Rivers Investment Agency Champions Regional Platform to Boost Economic Growth
The Director-General of the Rivers State Investment Promotion Agency (RSIPA), Dr Chamberlain Peterside, has called for the establishment of a regional investment platform to accelerate economic growth across the South-South region. Speaking at a roundtable convened by the reconstituted BRACED Commission, Peterside emphasized that key projects such as rail infrastructure, power generation, and blue economy initiatives require collaboration beyond the capacity of any single state.
Regional Collaboration as a Strategic Imperative
Peterside explained that numerous investment proposals have emerged following a period of inactivity due to a state of emergency, many of which have significant regional implications. He stressed that a coordinated approach among states is essential to harness these opportunities effectively. The meeting, which included investment promotion agencies from Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta states, served as a precursor to a proposed regional economic summit aimed at fostering deeper integration.
While chairing the session, Peterside provided an overview of Rivers State's economic landscape and commended the early vision of the BRACED Commission. He noted, "The governors of the region were once united for a common purpose, but politics disrupted that momentum. The agenda now is to integrate the economies of the region into a strong bloc." He highlighted that RSIPA, though still in its early stages and having experienced about six months of inactivity, views the current period as a critical opportunity to regain momentum and drive investment.
Streamlining Investment Processes and Enhancing Business Environment
Peterside outlined RSIPA's achievements, including receiving numerous investment proposals and intensifying engagement with both existing and prospective investors. He emphasized the importance of domestic investors, stating, "We recognise that investment begins with domestic investors, and there is a need to guide and support them." Through outreach programmes and the establishment of a One-Stop Centre (OSC), the agency has streamlined processes for investors, providing a centralized hub for small and medium enterprises to address challenges and support business growth.
He reiterated RSIPA's commitment to improving the ease of doing business in Rivers State, focusing on enhancing the operating environment to attract and retain investments. "We are also collaborating with ministries, departments and agencies to harmonise activities and create a unified investment ecosystem," he added.
Addressing Shifting Dynamics and Infrastructure Gaps
On the regional outlook, Peterside warned of shifting dynamics in the oil and gas sector, noting that international oil companies are moving offshore. He urged the region to rethink its strategy and target large-scale investments that cut across states. He stressed that certain infrastructure projects, such as railway networks, require multi-state collaboration, pointing out the absence of a rail line linking Benin, Port Harcourt, and Calabar as an area where the BRACED Commission can take the lead.
Peterside also referenced ongoing oil corridor developments, including routes from Opobo to Akwa Ibom, highlighting their strategic importance to regional integration. He described the current political alignment in the region as a window of opportunity for joint development initiatives and called on agencies in BRACED states to advocate for collaboration over competition with their governors. "Let the governors know that BRACED task is not a competition but as a collaboration. We have the Niger Delta Development Commission (NDDC), the South-South Chambers of Commerce, Industry, Mines and Agriculture (SSCCIMA), the Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA), etc. This is the ripest time to strike the iron," he urged.
Support from Other Stakeholders and Roundtable Outcomes
Mrs Patience Ranami Abah, Director General of the Bayelsa Investment Promotion Agency (BIPA), presented a strategy titled 'Closing the Value Capture Gap', demonstrating how states can achieve greater economic benefits by presenting a unified front. David Franklin, representing the Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, emphasized that investment in people is foundational to prosperity, noting the South-South region's potential in hydrocarbon, blue economy, agriculture, and tourism sectors.
Amb Joe Keshi, the Director-General of the BRACED Commission, in his welcome remarks, stated that the roundtable was themed around synchronizing investment frontiers in a strategic framework for South-South economic integration. The event concluded with a communique recommending the establishment of a monitoring committee and other organs to drive integration and investment.
A highlight of the roundtable was the discussion on a private sector-driven rail system for the region, which is reportedly at the feasibility study level. Mr Kalada Apiafi, who presented the project outline, expressed optimism about the rail project from Benin to Calabar, noting high interest and hopes for its realization.
