Last weekend, Bayelsa State government hosted an investment forum in Yenegoa. For the citizens, what matters is the fruits of the event, writes Mike Odiegwu
All roads led to Yenagoa, Bayelsa State capital last week. For over three days, personalities from different walks of life trooped into the city.
It was not the just-concluded Most Beautiful Girl in Nigeria (MBGN) beauty pageant that brought them. They came to attend the first Investment and Economic Forum organised by the Governor of the state, Mr. Seriake Dickson.
President Goodluck Jonathan, though was absent, was represented by Vice-President Namadi Sambo.
But the ministers of Petroleum Resources, Mrs. Diezani Alison Madueke; Trade, Industry and Investment, Dr. Olusegun Aganga; former chairman of the Peoples Democratic Party, Alhaji Bamanga Tukur were among dignatries that attended the forum. They also delivered goodwill messages.
Also, Chief Timi Alaibe, Mr. Uche Orji, Managing Director of Notore Chemical industries, Miss Ivana Osagie, Regional Manager South-south Operations Bank of industry, Mr Balarabe Musa were among the lead speakers and panelists.
The Minister of Niger Delta Affairs, Chief Steve Oru and his counterpart at the state for Defence, Senator Musiliu Obanikoro, were not left behind. Investors from China, South Africa, Europe and America came to see Bayelsa and her business opportunities.
The governor was convinced that the event was strategic. It was designed to bring eminent and foremost industrialists, entrepreneurs, tourists and influential politicians from different parts of the world to the state. It was put together to showcase the state as untapped rich business virgin that tasty for business suitors.
Dickson believed that the programme would act as a key to unlocking the investment potential of the state and move it to the world map as a preferred destination for foreign investors.
Indeed, one leg of the forum’s objective appears to have been achieved. People, locals and foreigners, came. They kept the state busy for three days. Most of the hotels were fully booked and from the world press conference to the cocktails including practical sections, contacts were established and business agreements were signed.
Jonathan was concerned about using the forum as an opportunity to identify other investment possibilities in the state. He wanted the participants to be involved in diversifying the economy. He urged Bayelsa to develop other sectors of its economy instead of depending on oil and gas alone.
Jonathan said: “Bayelsa must diversify its economic base. It should not focus on oil wealth. It should pay attention to agricultural, coastal landscape for tourism, maritime industry and new housing estate.
“The desire by the state government for development will be supported by the Federal Government.”
Dickson was in his best element. In an elaborate statement, Dickson sold Bayelsa to the world and told investors the specific money-doubling opportunities in the state.
He spoke about tourism, agriculture and power generation. He solicited partnership in the areas of road construction, small and medium enterprises development to expand the economy beyond oil and gas.
Keynote Speaker, Mr. Jim O’Neil, Retired Chairman of Gold Sachs Asset Management, was represented by Chairman of the World Economic Forum, Lord Malloch-Brown.
He said the need to build an inclusive political government, create critical infrastructure and institutions to gain the confidence of investors.
In line with the recommendations of O’Neil, the Chief Judge of the state, Justice Kate Abiri, said the state was ready to ensure quick dispensation of justice to provide an enabling environment for investment.
Addressing potential investors, she said: “Bayelsa will not allow any corrupt investors in the state. We will do all we can to allow justice and your business must be in line with the much desired economic growth of the state government.”
But, Mrs. Madueke said the Federal Government had taken practical steps to deepen its partnership with Bayelsa on a number of projects, including the Brass Liquified Natural Gas (BLNG).
She said the final investment decision (FID) of the BLNG would be reached in the first quarter of next year adding that the Federal Government intended to create more jobs in the state through various programmes, using the Nigerian Content Development and Monitoring Board.
She identified the Nigerian Content Development and Monitoring Board (NCDMB) as a critical element of petroleum development in the country. The minister insisted that establishing the content board had propelled Nigerians to participate actively in the petroleum industry.
Mrs Allison-Madueke, who also visited the office of the board in Yenagoa and was received by the Executive Secretary of the board, Mr. Ernest Nwakpa, and other board members, said the Nigerian content had been deployed in other sectors of the economy.
She noted that, work on a pipe mill development project at Polaku in Yenagoa local government area was ongoing in addition to the proposed industrial park at Otuoke.
In his remarks, Dr. Aganga noted that Bayelsa, like Nigeria possesses a viable macro-economic environment for investments to thrive. He noted that the state accounts for more than 30 per cent of the nation’s crude oil production and could do well in agriculture.
Dickson was able to extract commitments from some of the investors. The state government signed Memoranda of Understanding (MoU) with many companies.
With Proton Energy, the government signed an MoU for the construction of 500mgw power plant and with the Bank of Industry, Mainstreet Bank and the Bank of Agriculture entered into an agreement to establishment N25billion SMEs development fund.
Dickson was not done yet. His restoration government entered into pacts with Ostertrade for the establishment of ceramic tiles, glass and tomato paste and beans canning industries.
Dickson further put pen to paper with the Federal Ministry of Communication Technology and four media organisations, comprising Channels Television, Africa Independent Television (AIT), Nigeria Television Authority (NTA) and Silverbird. The deal was aimed at promoting effective dissemination and management of information concerning government activities.
The Minister of Communication Technology, Dr. Omobolaji Johnson signed on behalf of the Federal Government, while Secretary to State Government, Professor Edmund Alison Oguru and Information Commissioner, Deacon Markson Fefegha signed for the state.
The governor Described SMEs as a critical aspect of the state’s economic plan, especially the diversification from the oil and gas sector. He urged the people of the state to key into the SMEs programme for the creation of wealth and job opportunities. He insisted that the era of dependence on political patronage was no longer sustainable.
He presented some certificates of occupancy (C of Os) to Julius Berger Plc and other individuals and underscored the importance of the land title document in addressing the issue of access to business finance.
Beyond the speeches, Bayelsans are watching. Many of them commended the efforts of the governor. Others are waiting to see the practical transformation of the theme of the forum “Unlocking Bayelsa economic potential: Opportunities and Challenges”, into a reality.
In fact, they are looking forward to the establishment of ceramic tiles, glass and tomato paste, including beans canning industries in Bayelsa State.
