FORMER Vice President Atiku Abubakar said states would benefit more from investments and wealth creation if they partnered with the private sector in their developmental projects.
He said a private-sector-led partnership between states and investors would make states economic hubs and provide more resources for them in the fight against poverty.
Atiku stated this at the Taraba Investment Summit held on Wednesday, May 21, in Jalingo.
The summit was themed, “Unlocking Taraba’s Investment Potentials, Advancing Agriculture, Energy, Mining and Industrialisation for Sustainable Growth and Development.”
He lauded the state Governor Kefas Agbu’s initiative to gather investors – both domestic and international – alongside development partners under one roof, adding that, “it aligns with a broader vision to build a prosperous and secure Taraba state.”
The former vice president noted that if Taraba desired to achieve its potential and grow its economy sustainably, it must endeavour to leverage private sector resources.
While stressing the importance of such partnership, he noted that no Nigerian state had the necessary financial strength to independently drive growth and achieve sustainable development.
“Building strategic partnerships between states and private investors in local businesses and communities is critical in addressing resource gaps and unlocking the potential of the states to facilitate investments,” he said.
He argued that private investments would help bridge resource gaps through additional external resource flows, and increase internally generated revenue.
Speaking further on the benefits of private-sector-led investments in the state, he said, “Private investments will assist the state in leveraging and maximising the economic potential of its agricultural, which is bountiful, as well as industrial and solid minerals, for which Taraba is well known.”
He said such a partnership was a foundation for a diversified economy and inclusive growth, stressing that “through skills and technology transfers, private investments can lead to higher productivity and improved competitiveness in local enterprises.”
He added that the partnership would give additional revenue inflow to Taraba and other states, with needed resources to support their social and economic infrastructure and human capital development.
“With investments in education and health, such a partnership will develop the capacities and competition for the state in human resources. It will also give Taraba and other states that embraced the model additional resources to support the poor and the vulnerable by empowering them and ensuring equitable distribution of resources to minimise poverty.”
According to the Adamawa-born politician, Taraba’s economy can be optimised to reap these benefits to enhance its vision of a secure investment climate.
He urged the state government to eliminate bottlenecks and investment risks that could dissuade prospective investors access into the state.
The ICIR reports that Taraba State possesses an array of natural resources, including bauxite, limestone, and gemstones. Its land is very rich for agricultural activities. Similarly, the state has huge tourism potentials.
An earlier report by The ICIR noted that among the dignitaries at the summit are Vice President Kashim Shettima, former Vice President Atiku Abubakar, Sultan of Sokoto Muhammadu Sa’ad Abubakar, Ooni of Ife, Adeyeye Enitan Ogunwusi, Chairman of United Bank for Africa (UBA), Tony Elumelu, and the Catholic Archbishop of Abuja, His Grace, Ignatius Kaigama.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.