Rivers govt establishes Investment Promotion Agency

Rivers State Governor Siminalayi Fubara has signed Executive Order No. 002 of 2024 to establish the Rivers State Investment Promotion Agency.

The new agency will manage the increasing number of inquiries and business interests from investors who view the state as a prime destination.

Governor Fubara signed the order 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.

He highlighted that this action aligns with recommendations from the Rivers State Economic and Investment Summit held in May, which aimed to promote economic advancement in the state.

Governor Fubara emphasized that the Investment Promotion Agency will serve as a comprehensive resource for handling investment-related activities efficiently.

Governor Fubara said, “What we just did today is in line with one of the recommendations of the special committee that handled the Rivers State Economic and Investment Summit that was held in May this year.

“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 wrong hands or associations that will want to reap them off their investment stakes.

“With this, they will have an agency that they could go to, liaise with and the agency will have the required answers to whatever it is that they will need to address concerns before it.”

Fubara added, “We are not going to end here. In a couple of days, the agency will be properly constituted.

“Now that we have the agency order signed, we are set to deliver to the good people of Rivers State 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 our country today. Half of the trouble is about the issue of feeding: 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 and desire for Rivers people,” he added.

In a statement by the Chief Press Secretary to the Governor, Nelson Chukwudi, Fubara noted that this initiative demonstrates the administration’s commitment to economic development and fulfilling its promises to the people of Rivers State.

Also speaking, the Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, explained, “On the 22nd and 23rd of May, 2024, Rivers State Government held the Rivers State Economic and Investment Summit. That investment summit was the first of its kind in Rivers State and it was a huge success.

“To harness the gains of that Economic and Investment Summit, it is important that there be a vehicle to drive, promote, coordinate and create a conducive environment for investment development in Rivers State.

“Through Greenfield, Brownfield, Public-Private Partnership, Privatisation, Commercialisation of State-owned assets and concessions, enterprise development schemes, etc.” he added.