S-South states target blue economy, manufacturing for regional growth
The South-South states in Nigeria aim to boost their economy by focusing on the blue economy and manufacturing as part of a regional development strategy.
The BRACED Commission, representing the six South-South states of Nigeria, has announced its strategic focus on the blue economy and manufacturing to stimulate economic activities and growth within the region. This initiative, which aims to galvanize support for economic integration and job creation, was highlighted during a two-day investment symposium held in Port Harcourt, Rivers State, culminating in a formal communiqué. The collaboration among the member states, namely Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta, is expected to forge a stronger regional economy through various sectors including agriculture.
The communiqué, signed by the heads of Investment Promotion Agencies across the participating states, emphasizes the importance of collective action to foster economic resilience and sustainability in the South-South region. The BRACED Commission underscored the need for a comprehensive investment roadmap as a framework to guide these efforts. A technical working group has been established to lead this initiative, which highlights the commitment of these states to attract investments and enhance manufacturing capabilities by leveraging maritime resources and other local assets.
This plan aligns with broader economic policies aimed at diversifying Nigeria's economy and reducing reliance on oil. It also signifies a growing recognition of the potential that the blue economy presents, which includes sustainable ocean-based industries contributing to job creation and overall economic development. By collaborating through the BRACED Commission, these states are positioning themselves as a collective entity capable of driving economic change and innovation significant for their region's prosperity.