Rivers State Launches Investment Offensive: Can a New Agency Overcome a ‘Perception Risk’ Legacy?
Port Harcourt, Nigeria – In a significant move to reclaim its economic standing, the Rivers State Investment Promotion Agency (RSIPA) has publicly declared a mission to dismantle long-standing barriers to business and rehabilitate the state’s investment image. The announcement, made at the 18th Port Harcourt International Trade Fair, signals a direct confrontation with what agency officials term a damaging “perception risk” that has branded the oil-rich Niger Delta state as unsafe and difficult for business.
Confronting the ‘Accumulation of Negative Narratives’
Dr. Chamberlain Peterside, Director-General of RSIPA, presented a remarkably candid assessment of the challenges. He did not shy away from admitting that “many things had gone wrong in the past,” with state regulators themselves contributing to a hostile environment. The litany of obstacles he outlined is familiar to local businesses: policy inconsistencies, multiple taxation, harassment by miscreants, bureaucratic red tape, and an opaque public sector.
“Our task is no mean feat,” Peterside stated, according to a report from The Tide News Online, the primary source for this event. “We are dealing with the perception risk that for several years has branded the state as unsafe.”
The Core Strategy: From Executive Order to Enabling Law
The centerpiece of the new strategy is the establishment of a One-Stop Investment Center, designed to streamline interactions between investors and various ministries, departments, and agencies (MDAs). However, a key intervention from a prominent local investor highlighted a potential flaw in the plan’s foundation.
My-ACE China, the “Mayor of Housing” and CEO of a major sustainable city project, argued that for RSIPA’s plans to be credible and durable, they must be insulated from political volatility. He urged the state to replace the Executive Order that created RSIPA with a formal, legislated enabling law. “This would insulate the agency from political instability and remove investors’ fears about its sustainability,” he cautioned.
His metaphor was pointed: “It is the rat at home that tells the one in the bush that there is fish in the kitchen.” In essence, local direct investment (LDI) must be protected and seen to thrive before foreign direct investment (FDI) will follow with confidence.
Benchmarking Against Lagos and Abuja: A Call for Competitive Reform
The session evolved into a practical masterclass on competitive federalism. China urged Rivers State to adopt Geographic Information Systems (GIS) for land documentation, a transparency measure successfully implemented in Abuja, to reduce fraud and delays. He also pointed to Lagos State’s mastery of business promotion, which creates a global impression that “if you are not doing it in Lagos, you are not doing it in Africa.”
“We need to shout louder than Lagos,” he asserted, “because we need more investments than Lagos and the structural integrity of Abuja. When you marry both, Rivers State would be wonderful and become green with investments.”
Infrastructure and Security: The Unavoidable Ground Realities
While RSIPA focuses on policy and perception, other stakeholders grounded the discussion in immediate, physical impediments. Dr. Chinyere Nwoga, President of the Port Harcourt Chamber of Commerce, highlighted the menace of parked trucks turning the vital Trans-Amadi industrial area into a “risk zone,” a clear infrastructure and regulatory failure. Meanwhile, the representative of the Nigerian Investment Promotion Council (NIPC), Mrs. Lovina Kayode, bluntly advised Rivers State to “make haste and catch up on Ease of Doing Business.”
Analysis: A Promising Start Fraught with Execution Risks
The RSIPA breakout session reveals a nascent but critical shift in Rivers State’s approach. The acknowledgment of self-inflicted wounds is a necessary first step toward trust-building. The commitment to a One-Stop Center aligns with global best practices for investment promotion.
However, the path forward is strewn with execution risks. The call for an enabling law strikes at the heart of a fundamental investor concern in Nigerian states: policy continuity beyond a single administration. Without it, RSIPA’s efforts could be undone by a future government. Furthermore, the agency’s success is inextricably linked to solving the very tangible problems raised by the Chamber of Commerce—security, infrastructure decay, and inter-agency coordination—which are largely outside its direct control.
The presence and endorsement of investors like the Mayor of Housing and Oliver Biedima of Rainbow Heritage Group provide a glimmer of proof that progress is possible. As the state government, represented by Commerce Commissioner Warisenibo Joe Johnson, pledges to listen, the business community has presented a clear, actionable agenda. The transformation of Rivers State from a “business empire under lock and key” to an investment green zone now depends on translating this dialogue into consistent, legally-backed, and cross-governmental action.
This analysis is based on reporting from the primary source: The Tide News Online.