BY EMMANUEL NICHOLAS
In an era of strong global competition, national, state, and local governments are vying to attract and retain investment by international firms by increasing the range and value of public incentives for businessmen to invest in their jurisdictions.
These factors are Labour force, transportation, and quality of life, counterpart funding, state low taxation, marketing assistance, security and overall business climate factors as consistently ranked highest by business executives in order to invest in any location of choice. That is why many developing countries at all levels of government engage in either proactive or defensive incentive strategies aimed at attracting investment in competition with other locations, being in direct competition with developed economies.
The reasons for this would appear to include at least three limiting factors. The other developed economies have quality infrastructures, security of investment and lives and vast market for their products.
Governor Udom Emmanuel is initiating measures to spur investment and to make Akwa Ibom State more attractive to investors both at home and abroad. His government has put in place reforms to fast track investment through major infrastructural projects. It has fiscal consolidation to take the State higher and stabilize the condition of living of the people.
To increase growth and woo back wary investors and new ones, the government over the past one year and eight months has unveiled a number of reformative and transformative infrastructures, including further liberalisation and direct wooing of foreign investors as measures to bridle in the fiscal deficit.
Governor Udom Emmanuel’s first major event when he was sworn in as Governor was the constitution of Foreign Direct Investment Technical Committee. This explains why he placed key priority to investment attraction. Mr Udom always emphasized that the benefits of rapid growth must necessarily lead to betterment in the lives of the common people, underlining the need for policies and instruments that focus on skill development as a means to empower the people and also gears in investment.
He added that Creation of new productive job opportunities for the growing labour force is the most powerful means of empowering the people, and that this cannot be done, except with an industrialized Akwa Ibom State.
Economic development of any State totally depends on industries. Industries play an important role in any economy. Without industries, economic development is not possible. A growing industrial sector is crucial to greater economic expansion and takes in a number of areas as a country develops. Ensuring steady industrial growth helps to complement and sustain continued economic development. A well-developed industrial sector, covering various different areas is vital to the economic development of a country. With a variety of different industrial sectors that feed off each other, a well-balanced industrial sector is at the centre of economic development.
With a strong industrial base, economic planning becomes less risky, being able to plan ahead also assists industrial growth with profits re-invested into infrastructure development which in turn helps to boost and attract industry. In a backward and developing economy, industries are indispensable. Development of industries is not only indispensable for Akwa Ibom State, but there are also good scopes for the development of industries in the State. Akwa Ibom has many favourable factors for the development of industries.The State is blessed with abundant minerals and natural resources, which make it an investor’s haven for any industrialization.
Modern urbanization, industrialization, transportation and communication systems are the achievements of worldwide sustainable mineral and natural resources development and their proper utilization in various sectors. Sustainable mineral and natural resources have played, and are still playing, a vital role in shaping the modern civilized industrial world.This means that the sustainable socio-economic infrastructure of any country is an indication of its richness in natural resources and minerals, its technological know-how, its ability to explore and exploit the resources, and, finally, its wisdom in utilizing those resources properly in the development activities of the State.
In development activities, States of the developing world are generally far behind compared with that in the developed world. This is not due to a lack of adequate natural resources, properly educated human resources and good socio-economic conditions but poor usage, lack of technical knowledge and poor funding.
Although Akwa Ibom State as one of the most newly created States in Nigeria, is a promise land. A Canaan land flowing with milk and honey, as it has a number of mineral and natural resources such as natural gas, oil, limestone, white and brown clay, glass sand, Zinc, copper , mineral sand and many others . At present, natural gas and crude oil from Akwa Ibom State to the national economy constitutes more than 45% of the country’s oil and gas production. Total and a fully-fledged extraction of these resources would help to alleviate poverty in the State through industrialization. To meet the growing demand of the population, more mineral resources need to be discovered and developed; otherwise sustainable development cannot be achieved.
However, it is difficult for developing economy like Akwa Ibom to carry out the necessary activities for exploration and exploitation of hidden mineral resources without expertise assistance. To progress towards an endurable sustainable society, a State such as Akwa Ibom must give priority to the development of its existing mineral resources, which can play a major role in helping to reshape the State’s socio-economic infrastructure.
However, a lot of people are ignorant of the importance of Government conferencing with investors such as the one His Excellency, Mr Udom Emmanuel and his team have been traveling all over the world meeting with would be investors. These meetings brought together a wide range of stakeholders from international global communities, policy, development, finance, industrialist, business and the wider non-government sector. With major investors, government officials and companies executives providing insights and discussions at the meetings one will attracts investors after one on one presentation and interactions. This also avails the government Countless networking opportunities to build new relationships and close deals, as many MOU’s have been signed by Akwa Ibom State Government with intending investors through direct contacts with and road-shows .
In most of these meetings and side/corner talks during international conferences, the Akwa Ibom State delegation presents sight and sounds of Superior Performance of one year and seven months of Governor Udom Emmanuel’s superlative strides , in a power point presentation , backed up with literatures, that Xrays to the world , the rich mineral and natural resources of the State, stating clearly , and the valuable quantity and investment opportunities. Investors will be attracted by the mineral and natural resources but one of his or her fears will be, the quantity of such raw material, so that he will not lose his investment of because of running out of the mineral. Majority of investors were overwhelmed with the crude and gas status of the State and develop interest to partner with the State government in building refineries, gas plants, petro-chemical industries, increase exploration and construction of tank farms.
The proceeds of these meetings, road-shows ,sides talks are the influx of investors , The Prime Agro-Allied ,collaborating with the State Government to invest in Akwa –Prime Hatchery in Mbiaya Uruan, Metering Company in Onna , Coconut Refinery and plantation in Mkpat Enin, Ikot Abasi and Eastern Obolo ,Automobile plant in Itu, Led Company in Itu, Rev Petroleum Refinery in Eastern Obolo , Quantum Petrol Chemical in Esit Eket , Resource Petroleum in Ibeno and tooth Pick/Pencil manufacturing company just to mention but a few. In Road construction, Arochukwu Road in INI Local government Area and the Ibaka superhighway are all PPP initiative.
The Government of Governor Udom Emmanuel has also attracted investors who had come into the State to invest because of the conducive environment and friendly polices provided by his administration. The State now has in operation, three major Tank Farms in Mbo. The meetings also granted governor Udom Emmanuel the opportunity to interact with Akwa Ibom people living abroad, he was able to broaden their mind with opportunities back home and how they can harness their resources and come back to invest.
The success of any business lies as much in networking and building sound professional relationships as it does in individual tact and business acumen.
Communication is a crucial decisive factor in business relations. It is very important to say the right things at the right time and at the right place when dealing with partners, investors, customers, stakeholders, media and, sometimes, even competitors. Any miscommunication or ambiguity can pour pails of cold water on your hard work and ruin your chances of survival in today’s competitive business environment.
So the direct contact is imperative because it’s made provision for investors to have first-hand information about the State and also avail the administration to know the potentials and financial layout of various intending investors to avoid falling victim to Scammers
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