News
‘Economic Summit Capable Of Launching Rivers Into Economic Giant’

The Mayor of Housing, Mr Ace China, says the economic summit which opens in Port Harcourt today is capable of launching Rivers State into an economic giant with fast growth.
The real estate success strategist said the summit has good news for the State, which he noted would make the State to bounce back to business.
He noted that Rivers State slacked back over the years and yielded ground to Lagos and some other States in some sectors of the economy, contending, however, that a turnaround might have come.
Speaking in Port Harcourt in an interview ahead of the summit, Mr China, a real estate success strategist and Chief Executive Officer of the Housing and Construction Limited, said the good news is that time has come to reverse the downward trend.
Assuring that Rivers State has huge potentials, the Mayor said it is time to exploit them.
For instance, he said whereas some States import sand, but that Rivers State has the best sand which is why it had a glass industry called the West African Glass Industry.
“Those who arranged that the economic summit be discussed in Pidgin English radio station are wise because it has proved that they want to carry along all categories of business operations. It means all business people are required to understand the concept and objectives of the summit.
Economic summit to a common man means think before you act. It means to arrange your economy well, know your areas of advantage and priority. Planning gives better results. It teaches you to put more money where you have advantage. So, the media and strategic media groups have been lined up to communicate the summit well. It’s necessary for brand building. It will help to build Rivers State’s economy into a brand and sell it in such a way that people will understand and assimilate it well.
It means that perception is stronger than reality. Before I came to Port Harcourt, we believed that the State was terrible and that people were dying and nothing was moving and houses were falling. Now, I have found out the realty. So, the economic summit is to separate reality from perception.
For those who ask what the Rivers State Government is willing to give as incentives to boost investment, I would first say we are not here to talk politics but valuetics. It means the value for business. So, we expect people to read and listen with neutral ears not political eyes. In that case, we can say that from the point of business, this governor has done well especially in housing. The governor has excuse not to do economic summit, he has excuse not to do flag- off of projects, or not to continue old projects. But despite all this, he has continued to do projects. Few governors can do that kind of thing. He pursues peace because he thinks that where two elephants fight, the grass (the common man) will suffer. The best that touches my mind is the 20,000 housing schemes he initiated soon after inauguration. Even the Federal Government has not done 20,000, let alone States. No housing estate in Port Harcourt is up to 20,000 and all put together is not near 20,000. Even one major estate in this city is just 1000.
So, the summit is to look at where the governor has done well and where to adjust. They will review the roads and other projects. The best bridge is the one that connects lands or flying over waters. The state government has shown focus and value so far despite the situation on ground, but can do more. If he settles down, he will do wonders. As he listened in the housing sector, he will listen in other areas. His public private partnership (PPP) system in the housing scheme was great. What worries land developers is land acquisition and land papers. Sometimes they kill people just to get land. The Governor secured the land and made the developer to only face building. He also asked the developer to take direct labour, and that would give jobs to over 60,000 people. They are hiring many people. About 10 industries are involved in that project; sand industry, cement industry, electrical industry, etc. He wants to show the world that he is ready and that Rivers State is ready.
On Certificate of Occupancy (CofO) issue, in his one year in office, he has signed more Certificates of Occupancy than all others before him. The problem is most governors make Certificate of Occupancy look like getting kidney. So, we admire the man for this from the building subsector. I tell people to watch Rivers. Now, Abia is doing well, and he has got close to the governor of Abia State, Dr Alex Otti. The economic collaboration between both men is much.
One of my friends said before any farmer will plant, he levels and softens the ground. The major discovery we have made is that the first year is used to prepare the land. Civil servants have been treated well. They got N100,000 each for Christmas, got promotions, pension, etc. This communicates good message and investors like it. Now, three roads alone got N501.2billion in one year. Investors will be impressed by these early signs.
On potentials of Rivers State
All hands are not equal, so some States are richer and others are not so wealthy, especially in terms of internally generated revenue (IGR). In the case of Rivers State, because it is the Treasure Base of the nation which is the hydrocarbon (oil/gas) industry which is Nigeria’s economic mainstay, Rivers State is high on IGR and in wealth generation. So, when Rivers State coughs, Nigeria catches cold.
Rivers State ought to continue to be investors haven as it was in the beginning when wealth was based on productivity. At that time, Rivers State excelled in farming and port system to convert produce to export. Production without export is food. Roads and ports made Port Harcourt tick. What made Lagos important was federal capital presence. It was in Port Harcourt that business was thriving and life was bubbling. It was indeed the Garden City of Nigeria.
It was oil that brought easy money that made people abandon agricultural activities. Politics later came and made it worse. Politics made people to abandon industries and hustle. It made youths to believe that if you don’t disturb (cause violence), you will not be noticed and settled or included.
Fleeing businesses from other parts of Nigeria seem to head to Port Harcourt.
For over 20 years, fleeing investors from the North seem to have been running mostly to Port Harcourt. There is migration of business in Nigeria. That could be why Oyigbo is expanding steadily. Now, such threats to businesses seem to have reared its head in Lagos to make that place a new danger zone. It is the duty of Port Harcourt to prepare land and housing to welcome migrating businesses again.
The Nigeria Export Promotions Council (NEPC) had done an assessment of the One-State-One-Product (OSOP) scheme where a state chose which crop to specialise in and later do export and earn foreign exchange. Rivers State Government chose oil palm and added cassava. This has been for over five years but many say there has been no deliberate effort to develop these two and get their farmers to export readiness. If well managed, cassava will become an export product. See Songhai Farm initiative where the government sunk in many billions of naira, it has been allowed to rot instead of selling it because there were offers. There are several companies waiting to be revamped and privatised. At the economic summit, the government will list such companies and a handbook will answer the questions.
I carefully observed one thing over the thanksgiving events round the state. It gave me an idea. I was looking from an investment point of view. There is a book called the emotion of economics. Gloom is doom, and bloom is boom. When people are happy, things boom. A smiling face sells more. There has been no fight at the rallies, but joy and happiness. So, the people seem to be happy and this is the foundation of a start of an economy.
Agriculture is now failing in the north because of banditry, terrorism, and violence. They can’t access fertilizer anymore but that is what Rivers state produces at Indorama. That is the difference. If you create security in Rivers State on top of other values, investors will flock in.
As an active player in the real estate sector, and they say that sector is the next oil/gas, I will say the sector has a lot to contribute to the economy of Rivers State. This is because house is one of the three basic needs of man (food, shelter, clothing). You can manage one cloth. You can’t manage hunger because its no respecter of persons. Food is land-based and so its real estate. Real estate provides competitive housing. Migration has also started in Lagos. One house is built by 35 persons but if one is demolished, you scare away 35,000 persons. More persons are coming this way.
Role of Government in real estate
So, the role of government in real estate is to first is to systemize the land business; put it in the system. Meet the aboriginal owners, settle with them, register the land in the Ministry. This will remove land grabbing. As the land is changing hands, the system will keep indicating. All land being safe gives investors confidence.
Ease of Doing Business:
EoDB is another forte. There should be fixed amount to be paid for certificate of occupancy and when this is done, it should not take 21 days to pick it up, without knowing the people in government. Also, the government should issue land use regulation which stipulates what you can and cannot build in any area. The governor must put people that are trusted and not involved in politics like Olusegun Obasanjo did when he put the late Prof Dora Akunyuli in charge of drugs and food (NAFDAC).
Entertainment is another critical area:
Beyond cassava and oil palm, there is huge potential for agriculture. This is because river is source of wealth (fishing, leisure, etc, and the state is called Rivers State. There was Carniriv at one time. Those days of Rex Lawson made Port Harcourt the happening centre. Companies were paying entertainers. Now, it looks like if you don’t migrate to Lagos, you won’t succeed.
It is painful that most of the projects that others use to come first now were once started in Rivers State; power, palm kernel, monorail, airline, etc. .
Expectations from the summit:
The governor is the chief host and so he will unveil his plans and incentives. Without a summit, he started the 20,000 housing project, roads to riverine areas, etc. So, the summit will show him priorities, and EoDB, new offices to enhance business, incentives, tax waivers, etc. Abia State is now boasting with steady power. Rivers was first in that area. The healthy competition between Abia and Rivers will begin. Major impact will be rapid development in places such as Oyigbo as gateway towns.”
News
Tinubu Orders Security Chiefs To Restore Peace In Plateau, Benue, Borno

President Bola Tinubu has ordered a security outreach to the hotbeds of recent killings in Plateau, Benue and Borno States, to restore peace to areas wracked by mass killings and bomb attacks.
National Security Adviser, Nuhu Ribadu, disclosed this to State House correspondents after a four-hour security briefing with the President at the Aso Rock Villa, Abuja on Wednesday.
“We listened and we took instructions from him. We got new directives…to go meet with the political authorities there,” Ribadu told reporters, adding that Tinubu directed them to engage state-level authorities in the worst-hit regions.
Director-General, National Intelligence Agency, Mohammed Mohammed; Chief Defence Intelligence of the Nigerian Army, Gen. Emmanuel Undianeye; Director-General, Department of State Services, Oluwatosin Ajayi and Chief of Staff to the President, Femi Gbajabiamila, appeared for the briefing.
The Tide’s source reports that in Plateau State, inter-communal violence between predominantly Christian farmers and nomadic herders spiralled into gory slaughter when gunmen stormed Zikke village in Bassa Local Government early on April 14, killing at least 51 people and razing homes in a single night.
In Benue, at least 56 people were killed in Logo and Gbagir after twin assaults blamed on armed herders.
Meanwhile, in Borno State, eight passengers perished and scores were injured when an improvised explosive device ripped through a bus on the Damboa–Maiduguri highway on April 12.
Ribadu explained that after an extensive briefing, intelligence chiefs received fresh instructions to restore peace, security and stability across Nigeria.
“In particular, Tinubu had ordered immediate outreach to the political authorities in Plateau, Benue and Borno States, and the defence team had gone round those States to carry out his directives and report back.
“We gave him an update on what has been the case and what is going on, and even when he was out there, before coming back, he was constantly in touch. He was giving directives. He was following developments, and we, in charge of the security, got the opportunity today to come and brief him properly for hours. And it was exhaustive.
“We listened and we took instructions from him. We got new directives. The fact is, Mr. President is insisting and working so hard to ensure that we have peace, security and stability in our country. We gave him an update on what is going on, and we also assured him that work is ongoing and continues.
“We also carried out his instructions. We went round, the chiefs were all out where we had these incidents of insecurity in Plateau State, Benue State, even Borno, these particular three states, and we gave him feedback, because he directed us to go meet with the political authorities there,” the NSA explained.
Ribadu described Tinubu as “worried and concerned,” and said he directed that all security arms be deployed around the clock.
The government, he added, believes these steps have already produced measurable improvements, even if the situation is not yet 100 per cent safe and secure.
“He’s so worried and concerned, he insisted that enough is enough, and we are working and to ensure that we restore peace and security and all of us are there. The armed forces are there, the Civil Police, intelligence communities, they are there.
“They are working there 24 hours, and we feel that we have done enough to believe that we are on the right course, and we’ll be able to be on top of things,” Ribadu stated.
The NSA emphasised that combating insecurity was not solely a Federal Government responsibility.
He stated, “The issue of insecurity often is not just for the government. It involves the subunits. They are the ones who are directly with the people, especially if some of the challenges are more or less bordering on community problems.
“Not entirely everything is that, but of course it also plays a significant role. You need to work with the communities, the local governments, and the governors, especially the governors.
“The President will continue to direct that. We should be doing that, and that’s what we are able to. We are very happy and very satisfied with the instructions and directives given by Mr. President this evening.”
In Borno State, the NSA noted that while violence had surged in recent months, the insurgents refused to accept defeat.
He warned that most recent casualties there resulted from improvised explosive devices—”cowardly” IED attacks targeting civilians—and from opportunistic raids that follow any lull in fighting.
“We are getting the cooperation of the leadership at the state level, and everybody. It’s not 100 per cent…but we are going there.
“When you are having peace and you are beginning to get used to it, if one bad incident happens, you forget the periods that you enjoyed peacefully,” he added.
He paid tribute to the “many who do not sleep, who walk throughout, who do not go for any break or holiday”—the soldiers, police and intelligence officers whose sacrifices have created the fragile calm Nigerians now experience.
“They will continue to be there,” he said, adding, “Things have changed in this country…we are on the right track and we will not relent. We will not sit down; we will not stop until we are able to achieve results.”
News
FG Laments Low Patronage Of Made-In-Nigeria Products

A Federal Government agency – the National Agency for Science and Engineering Infrastructure, has decried the low patronage of Nigerian-made products by Nigerians.
The agency identified some challenges leading to the low patronage of the local products as affordability and public perception, among others.
Speaking during a stakeholders meeting organised by the agency in Akure, Ondo State capital, yesterday, the Deputy Director of Engineering at NASENI, Mr Joseph Alasoluyi, said Nigerians preferred buying foreign goods compared to local goods.
Alasoluyi, however disclosed that the agency had trained over 50 participants in the production of hand-made products, in a bid to ensure Nigeria-made products are patronised.
He explained that NASENI was set up to promote science, technology, and engineering as a foundation for Nigeria’s development and currently operates 12 institutes nationwide to achieve its objectives.
According to him, the aim of President Bola Tinubu, who is also the overall chairman of NASENI, was to ensure high production and patronage of “our local products thereby creating employment opportunities for many.”
He said, “The idea of this programme is to interface to ensure we produce products using our indigenous technology. This is what NASENI is out for, to ensure that homegrown technologies are encouraged.
“We are out there to ensure we integrate efforts to ensure that local technology is used to develop products within the resources we have.
“ The NASENI’s ‘3 Cs’ – Creation, Collaboration, and Commercialisation – that define NASENI’s strategic mandate: Creating innovations through research, Collaborating with partners to develop and refine products, and Commercialising these solutions to benefit the economy.
“Our achievements include the development of solar irrigation systems, CNG conversion centres, building machines capable of producing up to 1,000 blocks per hour, 10-inch tablets, locally made laptops, and electric tricycles (Keke Napep) set for market launch.”
In his remarks, the Deputy Vice Chancellor of the Federal University of Technology, Akure, Prof. Samuel Oluyamo, blamed the Federal Government for not properly funding research in the varsities, also noting that many research outputs were left halfway due to lack of funding and weak linkages between research institutions and industry.
Oluyamo also queried the Federal Government’s commitment to funding research and development, saying many academic innovations remained on the shelve due to a lack of support for commercialisation and poor infrastructure.
“Until we upscale research into mass production, technological growth will remain elusive. The government is not funding research in the universities enough. Thank God for TETfund that is trying in this regime. The major interest in beefing up research in universities and research institutions is really not there,” he said.
News
Nigeria Seeks Return To JP Morgan Bond Index
The Director-General of the Debt Management Office, Patience Oniha, has said that Nigeria is in advanced discussions with JP Morgan to re-enter the Government Bond Index and renew investors’ confidence.
Oniha disclosed this on Wednesday at a Nigerian Investors’ Forum on the sidelines of the World Bank and International Monetary Fund Spring Meetings in Washington, D.C.
The DMO boss explained that Nigeria has enjoyed favourable credit assessment among rating agencies in recent times on the back of the sweeping reforms initiated by the Central Bank of Nigeria.
Fitch Ratings recently upgraded the Long-Term Issuer Default Ratings of seven Nigerian banks and two bank holding companies to ‘B’ from ‘B-‘, noting that the outlooks are Stable.
The affected issuers are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Limited, Guaranty Trust Holding Company Plc, First HoldCo Plc, First Bank of Nigeria Ltd, Fidelity Bank Plc and Bank of Industry Limited.
The upgrades of the Long-Term IDRs of the banks followed the recent sovereign upgrade and reflect Fitch’s view that Nigeria’s sovereign credit profile has become less of a constraint on the issuers’ standalone creditworthiness, the rating agency said.
Fitch also upgraded Nigeria’s Long-Term IDRs to ‘B’ from ‘B-‘ on 11 April, a decision that reflected increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies.
“These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch said.
Nigeria was removed from the JP Morgan index in 2015 ostensibly due to its deviation from orthodox monetary policies and influence of capital control in its management of foreign exchange.
Principally due to reduction in oil revenues at the time, Nigeria introduced currency restrictions to defend the naira after it failed to halt a dangerous slide with burning of dollar reserves. The bank had earlier warned Nigeria to restore liquidity to its currency market in a way that allowed foreign investors tracking the index to conduct transactions with minimal hurdles.
“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” the bank said in a 2015 note.
Nigeria was listed in JP Morgan’s emerging government bond index in October 2012, after the Central Bank removed a requirement that foreign investors hold government bonds for a minimum of one year before exiting.
The JP Morgan Government Bond Index reflects investor confidence and opens doors to billions of investment flows, making Nigeria’s proposed re-entry a positive signal to the market and investors.
Oniha explained that talks with JP Morgan were ongoing and had gained momentum in recent times due to the stability created by the FX market reforms.
“With all the reforms that have taken place, particularly around FX, we have started engaging JP Morgan again to get back into the index. We think we are eligible now,” the DMO DG said.
-
Maritime5 days ago
NCS Hands Over 140 Sacks Of Cannabis Sativa To NDLEA
-
Rivers1 day ago
Police Investigate Officer’s Suicide In PH
-
Business1 day ago
FG Rakes In N6.96bn From Mining Fees
-
Politics1 day ago
PDP Crisis Deepens As Orbih Appoints CTC Excos For Bayelsa, Edo
-
News1 day ago
Army Chief Gives Troops One Month Marching Order To Flush Out Bandits In Niger, Kwara
-
Nation1 day ago
Monarch Preaches Peace As He Unveils Palace
-
Maritime5 days ago
FOU Zone Customs Impounds N1.01bn Worth Goods
-
Niger Delta1 day ago
Eno Promotes ARISE Coordinator To Perm Sec