Blue Economy: BRACED Commission to Reposition South-south into Africa’s Industrial Hub

Blessing Ibunge in Port Harcourt 

In a bid to boost and sustain the region’s growth, a regional development body made up of six states from the South-south region, BRACED Commission, has set its sights on the blue economy and manufacturing to promote 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 improved agriculture.

The Commission, in a communique issued at a symposium on investment in Port Harcourt, Rivers State, yesterday, 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 communique, which was signed by the heads of the Investment Promotion Agency 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, 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 communique stated.

The communique “also acknowledged the major challenges to investment in the region, which include infrastructural shortcoming, 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 it’s potentials, 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 resource- dependent 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.

“The symposium also resolved to enhance cooperation, collaboration and synergy among regional investment commissions to achieve collective development objective.”

The symposium “also urged the state governments, investors, development partners and civil society to join hands in transforming the BRACED states into a beacon of regional cooperation and economic dynamism.”

The BRACED states also chose Mrs. Patience Abah, the director general of Bayelsa State Investment Promotion Agency to lead in advancing the regional economic objectives of the commission.

Abah had earlier made a presentation titled “closing the value capture gap” wherein she concluded that the BRACED states as the country’s energy tank, should be transformed to match the value it brings to the country.

She said, “The South-south is currently Nigeria’s ‘Energy Tank.’ Our goal through Economic Integration is to become Africa’s ‘Industrial Engine.’ We should no longer be content with being the source of wealth; we must be the site of its transformation.”