LIVE UPDATES: Rivers holds investment summit to address opportunities for economic growth

The Rivers State Government Wednesday begins an investment summit where an assembled team of economic experts brainstorm possible ways to drive economic growth and development in the state.

Taking place at Port Harcourt, the state capital, the two-day summit is themed: Advancing Pathways to Economic Growth and sustainability.

The event is scheduled to start at 9:00 a.m. at Obi Wali International Conference Centre in Port Harcourt. It will be wrapped on Thursday.

The economic experts were drawn from various sectors.

The summit, expected to enhance the business prospects of the state, will focus on fostering collaboration, sharing insights, and exploring opportunities among others.

It will also feature a panel discussion session with the experts dissecting various sub-themes of the event such as education and technology and educating Rivers State youths for the digital economy.

Other thematic areas the submit is expected to cover are attracting investment and manufacturing strategies for collaboration and partnership, ease of doing business, impact of government regulations and blue economy.

The keynote speaker at the investment summit is a former governor of the Central Bank of Nigeria and former Emir of Kano State, Lamido Sanusi.

This is the first major economic summit being hosted by Governor Siminalayi Fubara since he was sworn in last year as governor of the oil-rich state.

PREMIUM TIMES is at the summit venue to provide you with live updates.

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12:13 p.m. The former governor of Cross River State, Donald Duke, the chairperson of the Summit, has just finished delivering his speech, calling for attitudinal change among Nigerian leaders, entrepreneurs, and citizens.

The environment, the resources we sit on, we don’t even know how much we have. Then you can understand why there was a scramble for Africa (by the western world). This is a very wealthy continent and this state (Rivers State) is her treasure base,” Mr Duke said, eliciting applause from the audience.

“This conference is so apt at a time where the (Nigerian) nation is seemingly losing her economic grip,” he said of the Rivers Economic & Investment Summit 2024.

Mr Duke told Governor Siminalayi Fubara of Rivers State: “If you get it right, you’ll be encouraging others to do the same.”

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12: 30 p.m.: The anchorperson for the summit remarked that there are “similarities” between Mr Duke and Governor Fubara in terms of running people-centric programmes and projects.

He talked about how Mr Duke transformed Cross River’s economy through tourism, especially using the popular Calabar Carnival when he was the governor of Cross River State from 1999 to 2007.

He said in Rivers State, Governor Fubara has just begun the promotion of civil servants in the state after stagnation for 10 years.

“Gratuities and pensions, those who served the state with blood, sweat and tears, now tired and old, they are now happy.

“But you are not restricting it to the civil service. I understand that there is a revolving fund of over N4 billion for over 3,000 businesses, 20,000 housing units… This is an invitation to the private sector that as you come into Rivers State to do business be rest assured that the people of Rivers State are happy and they will welcome you,” the anchorperson said.

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12:45 p.m.: Former Executive Vice President Upstream of NNPC Ltd, Engr. Adokiye Tombomieye, presenting his goodwill message at the summit.

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1: 05 p.m.: The Chief Judge of Rivers State, Simeon Amadi is delivering his goodwill message as a special guest at the summit.

Justice Amadi says an efficient judicial system provides a framework for stability and economic development. He says one of the indicators potential investors look out for is the mechanism and the speed at which commercial disputes are resolved.

He assures Governor Fubara and the audience that there are adequate provisions for quick resolution of disputes, including commercial disputes, brought before the judiciary in Rivers State.

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1:25 p.m.: The Speaker, Rivers House of Assembly, Victor Oko-Jumbo, is presenting his goodwill message. “The years of rhetoric are gone,” he said, while commending Governor Fubara for organising the economic and investment summit.

Mr Oko-Jumbo states the roles of the legislature in economic development

“This summit could not have come at a better time than this, as our very dynamic and pragmatic governor is just completing his first year in office which has been used to lay the foundation and strategic pillars upon which a more prosperous Rivers State of our dream will be built,” he says, and then goes on to assure Governor Fubara of the support of the state lawmakers towards the actualisation of the administration’s development plans.

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3:09 p.m.: one of the panelists, Sir Godfrey Ohuabunwa, speaking on sustainable development goals and cyber security.

“We need to be able to digitise our processes. Government must use technology to fight crimes,” Sir Ohuabunwa says.

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Panelists at the Economic and Investment Summit in Rivers State

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3:34 p.m.: Taking of questions from the audience begins.

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3: 30 p.m: The Commissioner of Police in Rivers State, Tunji Disu, speaking on security in the state, calls for the creation of state police. “We must localise police force,” he says.

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3:41p.m: A participant asks why villages are not being utilised for development. He also asks why other energy sources such as solar and solid waste are not being utilised.

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Governor Fubara in a group photograph with members of the panel

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Governor Fubara exchanging pleasantries with traditional rulers shortly before his departure.

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Governor Fubara leaves the venue at 4:02 p.m.

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4:05 p.m: Another panel discussion (the fourth), on Tourism and Creative Economy, begins

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Fourth panel discussion on Tourism and Creative Economy ongoing

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4:15 p.m: Minister of Culture, Arts and Creative Economy, Hannatu Musawa, speaks on the impact of tourism and creative industry.

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4:27 p.m.: Director General/CEO Rivers State Tourism Development Agency, Yibo Koko, speaking on the state government’s efforts on creative industry.

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4:35 p.m. Minister of Culture, Arts and Creative Economy Hannatu Musawa promises to help Rivers State Government realise its desires in tourism development and creative economy by presenting their challenges to President Bola Tinubu.

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4:37 p.m: Questions and answers session begins. A participant at the summit asks if hotels can be classified for users to know the facilities therein.

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4:38 p.m. But one of the panellists says classification is a responsibility of the private sector, not the government.

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4:43: Another participant asked how the Rivers State government can be convinced to invest in the creative industry.

The Director General/CEO Rivers State Tourism Development Agency, Yibo Koko, responds that the state government will be convinced to invest in the creative industry when the players are not “showing political connotations.”

He lamented that the religious leaders and clerics within the South-east and south-south often speak ill of their culture, unlike their counterparts in South-western Nigeria.

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4:51 p.m: A participant, a traditional ruler, argued that tourism has not thrived in Port Harcourt because it has been “demonised” by residents because of their Christian orientation.

One of the panellists agreed with the traditional ruler but stressed that he should do well to galvanise his people to embrace tourism without demonising it.

The panellist said the state government will come in and assist to revive the culture and tourism when there are obvious efforts by the people in that regard.

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4:59 p.m: The Chief Executive Officer of Housing and Construction Mayor Limited, Mayor of Housing, Ace China, promises to fund competitions for the creative economy and tourism development in Rivers State.

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5:02 p.m.: Chairperson of the panel gives closing remarks

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