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Can Oil-Rich Rivers State Become Nigeria’s New Investment Hub?

Rivers State in Nigeria is positioning itself as an attractive investment destination, with Governor Siminalayi Fubara announcing initiatives to foster a more investor-friendly environment. His administration is focusing on re-industrialization and reviving closed factories through measures like prompt land title issuance and moratorium on taxes for new businesses to achieve this goal. Speaking at the Rivers State Economic and Investment Summit, former Apex Bank governor Sanusi Lamido Sanusi emphasized the state’s potential to grow its economy due to its abundant resources and strategic location. Despite its oil wealth, Rivers State has encountered difficulties, like oil theft, sabotage, and high unemployment, that have limited the state’s potential. Sanusi highlighted the importance of good governance in ensuring wealth and prosperity, drawing parallels with resource-poor but prosperous countries like Rwanda, Australia, Japan, and Germany. Thereafter, he called for an end to corruption and the development of a skilled workforce that will propel Rivers State to become a commercial hub beyond federal allocations.