Investors to ‘unlock’ Bayelsa’s economic potentials

Bayelsa State will hold its first investment and economic forum next month, with prominent global figures expected to attend.

The theme of the event, scheduled for July 16-18, is: “Unlocking Bayelsa State’s Economic Potentials”.

At a press briefing in Lagos, the Bayelsa commissioner for trade, industry and investment, Mr. Kemela Okara, said the forum is aimed at showcasing the state’s economic potentials to the rest of the world “in line with the present administration’s economic blueprint, which is a private sector driven economy”.

A sizeable number of foreign investors have tapped into this vision, he said.

Bayelsa is better known for its oil and gas endowment, but he said the state is blessed with other natural resources that “will be of great economic benefit to the would-be investors and the government”.

The forum will focus on oil and gas, agriculture, ICT, tourism and hospitality and power.

He said: “We are hoping that this forum will create an opportunity for more investors to come and invest in agriculture, aquaculture and farming, which will expand to agro-allied industries.

“Our expectation is to have potential investors from different parts of the world, within Nigeria and Bayelsans in the diaspora to come and take advantage of the various opportunities that exist.”

He said that in line with the administration’s vision of making the state the “Dubai of Africa”, the government has provided the enabling environment, which includes adequate security, infrastructure and the legal framework “that will be of economic benefit”.

Some of the ongoing projects in the state, which are aimed at providing the platform for investors, include: the Agge Deep seaport, Cargo Airport, the opening up of the three senatorial districts, the world-class diagnostic centre, multi-billion naira five-star hotel, among others.

On the incentives for investors, Okara said the main one “is the free trade zone we are planning to establish. To establish a free trade zone, there will be non-application of local taxation”.

The director-general of the Bayelsa Investment Promotion Agency, Freda Murray-Bruce said in the last two and half years, the state has hosted various international events “which is an attestation to the fact that it is the most peaceful state in the country”.

The forum, according to her, will feature notable economists and investors across the globe.

Highlighting the achievements of the Governor Seriake Dickson-led administration, the chief press secretary Daniel Iworiso-Markson said the state was generating N50 million as internally generated revenue (IGR) per month, but this has gone up to N1 billion monthly.

“Moreso, we are now targeting N6 billion as IGR per month in the next few years. This can only be achieved by inviting investors, both foreign and domestic investors to invest. We hope to be self-sustaining, not depending on oil and not depending on monthly allocation.

“Like my governor would say, we are not looking for contractors, but development partners. All unique opportunities in Bayelsa State would be articulated at the conference and it won’t be a regular talk-show. The state has put a lot in place to host this conference in terms of infrastructure, developing small and medium scale enterprises (SMEs). We want a sustainable development and partnership that will work,” he said.

Highlighting the relevance of the power sector to the economy, the special adviser to the governor on investment, Cyril Akika, said the government, in addition to the present power supply, “is planning to generate 3000MW to boost power supply in the state”.