The Sokoto State Governor Aminu Waziri Tambuwal has solicited the support of local investors to invest in the state and help in bolstering its economy and that of the nation at large.
The governor made the plea Tuesday while receiving Northern States Coalition of the Chamber of Commerce, Industries, Mines, and Agriculture (NOSCCIMA), led by its President, Abubakar Jinjiri Abubakar, at the Government House, Sokoto.
He said: “No investor could be better investor than the local investors, as the people in the country have enough resources to invest.”
In a statement by the governor’s Special Adviser on Media and Publicity Muhammad Bello, Tambuwal was quoted as saying that all efforts to woo foreign investors might not yield the desired fruit as a result of the challenges of insecurity and bad governance.
“When you don’t have respect for the rule of law, who will come and invest? Investors are interested in ensuring that their businesses can be protected,” Tambuwal added.
The governor further added that investors from the local environment are more familiar with the terrains and challenges, hence, they are the people who are supposed to be encouraged.
He also said that the only plausible measure is to convince the foreign investors to come to the urgent aid of their own local partners.
Tambuwal explained that his administration is friendly with all the people willing to invest in the state, both foreign and local.
He added: “It is not difficult to come to Sokoto and acquire land and get all the incentives required to engage in your businesses.”
He cited examples of some investors currently investing in the state, which include the ongoing construction of Dangote Rice Mill and the Fertilizer Blending Company being established by OCP Morocco, among others.
The governor also informed the gathering that the state government is always collaborating with the state chamber of commerce in the disbursement of loans.
He recalled that the state government had in February 2020, disbursed N1 billion interest-free loans to small and medium scale entrepreneurs in the state through Giginya Microfinance Bank.
Tambuwal further maintained that the state government is processing another N4 billion loan package in collaboration with the Central Bank of Nigeria (CBN).
According to him, the money would be invested in agribusiness, while another N2 billion would be for the small and medium scale entrepreneurs, just as the sum of N1.5 billion would be for poultry farmers in the state.
He also said that the state government is presently working to identify a brand new industrial park, to further improve businesses in the state.
Earlier in his remarks, the President, NOSCCIMA, Alhaji Abubakar, said they were in the state to hold their 4th quarter council meeting and to attend the 11th National Trade Fair holding in the state.
He thanked the governor for the support given to their sister organization in the state, Sokoto Chamber of Commerce and the general business community, assuring government and the business community of their continued support and cooperation.