In a significant move to boost economic development, Rivers State Governor Siminalayi Fubara has signed Executive Order No. 002 of 2024, establishing the Rivers State Investment Promotion Agency. This new agency will serve as a one-stop-shop for investors, streamlining investment-related activities and providing a comprehensive resource for handling inquiries and business interests.
The executive order was signed on Monday at the Executive Council Chambers in Port Harcourt, following its presentation by the State Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN. Governor Fubara emphasized that this initiative aligns with recommendations from the Rivers State Economic and Investment Summit held in May, which aimed to promote economic advancement in the state.
The Investment Promotion Agency will enable investors to access necessary information and support, eliminating the need to navigate multiple channels. Governor Fubara stated, “With this agency, investors will have a single point of contact, ensuring they receive accurate information and guidance, protecting them from potential exploitation.”
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“As a fall out of that summit, we all agreed that the windows and the big doors for economic advancement of the state had been opened. But, it will be very important for us to have a one-stop-shop.
“This will enable investors, when they come in; they won’t need to run around, and maybe, fall into the wrong hands or associations that will want to rip off their investment stakes.
“With this, they will have an agency that they could go to and the agency will have the required answers to whatever it is that they will need, to address concerns.”
Fubara added, “We are not going to end here. In a couple of days, the agency will be fully constituted.
“Now that we have the agency order signed, we are set to deliver to the people and prospective investors; the other part of it will soon commence. “We are looking forward to robust business deals that will be coming into our State, more especially in the area of healthcare and agriculture.
“We understand what is happening in Nigeria today. Half of the trouble is about the high cost of living.
“If we are able to reduce the cost of living, about 70 percent of our problem would have been taken care of. And that is our dream for Rivers people,” he added.
The agency’s establishment demonstrates the administration’s commitment to economic development and fulfilling its promises to the people of Rivers State. Governor Fubara highlighted the potential for robust business deals, particularly in healthcare and agriculture, which will contribute to reducing the cost of living and addressing the state’s challenges.
The Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, explained that the agency will drive investment development through various schemes, including Greenfield, Brownfield, Public-Private Partnership, and enterprise development schemes. The Rivers State Investment Promotion Agency is set to be properly constituted in the coming days, marking a significant milestone in the state’s economic advancement.
