dynamic economic trends, foster insightful dialogues, and build strategic partnerships, setting the stage for a prosperous future for the oil-rich Niger Delta state.

The RSEIS is closely intertwined with the broader economic, social, and political development of Rivers State. Economically, the summit’s focus on investment opportunities and policy reforms aims to diversify the state’s revenue base beyond its traditional reliance on oil and gas. Socially, the summit’s emphasis on SMEs and financial inclusion seeks to empower local entrepreneurs and stimulate job creation, thereby improving the standard of living for the populace. Politically, the summit represents a strategic effort by the Rivers State government to enhance its governance framework, promote transparency, and foster a conducive business environment that can attract and retain investors.

Governor Siminalayi Fubara outlined measures to streamline land allocation and issuance of certificates of occupancy to prospective investors. A moratorium on state taxes for new businesses has been enacted, along with efforts to harmonize state and local government taxes, eliminating double taxation and multiple levies on investors.

The Rivers State  governor announced a N4 billion (over $2.7 million) matching fund loan scheme with the Bank of Industry Limited, aimed at supporting small, micro, and medium-scale businesses. This initiative is expected to drive financial inclusion and enhance the growth of these enterprises.

Diverse investment opportunities were highlighted across sectors such as oil and gas, agriculture, manufacturing, hospitality, tourism, education, ICT, healthcare, infrastructure development, glass products, garments production, and power generation and transmission. With over 40% of fertile cultivable landmass, Rivers State is positioned to significantly contribute to national food security through commercial investments in mechanized agriculture and the agro-processing industrial value chain.

Former governor of the Central Bank of Nigeria and former Emir of Kano State, Lamido Sanusi, served as the keynote speaker. He emphasized the need for better management of the state’s resources, underscoring that Rivers State, with its rich land, abundant resources, and strategic location, can become a premier investment destination in West Africa if the right measures are implemented. Drawing comparisons with nations like Japan, Singapore, Germany, Australia, and Rwanda, Sanusi highlighted how these countries thrived through good governance, innovation, and education, despite lacking significant natural resources.

Former Governor of Cross River State and Chairman of the occasion, Donald Duke, reinforced this sentiment. He noted that the summit represented a renewed commitment to correcting past investment mistakes and building a solid foundation for sustainable economic policies. Duke advised the Rivers State Government and other Niger Delta states to harness their comparative advantages to strengthen their economies.

The summit featured several panel discussions where speakers advocated for the dismantling of business barriers and the promotion of transparency to build investor confidence. Legislative action was also called for, emphasizing the need to create a secure business environment through laws that ensure economic prosperity.

Rivers State Deputy Governor, Prof. Ngozi Nma Odu, stressed that the summit was a significant step towards accelerated development. She affirmed the administration’s commitment to implementing the summit’s outcomes and continuing to provide an enabling environment with relevant policies to harness the benefits of the discussions. Prof. Odu highlighted that the summit was not merely a talk show but a firm commitment to translating discussions into tangible actions that would positively impact the populace.

The Rivers State Economic and Investment Summit underscored the state’s potential to become a leading economic hub in Nigeria. With strategic measures and reforms already in place, the state’s administration is set on a path of sustainable growth and development. The collaborative efforts of government officials, economic experts, and investors at the summit signify a promising future for Rivers State, with anticipated economic recovery and prosperity on the horizon