In a significant move to recalibrate the economic trajectory of the South-South region, the Director-General of the Rivers State Investment Promotion Agency (RSIPA), Dr Chamberlain Peterside, has utilised the platform of the newly revived BRACED Commission to unveil a comprehensive investment strategy for Rivers State.
The BRACED Commission an acronym representing the cooperating states of Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta marked its formal return to the regional discourse with a high-level roundtable in Port Harcourt. The assembly serves as a crucial precursor to an impending regional economic summit.
Addressing the roundtable, which he also chaired, Dr Peterside lauded the rebound of the Commission, recalling its promising inception before political frictions intervened. “The governors of the region were once united for a singular cause. Subsequently, political complexities emerged, and the structure fragmented,” he remarked.
Dr Peterside asserted that the current agenda is straightforward: to integrate the regional economies into a formidable, unified bloc. Acknowledging that RSIPA is a nascent organisation having further endured a six-month hiatus during the recent state of emergency he characterised the current climate as a “unique opportunity to secure resurgent momentum.”
Outlining the achievements of RSIPA, Dr Peterside revealed that the agency has been inundated with investment proposals. He emphasised that sustainable growth must begin with the guidance and support of domestic investors.
“Through targeted outreach programmes and the establishment of our One-Stop-Centre (OSC), we have engineered a streamlined system to address investor requirements,” he explained. “For the first time in Rivers State, prospective investors and Small and Medium Enterprises (SMEs) possess a centralised hub capable of resolving institutional challenges and fostering an environment where businesses can truly flourish.”
He further pledged a commitment to enhancing the “ease of doing business” by harmonising activities across various ministries, departments, and agencies, viewing the state as a “single ecosystem.”
Turning his focus to the wider South-South landscape, Dr Peterside issued a sobering assessment of the shifting energy sector. With International Oil Corporations (IOCs) increasingly migrating their operations offshore, he argued that the region must pivot toward collaborative, “big ticket” investment proposals.
“The carpet is shifting beneath our feet,” he warned. “We must target proposals that transcend state boundaries. For instance, a railway system linking Benin to Port Harcourt and Calabar is not a project for a single state. The BRACED Commission is the ideal vehicle to push this agenda.”
He further cited the strategic oil route from Opobo to Akwa Ibom as a primary area of interest. Under the direction of Governor Siminalayi Fubara, the agency is seeking to synergise with neighbouring states, noting that the current alignment of all regional governors within a single political party presents an optimal window for cooperation.
The roundtable also featured a compelling presentation by Mrs Patience Ranami Abah, Director-General of the Bayelsa Investment Promotion Agency (BIPA), titled ‘Closing the Value Capture Gap.’ She demonstrated that the sub-region secures greater victories when presenting a unified economic front.
Representing the Federal Ministry of Industry, Trade, and Investment, Deputy Director David Franklin noted that the South-South remains Nigeria’s “hub of power,” citing its dominance in hydrocarbons, the blue economy, agriculture, and tourism. Amb. Joe Keshi, Director-General of the BRACED Commission, added that the session was designed to synchronise investment frontiers within a strategic framework for integration.
The two-day symposium concluded with the issuance of a formal communique recommending the establishment of a monitoring committee and technical oversight groups. Key resolutions included:
The creation of a BRACED Investment Promotion Charter and a harmonised Regional Investment Promotion Framework, Strategic infrastructure alignment and uniform economic reforms across the six states, and A comprehensive regional human capital development plan.
The communique ended with an urgent appeal to state governments, private investors, and development partners to collaborate in transforming the BRACED territories into a beacon of global economic dynamism.
Leave a comment