The House of Representatives Committee on Petroleum Resources, overseeing both Midstream and Downstream sectors, has declared Rivers State a tranquil and inviting region for investment opportunities.
Federal lawmakers are encouraging potential global investors to ignore negative portrayals surrounding political instability in the state, urging them to recognize Rivers as Africa’s premier hydrocarbon center, promising lucrative returns for shareholders and stakeholders alike.
This assertion was made by the chairpersons of the Joint Committee on Petroleum Resources, Hon. Ikeagwuonu Michael Ugochinyere from Imo State and Hon. Prince Henry Odianosen Okojie from Edo State, during their remarks at a three-day retreat held in Port Harcourt, the capital of Rivers State.
The retreat saw participation from around 100 industry stakeholders, including more than 80 legislators from various federal constituencies across Nigeria’s six geopolitical zones. Representatives from oil and gas companies, both major and independent marketers, as well as refineries and petrochemical firms, were also present.
Hon. Ugochinyere attributed the peaceful atmosphere of Rivers State to the effective leadership and governance style of Governor Sir Siminalayi Fubara, who is dedicated to fostering a business-friendly environment and implementing policies that encourage investment.
He pointed out that the influx of numerous National Assembly committees and the large number of corporate visitors exploring investment opportunities in the state are indicative of its stability. He urged both Nigerians and the international community to disregard any attempts to undermine the state’s reputation.
“Our gathering in Port Harcourt signifies our collective commitment to improving regulatory practices, enhancing transparency, and promoting sustainable growth within Nigeria’s oil and gas sector,” Ugochinyere stated. He extended his gratitude to Governor Fubara for his hospitality during the retreat.
He emphasized that the retreat’s purpose is development-oriented, appealing for the support of the Inspector General of Police, Kayode Egbetokun, to ensure continued peace in Rivers State. “The participation of over 80 federal lawmakers for this retreat is a testament to the state’s tranquility,” he added.
Addressing the role of police during political unrest, Ugochinyere stressed the importance of respecting citizens’ rights and urged the police to remain impartial, asserting that the state’s governor and its people deserve respect and protection from any form of unjust treatment.
He underscored the retreat’s role in challenging negative narratives about Rivers State, highlighting the conducive environment for dialogue and investment. “This retreat is essential for redefining perceptions and providing a platform for stakeholders to tackle pressing issues and strategize for the industry’s advancement,” he explained.
Ugochinyere also pointed out the pivotal status of the petroleum sector in Nigeria’s economy, stating, “It is our duty to ensure its effective management, transparency, and sustainability. Our discussions will be crucial in shaping the future of this vital sector.”
He announced that the retreat would feature esteemed speakers who would offer insights into various facets of the petroleum industry, including the significance of the Petroleum Industry Act (PIA) and the responsibilities of newly established regulatory bodies.
Moreover, he highlighted ongoing legislative investigations into the oil and gas sector to restore trust and ensure the industry’s integrity, addressing serious allegations involving the importation of substandard petroleum products and the supply of crude oil to domestic refineries.
Finally, Hon. Ugochinyere pointed to successful investments like Indorama Eleme Petrochemicals and Fertiliser Company as examples of the thriving business landscape in Rivers State, reinforcing its appeal as a prime location for investors.
