Rivers State is granting tax haven to ‘serious’ international investors, as the government looks to diversify its economy away from already plummeted oil, and the fast dwindling federal envelop.
The governor, Nyesom Wike said the decision is a move to attract bigger investors into the State, which is home to Nigeria’s multi-billion dollar hydrocarbon industry.
In a few weeks time, Eleme an industrial corridor near Port Harcourt, the state capital would witness the commissioning of a $1.4-billion Indorama Eleme Fertilizer and Chemicals Limited (IEFCL), financed by the International Finance Corporation (IFC) of the World Bank.
Governor Wike, who stated that the state was willing to give tax holidays to serious investors, when he granted audience to the South African High Commissioner to Nigeria, Lulu Mnguni, said international investments in Rivers State would create employment opportunities and generate revenue in the state.
He said the state government was particularly interested in investments in the agricultural sector, as it diversifies her economy.
He also called on South African companies to invest in some moribund industries in the state.
“We are ready to give tax holidays to attract international investors. We cannot continue to rely on oil, that is why are exploring the agricultural sector to generate revenue and create employment,” said Governor Wike.
Meanwhile, the South African High Commissioner to Nigeria, Lulu Mnguni called for partnership between South Africa and Rivers State in the area of Agriculture, tourism, health and construction, saying that South Africa has the technical expertise and financial muscle to develop Rivers State.
Mnguni commended Governor Wike for his development strides in thr state, assuring that several South African companies would invest in the state.
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