Fubara wants the economic growth of the rivers, Sanusi pursues a friendly policy

Rivers State Governor, Siminalaya Fubara, has vowed to continue efforts to mobilize key stakeholders with attractive investment portfolios in the business community to join hands with his administration to transform the state’s economic growth trajectory.

Speaking at a cocktail reception at the Government House Banquet Hall in Port Harcourt on Wednesday evening, Fubara told business captains that the economic summit would provide vital data that would assist his administration in drawing up an economic action plan for the state.

The Rivers State Government hosted a cocktail reception in honor of participants and delegates of the 2024 Rivers State Economic and Investment Summit.

This was contained in a statement issued by the Chief Press Secretary to Governor Nelson Chukwudi and sent to journalists.

The governor emphasized the need to wake up the country from its economic slumber and adopt the familiar status of a country economically able to compete with countries considered advanced and developed.

He stated: “In the true sense of the word, Rivers State is known for very special things. And what are these things? Peace-loving people and very hard-working people. We have been inland farmers since ancient times. We are fishermen; those who live on the coast, we work very hard.

“Today, because of industrialization, white-collar work and too much education, we wear very expensive suits, sit in the office, sign papers and you know what will happen next? I don’t want to mention it!

“But we have to move the country forward. Before this period, we were one of the most, I would say, economically viable countries, but somehow a few things went wrong and we ended up where we are today.

“We called everyone today. We called the whole world. You represent the world, and we tell you that we want to change the trajectory of our country. We want our country to move like any other developing country.”

Continuing, he said: “Rivers State, if it were to be any other place, should be a separate country. We have all the resources: we have oil, we have gas and we have all the other valuable resources. The world is moving towards a blue economy and we have a wonderful coastline,” he said.

Fubara thanked them, “and indeed all those who contributed and supported today’s success, that is, on the first day, assured us that greater success is coming, which will be reflected in the anticipated industrialization of the state.”

The governor confessed that “in this first instance, most of the expectations may have been met and some other things were not done perfectly, but the most important thing is to start the process and that was done.

“Forgive us where we have not done the right thing. Help us correct our mistakes. But see what you can do to help us move our state forward.

“I have said it before and I will say it again: our commitment is first and foremost to the people of Rivers State. If Rivers State does not succeed, there will be no fight for political control.

“So let it be that I am upgrading Rivers State so that there will be a sharp tussle for political control. At least this is what history will remember me,” he added.

In his opening remarks, former Commissioner at the Ministry of Finance, Dr. Chamberlain Peterside, said that a lot of work had gone into creating the platform, adding that the idea of ​​an economic and investment summit materialized thanks to listening to the Governor.

Peterside said the overarching goal was to begin networking and engaging entrepreneurial minds to cross-fertilize business ideas that can translate into sustainable economic gains beyond simple consumption.

He said: “When I entered this hall with my friend, Engr. Braidem, reminded me that the last time a similar event took place was over 13 years ago.

“It is therefore a very extraordinary evening that His Excellency, the current governor, has seen fit to create such a platform, attended by business executives from far and near who have come to meet with his cabinet, with his entire management team.”

Peterside went on to say: “He granted us an audience, we presented our proposals and he approved them, concluding that we should hold the event. I believe this will be the first in a series of meetings between his administration and the private sector.

“You will be very surprised that many policy initiatives can come from the private sector. The private sector is the engine room that powers economic growth.

“Therefore, His Excellency has deemed it necessary and necessary to bring the private sector into a pool where you can constantly engage, interact and be sure that your voices, needs, aspirations and desires will be heard in the management and business development process of the state. ”

He expressed optimism that the outcome of the summit would result in vibrant and robust economic growth and development in the state, adding that with the groundwork now in place, it was imperative for all stakeholders to explore the opportunities created for the benefit of Rivers people and Nigerians.

Sanusi says

Meanwhile, former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has said that 10 years of mismanagement cannot be rectified in six months or a year.

Sanusi disclosed this on Thursday in Port Harcourt during a speech on the second day of the two-day Economic Investment Summit in River State.

The 14th Emir of Kano maintained that some of the government’s policies may be painful, but noted that it is the right thing to do.

“Reforms of the economy, whether of a state or a nation, require difficult decisions

According to him, these reforms included policies that “may be painful and unpopular and are usually not well received, but this is the only way to guarantee a better future for citizens.”

“At this point I want us to be realistic. The mismanagement of the last 10 years cannot be corrected in six months or one year

“We need to understand that some of the difficult decisions that have been made will take time to see changes in the economy, it will take time to see a turnaround because these decisions are necessary to save the economy,” he added.

Emir Kano added that River State has the opportunity to operationalize the ideals of the subnational zone.

“As the second largest economy after Lagos, the River State has a unique opportunity to become a beacon of progress

“It has the opportunity to operationalize the ideals of the subnational zone concept in a federal competition. By building a resilient, dynamic, modern and effective system that fosters economic growth and prosperity,” he said.

The former CBN chief added that resources can be a blessing or a curse depending on the leadership.

“Resources can be a blessing and resources can be a curse, the choice is left to the leaders. Oil is not a curse, the leaders we have are a curse,” he added.

He reiterated that human capital and management are the reasons why countries develop through innovation, intellectual property and education, among others.

Sanusi, however, said that having natural resources such as oil is not enough to make a country rich.

“Ritting on oil or any natural resource is not enough for economic development. If we extracted all the oil underground in Nigeria, sold it and shared the money among Nigerians, we would always be a low-income country. So oil is a resource, but it is not enough to make us a rich country,” Sanusi said.

Speaking further, he reiterated that for Nigeria to achieve development, “there is a need to take concrete steps that will shift natural resources towards diversity and institutionalize the fundamental and economic framework.”

He maintained that to ensure a prosperous future, the state must embrace innovation and reforms to make the city attractive to growth-capable investments.

“In other words, state institutions can provide the quality of society’s thinking and skills or the elements critical to achieving results.”

He maintained that while widening the tax net is important, it should not be a burden.

Sanusi said the public service should pursue investor-friendly policies.

He advised that the justice system must be independent and judges should rise above any suspicion of injustice.

“The law must protect investment, and our tax system, while necessary for the physical strength of government, should not be a coercive system.”

“Tax is important, it is important to expand the tax base, it is important to have a tax net, but it must be streamlined, reasonable and we must increase taxes,” concluded the emir.

Meanwhile, this comes as Sanusi remained silent on reports of his reinstatement as the 14th Emir of Kano as he did not comment on the news of his reinstatement.

Additionally, as he was taking his leave shortly after his presentation, which was met with a standing ovation, journalists attempted to interview him, but his aides turned him away as he left the hall, although he smiled and greeted cheers from a large audience along with members of the royal family. audience.

The former CBN governor said to achieve development, the nation must take concrete steps beyond natural resources, including diversification and institutionalization of its core economic framework.

According to him, even some countries that are not blessed with natural resources cannot be compared to Nigeria in terms of living standards because they have taken deliberate steps to develop and sustain themselves.

Thanking his host, Fubara, for the honor of inviting him, he said: “For me to honor Rivers State is to honor one of my best friends, Herbert Wigwe (of blessed memory). This is another way I can show my respect for him. Today of all days I wish you were here with me.

He said the summit is important because it comes at a time in Nigeria’s history when it is desperate to “set a new course in economic thinking, opting for a paradigm shift that seeks to harness our enormous potential and propel us towards sustainable growth and prosperity , the decision to focus management around economic development through investment promotion is a very thoughtful and bold decision of the Rivers State government.”

Sanusi further stated that this is more because reforming the economy, whether of a state or an entire federation, requires difficult decisions.

He added: “It will take us some time to turn things around, but these decisions are necessary to save the economy. We always knew we would have to go through this process if we didn’t change course. We saw this film in Zimbabwe, we saw it in Venezuela, we saw it in Argentina and it is a film that we do not want to be involved in. I hope we make this transition short and return to economic growth, but this is the right decision.”

“Despite having an abundance of mineral resources, countries like Russia, the United Arab Emirates, Norway, etc. have developed not only because of the resources given to them by nature providentially, but also because of an effective and well-thought-out vision of diversification through the quality of their management institutions and people.

“Resources can be a blessing, but they can be a curse. The choice is up to the leaders. Oil is not a curse. The leaders we have had are a curse. So it’s a choice you make. You can turn it into a blessing or a curse.”