Unlocking the potentials of “Nature’s Gift to the Nation” through external and domestic investments.
By Atiku Abubakar
It is a privilege to participate in such a forum that seeks to explore opportunities and forge partnerships to drive the growth and development of your dear State, Taraba, ‘the Nature’s Gift to the Nation’.
I particularly want to thank Your Excellency the Governor and to commend you for your foresight in initiating this pivotal event. Your efforts towards promoting economic growth, prosperity, and improved living standards are clearly evident.
This initiative to gather investors, both domestic and international, along with development partners under one roof aligns with your vision “to build a prosperous, united, and secure Taraba State, that serves as a model for growth, economic diversification, and sustainable development in Nigeria.”
Indeed, if Taraba, aspires to realise its potential and grow its economy sustainably, it must endeavour to leverage private sector resources including finance, skills and technology. No Nigerian State has the necessary fiscal and financial space to independently drive growth and achieve sustainable development. Building strategic partnerships between the State, private investors, local businesses and communities is critical in addressing resources gaps and unlocking the potential of the State to facilitate investments.
As a private businessman, I recognize that investments, foreign and domestic, drive economic growth and development. Here are a few key benefits:
First, private investments will help bridge the resource gaps through additional external resource flows and increased internally generated revenues.
Second, private investments will assist the State in leveraging and maximizing the economic potential of its agricultural, industrial, and solid minerals sectors. This initiative aims to establish a foundation for a diversified economy and ensure inclusive growth.
Third, through skills and technology transfers, private investments can lead to higher productivity and improved competitiveness of local enterprises.
Fourth, with additional resource flows, Taraba will be able to upgrade its social and economic infrastructure to support economic growth and human capital development.
Fifth, investments in education and healthcare services will help develop the capacities and competencies of the State’s human resources.
Sixth, with additional resources, Taraba will better support the poor and vulnerable by empowering them, improving their access to basic services, and ensuring equitable distribution of resources to minimize poverty incidence.
The Taraba economy holds significant investment potential which can be optimised to reap these benefits with the provision of secure and stable investment climate. The government is urged to implement measures that will address investment risks and implement interventions that eliminate bottlenecks in business registration processes.
There are eight essential guidelines that should direct the government’s efforts in attracting investments. These are outlined as follows.
1. An investment generation strategy that is well designed with clear goals, objectives and strategies. Taraba must identify priority sectors and programs that will serve as catalysts for its development, ranging from agriculture, infrastructure to education, health and renewable energy. Clear investment priorities will make it easier for investors to understand the State’s investment landscape.
2. Clear, coherent, and consistent policy measures. Policy flip-flops have hindered Nigeria’s development for decades. Policy uncertainty and inconsistency deter investment by sending mixed signals to prospective investors, reducing their willingness to take risks.
3. Peace, Security and Stability in host communities are critical determinants of investment flows. Investment capital is a coward bird and tends to avoid regions that are prone to conflicts and instability. It is crucial to remain committed to maintaining peace within the state. Increased civic engagement to promote understanding and tolerance will contribute to social harmony and reduce conflict.
4. Efficient Institutions will make all the difference. MDAs must develop the technical capacity to perform their functions efficiently. Excessive rigidity and burdensome administrative requirements delay decision making and deter investors. The Investment Promotion Agency should operate a one-stop-shop to simplify complex administrative processes, reducing barriers to investment. By streamlining these steps, the one-stop-shop will lower corruption risks and transaction costs for investors.
5. Improved supply and quality of infrastructure as it is the backbone of sustainable development. Inadequate infrastructure has been identified as the most problematic factor for doing business in Nigeria. Prioritization and implementation of critical and strategic infrastructure projects will improve the business environment, reduce transportation costs, increase access to markets and connect communities. The development of quality, reliable, sustainable and resilient infrastructure including water facilities, roads, power etc will, not only create an enabling environment for industries BUT also make Taraba more conducive for habitation.
6. An enduring incentive regime: Taraba should not only spell out an appropriate incentive structure to motivate investors but must also ensure that these incentives are delivered timely. Tax and non-tax incentives, including investment-friendly policies, and streamlined regulatory frameworks have played a crucial role in attracting foreign and domestic direct investments in many regions around the world.
7. A reservoir of semi-skilled and skilled workers will help. Taraba should endeavor to increase investments in and prioritize Technical and Vocational Education and Training (TVET) expansion for the training of low-level workforce, such as operatives, artisans, craftsmen and master craftsmen for commerce, industry, agriculture, and ancillary services. A skilled and educated workforce is essential for driving innovation, entrepreneurship, and economic growth.
8. Hold regular consultations with communities before and after investors move to site. Many of us have witnessed how worthy economic and investment decisions are often formulated without sufficient diagnostic assessment and consultation with relevant stakeholders and have had to be abandoned midway.
Let me end this note with an appeal to our distinguished participants.
I urge you to engage in meaningful conversations, as you identify and seize strategic investment opportunities whether in agriculture, solid minerals, infrastructure, or tourism. Taraba State, with its rich natural resources and strategic location, presents a compelling investment destination.
Do not be discouraged by everyday challenges. You have in Taraba a proactive Governor who is ready to support genuine efforts to fully unlock Taraba State’s potential.
