Nigeria’s Rivers State woos investors

Rivers State in Nigeria is positioning itself for a prosperous future, aiming to become a top destination for Foreign Direct Investment in the country. Chamberlain Peterside, a Member of the Organising Committee of the Rivers State Investment Summit, shared insights on the state's economic potential and its efforts to attract investors in a recent interview with CNBC Africa. Peterside highlighted the state's significant contributions to Nigeria's economy, including being the second-largest economy after Lagos and accounting for 40% of onshore oil production in the country. Additionally, Rivers State is the second-largest exporter of products from Nigeria via LNG. The state's strategic location along the Atlantic Ocean provides it with access to maritime opportunities, particularly in the blue economy sector. Despite its vast potential, Rivers State has not fully capitalized on its resources, prompting the recent investment summit to foster stronger private sector partnerships. The summit, the first of its kind in over a decade, aims to showcase the state's untapped investment opportunities and cultural richness, featuring discussions on sectors like technology, empowerment, and agriculture. Peterside emphasized the need for collaboration between the public and private sectors to drive economic growth and create a more secure and prosperous society. Beyond its traditional strengths in oil and gas, Rivers State is exploring diversification into the blue economy, leveraging its coastal resources for activities like fishing, industrial farming, and value-added processing. The state's focus on agro-industrial development and technological innovation in the maritime sector underscores its commitment to sustainable growth and food security. By aligning with global trends and enhancing its investment appeal, Rivers State is setting the stage for a new era of economic development and opportunity.