To boost and sustain the growth of the South South, the BRACED Commission, a regional development body, has resolved to focus more on blue economy and manufacturing, noting that it would speed up economic activities in the region. BRACED is an acronym for Bayelsa, Rivers, Akwa Ibom, Cross Rivers, Edo and Delta States that work closely to achieve a strong regional economy, through job creation, manufacturing, and improving agriculture.
In a communiqué issued by the BRACED Commission at a symposium on investment in Port Harcourt, Rivers State, the Commission also resolved to work towards transforming the economy of member states “from a resource-dependent model to a diversified, value-added and investment driven regional economy.”
The communiqué, which was signed by the heads of Investment Promotion Agencies of member states, under the supervision of the BRACED Commission’s Director General, Ambassador Joe Keshi, also stressed the need for a robust collaborative approach to economic development. Also present at the symposium were officials of the federal ministry of commerce, industry, and investment, the National Economic Summit Group, as well as leaders in the private sector.
“The BRACED states possess plentiful natural resources, fertile soil, vibrant cultural traditions and valuable positions along international trade routes. The South-South region is far more than a resource base. It is also a gateway to Nigeria’s economic transformation,” the communiqué states.
The communiqué “also acknowledged the major challenges to investment in the region, which include infrastructural shortcomings, environmental issues, governance deficiencies, an unwelcoming business environment and restricted regional integration.” It noted, however, that these challenges can be addressed by seeking the right investments to aid the region’s economy and create more opportunities that would create more jobs for the people.
“To reverse the trend, BRACED states must collaborate to attract the right kind of investment to unlock their potential, become a regional economic force and market that will attract global investors’ attention and investments needed to transform these potentials into tangible prosperity that benefits every individual and creates opportunities throughout the region, including the South-South Chamber of Commerce.
“The symposium reaffirmed the determination of the BRACED states to transition from a resourcedependent model to a diversified, value-added and investment-driven regional economy and committed to positioning the South-South as Nigeria’s gas industrial hub, West Africa’s maritime gateway, a leading blue economy zone and a centre for value-added manufacturing.
