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On August 1, 2024, the report of the Rivers State Economic and Investment Summit of May 22-23, 2024, was submitted to Governor Siminalayi Fubara of Rivers state. While the details of the report can be projected based on events at the summit, a contemporary analysis of the state’s situation may support some additional input towards Governor Fubara’s aspiration to make the state Nigeria’s leading economic subnational location.
A causal relationship can be established between the 2012 decision of International Oil Companies , to reduce certain investments in Nigeria, especially divesting from onshore assets, and the decline of Trans-Amadi Industrial Layout.
As part of its mandate towards enhancing export trade and development in Africa, Afreximbank also provides project preparation and advisory services, including a potential financing programme that enhances feasibility plans, for subnational governments.
While Governor Fubara does the political heavy lifting to secure concessionary oil and refinery licenses from the federal government for RSPC, especially for underutilized fields in the state, Tonye Cole, as an accredited economic diplomat of the state, will deploy his industry leadership experience in seeking viable partnerships that enable maximal utilization of such assets, for high-income job creation and expanded revenue earnings for the state.
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