Governor Ifeanyi Ugwuanyi of Enugu State declared the State’s investment summit open on Tuesday lamenting that the present economic situation in the country had turned “us into bail-out Governors.”
The Governor in his speech promised to put in place all necessary legislations and institutional frameworks, favourable tax regime and special incentives that would make it easier and more convenient for the operation of businesses in Enugu.
According to him, “the theme of this summit, ‘Beyond Oil: Fostering Inclusive Economic Growth and Sustainable Development,’ amply reflects the compelling need for deliberate policy shifts that would enable us as a nation, recover quickly from the crushing effects of the current developments in the oil market (upon which we had depended for so long) and open up new and even more profitable and sustainable pedestals for rapid economic development.
“Being mindful of this undisputable fact, I had, in my inaugural address, made a firm promise to do whatever would be necessary and within our means, to turn the present economic challenges facing the nation into huge blessings for Enugu State. I did in fact state that, if former President Franklin Roosevelt could lead America out of the Great Depression; and if President Barak Obama could lead the Americans out of the economic melt-down, we can do the same for Enugu State.
“Incidentally, upon assumption of office, we had quickly discovered that unlike our predecessors who enjoyed access to excess crude funds, we have a lot less to work with. As a matter of fact, we have been turned to bail out Governors.”
He declared that, “We are indeed telling the world that Enugu State is ripe and ready for business and that we are sure that a substantial exploitation of her potentials, would impact meaningfully on both the national and global economy.
“It is our expectation that the key outcomes from this summit would include opportunities for joint venture or outright acquisition through public-private-partnership, privatisation and commercialisation of some state-owned enterprises. Indeed as I speak, over 17 potentially lucrative State -owned companies and industries dealing in diverse areas of business and production, have already been listed for commercialisation or privatization.”
Also, from the summit came a charge from the Chairman, Heir Holdings, Mr. Tony Elumelu, on governments of the South-East geopolitical zone to forge a partnership that will drive the regional economy of the zone.
The 2-days Enugu State Investment summit christened Oganiru Enugu State (Progress of Enugu State), holding at Micheal Okpara Square,with the theme,”Beyond Oil: Fostering Inclusive Economic Growth and Sustainable Development, is aimed at attracting prospective investors to takeover the operations of identified state owned companies and corporations through Privatization and Commercialization Council inaugurated by the governor.
While delivering his keynote speech, Elumelu who is equally on the board of United Bank of Africa, UBA and Transcorp Hotel, said, “Enugu State is on the path of economic repositioning with the hosting of this summit.
“There should be a collaboration from other sister states in the South-East to establish a framework for regional partnership, which will position the region to undertake capital intensive projects that will affect the economy.
“This summit is a means to an end. The end is the economic revolution of the state and beyond. With this summit, the state has place itself on the path of economic revolution. Issues that scare away prospective investors like multiple taxation should be avoided like Kaduna State government did”.
The 17 potentially lucrative state-owned companies for privation and commercialization includes; under schedule ‘A’ of the Law for Privatization and Commercialization No 15 of 2010 companies listed for privatization includes;Adada Rice Production Nig Ltd, Premier Cashes Ltd, Hotel Presidential Ltd, Nike Lake Resort Hotel, Ikenga Hotel Ltd, Sunrise Floor Mill, Enugu Marketing Company.
Others are Niger Gas ltd, Niger Steel ltd, Vanguard Construction/Furniture company ltd, Aluminum Product company ltd, Enugu Transport Company ltd, Enugu Vegetable Oil Production ltd, United Palm Product Ltd, among others.
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