By BARBARA KALU, Port Harcourt –
Following the conclusion of conclusion of the post- 2023 elections litigations and court processes in Rivers state, investors who had been hesitant about bringing their time and resources into the State business environment have been called upon to now go ahead.
The Mayor of Housing, My-ACE China, who made the call in an interview in Port Harcourt at the weekend, noted that the final resolution of the all the litigations at the Supreme Court on January 25, 2024, represents as a welcome development that may boost the economy of the state.
Business analysts say the frequent political crises in the state over the years and the latest episode and litigations have deterred the appetite of investors.
Rivers State was considered the fastest developing state in Nigeria with capacity for about 60 per cent of fossil oil that sustains Nigeria, but violence and political crisis were believed to have caused decline.
Mr China, the CEO of the Construction and Housing Mayor Limited who is known as a real estate success strategist, said this while reacting to the Supreme Court judgment on Thursday, January 25, 2024, which finally affirmed Sir Siminalayi Fubara as the governor of Rivers State.
He stated that the peace the judgment has brought to the state will help the general economy and business environment of Rivers State. Rivers State cries for boost in its gross domestic product that is so far at about $51,000 while per capital is over $5,000.
On the side of the people, the Mayor of Housing said the resolution of the matter would create certainty which he said is the hallmark of business development through investment decisions. Rivers State has estimated population of over seven million people by 2023 estimates. Many analysts say it is important to boost job creation and youth engagement to create new economic lines that would develop new earning streams for the teeming populace.
The Mayor of Housing said: “Anyone who wants to take make any major investment wants reasonable certainty in the leadership of that state. No business executive will make final invest decision into a state when you do not know who will be governor.
“Many people may not know that investors have been hanging out there waiting. It is important to them to know who is in charge, especially businesses that have scale, which is the type that employs people more.”
The CEO said this development boosts the advent of investors that would boost labour and job creation. On the side of people already in Rivers State, he said, in the economics of emotion, elation causes elevation of productivity while depression causes depreciation of productivity.
He went on: “So, when a people are depressed or are gloomy, it affects the general productivity of the state and affects the micro-economics of the people of the given society.
“You can see the amount of joy and rejoicing in the state. This not only causes elation and elevation of the emotions of the people but pushes them to gladly go out and engage in more economic activities. There are new expectations now that the apex court has affirmed who is the governor of Rivers State. It now helps everybody to join in development activities that boost expectations of developmental projects and dividends of democracy without distractions and interruptions.”
He also said his joy as a real estate success strategist and mega investor is that the fate of the ongoing 20,000 low-cost housing scheme recently flagged off by the Sir Fubara administration would no longer be made to hang in the balance.
Mr China thus said the victory should not be seen to belong to Sir Sim Fubara alone but for all the people as well as for the economy of the state.
He stated: “Now, lets get down to business and watch as this boosts the economy”.
The economy of Rivers State is dominated by the state’s booming petroleum industry. Although the rise of the oil industry has led to increased revenue for the state government requiring peace and economic stability added with competent management to boost the economy.
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