Economist and former Commissioner, Energy and Natural Resources in Rivers State, Peter Medee has fingered constitutional bottlenecks as a factor responsible for the fall in foreign direct investment, FDI, in Rivers State.
A recent report from the National Bureau of Statistics, NBS revealed that Rivers State and 24 others failed to attract any foreign direct investment in the Q4 of the year 2022.
Speaking on Nigeria Info’s Morning Crossfire show, Dr Medee explained that the fractious relationship that persisted between successive administrations in Rivers State and the federal government led to the difficulty in attracting investment to the state. This is because natural resources such as minerals and crude oil; a comparative advantage of the state, fall under the exclusive legislative list of the Nigerian constitution which gives absolute control to the federal government, Medee said.
Asked about the high growth pace seen in the entertainment and technology sectors in Lagos state, and why Rivers State seems to be lagging behind, Dr Medee argued that political stability is a key factor for attracting investment to certain areas that fall under the prerogative of state governments.
“Rivers people must be grateful to the governor for this smooth transition”, the former commissioner noted.
He claims this is the first time Rivers State is experiencing a smooth transition in government which will likely foster political stability in the state.
Dr Medee believes this stability will regain the trust of both foreign and domestic investors, and attract investment to the state.
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