INVEST IN RIVERS STATE
Government of RIVERS STATE 2010 Published by Henley Media Group Ltd in association with the Commonwealth Secretariat
GOVERNMENT OF RIVERS STATE
Tr e a s u r e B a s e O f T h e N a t i o n
RIVERS STATE N
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Rivers State, with Port Harcourt as capital, is the economic hub of the well known Niger Delta region of Nigeria. Better known as Nigeria's oil and gas centre, Rivers State is a place of great diversity. It is home to a multiplicity of languages, cultures and various economic activities and markets. The local environment is no less colourful with its endless creeks, rivers, lagoons, marshes, swathes of rain and mangrove forests and ocean fronts. In the on-going harmonisation of these various elements, Rivers State is birthing forth one of Africa's greatest economic promises ever.
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GOVERNMENT OF RIVERS STATE
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NIGERIA'S TREASURE BASE
Rivers State with capital in Port Harcourt is a globally recognised socio-economic centre and one of the states in Nigeria. Rivers State is Nigeria's oil and gas centre. It is also the threatened but colourful eco-tourists' paradise with its over 3000 creeks, endless marshes, lagoons, mangrove and rain forests teeming with a multitude of the various faces of nature's fauna and flora striving for life beside the polluting presence of oil exploration activities: the enigmatic birthplace of globally acclaimed civil environmental rights activists co-existing with hot-headed militants. Indeed today, Rivers State is on course to fulfilling its promises of becoming Africa's greatest economic success. It has one of the richest oil and gas resource profile in Africa, a beautiful natural environment, and the appropriate regulatory framework to enable businesses thrive. Most importantly, it possesses a hospitable but very aware local population demonstrably committed to doing business with genuine investors. The opportunity represented by the state is magnified by the fact that it is governed, today, by a team committed to delivering all the basic infrastructural and policy support necessary for harnessing the dream that the state represents. Our global standing arising from the judgement of such international agencies like Standard and Poor as well as Fitch bear eloquent testimony to this: Rivers State is your destination of first choice for an investment bouquet that would keep your mind at rest. I invite you to visit Rivers State.
Rt. Hon. Chibuike Rotimi Amaechi. Governor, Rivers state
GOVERNMENT OF RIVERS STATE
INVESTMENT PROFILE OF RIVERS STATE
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Rivers State was created on the 27 of May, 1967 with capital at Port Harcourt. In 1996, today's Bayelsa State, was carved out of it 2 leaving behind a geographical space of 11,077km encompassing large swathes of tropical rain and mangrove forest as well as splendid arable land with interesting investing opportunities in crop and fish farming. th
Rivers State was created on the 27 of May, 1967 with capital at Port Harcourt. In 1996, today's Bayelsa State, was carved out of it leaving behind a geographical space of 11,077km2 encompassing large swathes of tropical rain and mangrove forest as well as splendid arable land with interesting investing opportunities in crop and fish farming. Rivers State with a total GDP of US$21,073,410,422 (GDP per capita of $3,965) and a population of some 5.6 million people, is the second largest economy in Nigeria as well as one of the fastest growing metropolitan cities in Africa;
Strategic economic hub of the
Niger Delta region
Borders the Atlantic Ocean to the south, the two major commercial centers, Aba and Onitsha in the south-eastern states of Abia and Anambra respectively to the North and other Niger Delta states;
Global economic standing
Has three major but strategic universities (University of Port Harcourt,
credited with a long term foreign and local currency
University of Science and Technology, Port Harcourt and University of
ratings of 'B+� and a national long term rating of 'AA-' by
Education) and other institutions of higher learning;
Fitch: a rating higher than even the rating of the sovereign, Nigeria;
Possesses two major refineries, two major seaports including an international one, and is easily accessible by road, rail, sea and air;
is the first state in Nigeria to receive a Standard and Poor rating: a 'B' long term credit indicating a 'stable outlook
Has direct access to the Atlantic Ocean which links it to other continents of the
based on improved transparency';
world providing immense opportunities in marine and maritime transportation/related sectors;
does not have any debt portfolio with any local or international bank. The State is not in any way indebted
Is home to multinational Oil and gas companies like Bonny NLNG, Shell
and has full capacity to source for funds and finance
Petroleum Development Company (SPDC), MOBIL, AGIP, and Chevron. It also
projects;
has established a free trade zone (the Oil and gas Free Trade Zone); has passed a compendium of investor friendly legal Is the regional headquarters of several Nigerian banks;
framework including a Procurement Law outlining the framework for public procurement of goods, works and services;
GOVERNMENT OF RIVERS STATE
Developmental Governance Is one of the states in Nigeria that is fully committed to fiscal federalism among the Federal, state and local government levels of governance; Has been recognized at various levels for its practice of transparent and accountable governance spread across vibrant executive, legislative and judicial arms of governance; Currently implements a policy thrust built on well articulated mission pledges viz: to serve Rivers State's stakeholders by rendering transparent and accountable stewardship anchored on integrity and good governance; to improve the quality of life of the people through rapid infrastructural development; to empower Rivers State's people and stakeholders economically in a peaceful, just and harmonious society under God;
INVESTMENT BY THE STATE GOVERNMENT FOR STRENGTHENING LOCAL ECONOMY (VERIFIABLE)
INFRASTRUCTURE o
From 2008-2010, a minimum of One Hundred Billion Naira per year invested in the provision of roads, bridges, and other social amenities;
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Currently, about 800km o roads are under construction (with 250 already completed);
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10 major bridges under construction (with 3 already completed);
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20 minor bridges under construction (4 completed), 2 flyover/interchange under construction (2 already completed);
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6 land reclamation/shore protection projects (Andoni, Opobo, Buguma, Abalama, Olombie/Owukiri Island, Obama-Okirikawith 1,140,000 Km2 completed);
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2 major markets and a shopping mall under construction (phase 1 of mile 1 market housing 960 shops and two banking halls completed);
EDUCATION o
350 model primary schools at various stages of completion;
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24 model secondary schools across the State at various stages of completion;
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Provision of ICT in schools and fully equipping the schools;
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Comprehensive training programmes for teachers at the primary and post-primary levels;
POWER o
Three power stations built and functional at Omoku (150 Mega Watts), Trans-Amadi (130 Mega Watts), and Eleme (75 Mega Watts). By June 2011, capacity will be increased to 500 Mega Watts under the $195 million dollars 180MW gas turbine awarded to Saipem;
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Seven Transmission stations (132/33 Kilo Volts) and 7 Distribution injection sub-stations 33/11 KV built;
HEALTH o
Construction of 160 Health centers in all the 23 Local Government Areas to engage primary health care in the state;
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Construction of a 1000 bed specialist hospital, the new Rivers State Modern dental and maxillofacial Hospital and the Kelsey Harrison (Niger) Hospital;
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Syringe factory;
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Construction of biolarvicide manufacturing company;
Completing these projects and the provision of the necessary expertise needed to sustain them are areas where the state would appreciate investors to come in.
GOVERNMENT OF RIVERS STATE
Our efforts and other key areas of interest to investors TRANSPORTATION Rivers State is committed to the provision of mass transportation to cater to its daily swelling population as well as the expected influx of persons into the state. To that end, the state is embarking on the following; o N60 billion Mono rail project (N11 billion already paid); o Establishment of buses, land and water taxis; o Construction of three bus terminals. ENVIRONMENTAL SUSTAINABILITY The maintenance of the environment on a sustainable basis has become a very key component of the State's socioeconomic policy direction. Rivers State government is currently involved in various sustainable environment maintenance schemes including: o Waste-to-wealth o Scrap-to-wealth; and
GREATER PORT HARCOURT CITY
o Other mass systems of refuse disposal compatible with international best practices.
Urban renewal THE GREATER PORT HARCOURT PROJECT The Rivers State capital, Port Harcourt popularly known as the 'Garden City� has over the years seen an upsurge in population growth which has resulted in the overstretching of its infrastructural base. To reverse the development and restore the city to its
SPECIFIC AREAS OF INVESTMENT IN GREATER PORT HARCOURT'S NEW CITY Crime prevention and integrated security system 24 Hours Electricity supply Network of reticulated water supply Public transportation system Storm water management and disposal system Residential neighbourhood Commercial zone and structures Industrial areas, parks and gardens
founding visions, the State Government has embarked on a
OTHER INVESTMENT OPPORTUNITIES
state-wide programme of urban renewal and development of infrastructure chief of which is the development of Greater Port Harcourt City project.
GREATER PORT HARCOURT: OPPORTUNITIES
PROJECT PARTICULARS Monte @Rivers
Harcourt city, Port Harcourt International Airport and the The new City is planned to be a modern fully serviced area of 2500 hectares of land with residential accommodation for 30,000 housing units, commencing with 3000 housing units in Phase 1A.
USD 150m provision USD 100m financing
of approximately 1,900 square kilometers of land absorbing
Onne Harbour.
FUNDING REQUIREMENTS
for equity and debt
Greater Port Harcourt as conceived is to encompass an area some two (2) million persons. Its key anchors are the old Port
TOTAL COST
USD 150m
USD 120m
IP @Rivers
N28bn
N28bn
New University
N60bn
N60bn
N7bn
N7bn
Justice Adolphus Karibi-White Hospital
of Science & Technology 10,000 hectares Oil palm Estate
...invest
in Nigeria’s Garden City
Invest . Tour . Live
PORT HARCOURT RIVERS STATE, NIGERIA www.riversstate.gov.ng
CREDITS The Invest in Rivers State digital book was compiled and edited by Sylvia Powell for Henley Media Group Ltd.
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