February 28 (THEWILL) – The Bayelsa State Government has expressed its readiness to partner with the Nigerian Export-Import (NEXIM) Bank to harness non-oil and gas resources in the state for export.
The Deputy Governor, Senator Lawrence Ewhrudjakpo, made this known during a courtesy visit by a delegation from NEXIM Bank, led by its South-South Regional Head, Mr. Soni Oseghale, at the Government House in Yenagoa on Thursday.
Senator Ewhrudjakpo stated that the bank’s objectives align with the Assured Prosperity Agenda of the current administration. However, he debunked the notion that Bayelsa is a mono-product state, emphasising that the state is richly endowed with a wide range of natural resources beyond oil and gas. These include fish, arable land capable of producing rice, oil palm, plantain, and several other crops in commercial quantities.
The Deputy Governor highlighted Bayelsa’s comparative advantage in aquaculture and fisheries, urging the visiting team to tour the state’s fish farm in the Yenegwe-Igbogene area. He noted that the farm has the potential to produce enough fish to feed the state and for export.
Senator Ewhrudjakpo called on NEXIM Bank to bring its expertise to help the state maximise its natural resources for export. He assured the delegation that the state’s investment team was prepared for all necessary discussions and documentation to ensure the prompt take-off of the partnership.
He said: “Your mission here is quite apt for us as a government, and your objective aligns with our Assured Prosperity Agenda, especially in diversifying the economy.
“However, let me correct the impression that Bayelsa produces only oil and gas. We are not a mono-product state, but Bayelsa is often short-changed in several ways.
“Look at the current tax reforms; what is there for Bayelsa? You are reforming VAT and other taxes, but does oil not play a major part in VAT? There is VAT on the oil being sold, yet nobody is talking about it.
“We have products that we would like you to encourage us to harness. If you have the time, I would like you to visit Yenegwe and see our fish farm. In my opinion, that fish farm alone is enough for us to start with.
“That facility was designed for fish export; significant resources have been committed to it. It has the capacity to process about 10,000 dried fish daily. It includes a feed mill and everything you can think of. It is comparable to the fish terminal in Tamale, Ghana.
“We believe aquaculture should be our strongest area. We also have a comparative advantage in rice, oil palm, shrimps, and other resources you mentioned. However, let us focus on areas that can deliver immediate success.”
Earlier in his remarks, Mr Soni Oseghale, the South-South Regional Head of NEXIM Bank, stated that the team was in Bayelsa to collaborate with the state government in identifying non-oil resources available in commercial quantities that could be exploited and exported.
Oseghale noted that each of Nigeria’s 36 states possesses resources that can be tapped to earn foreign exchange. However, he stressed that no deliberate effort has been made to address Nigeria’s foreign trade deficit due to the country’s over-reliance on oil and gas exports.
He assured that the bank would deploy its strategies and work closely with the Bayelsa State Government’s technical team to explore identified areas of comparative advantage for export purposes.
Present at the courtesy visit were the Permanent Secretary of the Ministry of Trade and Investment, Mrs Peremoboere Soroh, and the Technical Adviser to the Governor on Accounts, Revenue, and Treasury, Mr Timipre Seipulou.
Amos Okioma is a Correspondent at THEWILL
