Fubara Charges New Investment Board to Attract Investors

Rivers State Governor,  Siminalayi Fubara, has reaffirmed his administration’s commitment to creating a conducive environment for the growth of key sectors, including agriculture, manufacturing, small and medium enterprises, and services. 

These sectors, he emphasized, are crucial for placing the state’s economy on a competitive footing.

Governor Fubara gave this charge during the inauguration of the maiden Governing Board of the Rivers State Investment Promotion Agency (GBoRSIPA) at Government House in Port Harcourt on Monday.

 He urged the board members to streamline their activities to attract genuine investors across critical sectors, enabling the state to become self-sustaining.

Those inaugurated are: Lawrence Fubara Anga, SAN, as Chairman; Dr. Chamberlain Peterside as Director-General; and Mrs Tamunoibuemi Life-George, who is to serve as Secretary.

The rest include, Mr Goodliffe Nmekini, Barrister Havey Ideozu, and Baritor Lenusikpugi Kpagih as members.

Fubara expressed regret over the state’s economic decline, noting that it once ranked first among states in productive economic activities, attracting various business interests and investments.

 However, he lamented that the subsequent expansion and population growth were not effectively managed, leading to overwhelming challenges that misdirected the state’s economic blessings.

Governor Fubara acknowledged that despite the state’s current financial improvements, including increased Internally Generated Revenue (IGR) and substantial allocations, there is still much work to be done to revitalize the economy. 

He emphasized the crucial role of the Rivers State Investment Promotion Agency (GBoRSIPA) in driving this revitalization.

“The purpose of this agency is to give our people – to assure them, that Rivers State can still come back to that enviable position that it once occupied. Those people that were doing business in Rivers State that left, for one reason or the other – that they can still come back.

“We want to see people who intend to come back and invest because Rivers State is blessed – it has oil, the most important item for development today, which is gas, in abundance.

“Look at what is happening in Trans-Amadi Industrial Layout: We can make Trans-Amadi Industrial Layout come back to what it used to be. We can develop the resources that we have in Onne Town. We have Ogba-Egbema gas hub. These are part of the promises we made during our campaigns, and we must fulfill those promises,” he said. 

Governor Fubara emphasised that the agency is established to rigorously harness tenable economic and human potentials abundant in the State that can be translated into making Rivers the economic gateway and one-stop- shop for productive economic activities. 

The Governor said: “We have waited for this moment for a long time. It is a moment we all have been praying for because we want to leave a State that will be remembered: Rivers State that can compete, and Rivers State that can stand the test of time as a proud State.

“People that are coming here would begin to know that Rivers State is now serious. Rivers State is not about coming here and saying I want to take the side of maybe, I am interested in 10 percent or 20 percent of what you are coming with, that is not the purpose now”. 

He explained that Rivers State is about genuine business interactions that will be mutually beneficial to all parties in a sustainable way, insisting that investors desirous of gaining value from their stakes should boldly come to the State for partnerships that will work in the interest of all stakeholders.

He said, “The purpose is to build our State. The purpose is to grow this State economically in such a way and manner that even if we don’t get federal allocation anymore, for example, we can still sustain ourself (as a State) with our IGR.”

Governor Fubara acknowledged that in discharging its responsibilities, the Board will encounter challenges and stiff opposition from those who abhor change but urged the members to brace up and be forthright in their quest to achieve their mandate.

The Governor clarified that the board should not be preoccupied with people who are only interested in real Estate, which seemed to be the current drive now. 

Governor Fubara said: “Not just issues of people coming to build houses and other things. I want your concentration to be more on agriculture, (manufacturing). 

“Look to find people who are coming in to invest. People that are coming to build factories because it is only when we start production that employment issues will be resolved, (and we will witness economic boom).

“So, please, those things that will solve the problem of unemployment, and promote creation of wealth for the State should be your focus,” he advised.

Governor Fubara further said: “The responsibility of this agency is going to be very challenging because I know they will want to fight back. But, I know that these crop of men and woman have what it takes, and I am very convinced that they are going to lead Rivers State to where we want the State to be.

“The Chairman of this agency is a private legal practitioner and a businessman that has made his name. Let me say it here: let it be on record that I had to beg him to accept the offer. I even had to send emissaries to him to plead with him.

“He said he doesn’t want to get involved with any political thing. I said this is not about politics. You live in Lagos, you have made your name in Lagos. Please, come and help us. We need help, Rivers State needs to be salvaged.”

Governor Fubara charged them to approach their task with an open mind to make a difference, adding that he nurses no doubt that they will make the State proud with the results they will achieve.

The Governor also assured that his doors will remain open, should they require his attention to tackle any challenge in order to get the necessary support to ensure success.

In his acceptance speech, Chairman of the Governing Board of Rivers State Investment Promotion Agency (GBoRSIPA), Lawrence Fubara Anga, SAN, said they consider their appointment as an opportunity to serve among other Rivers people who are willing to be so appointed.

Anga noted the enormity of the task before them but expressed appreciation that even the Governor understands it so, which is why he consulted widely to gather very distinguished, proven and tested personalities, who depict his foresight.