The Bayelsa State Government announced its readiness to collaborate with the Nigerian Export-Import (NEXIM) Bank on Thursday, focusing on the development of non-oil and gas resources in the state for export purposes. During a courtesy visit from a NEXIM Bank delegation, led by Mr. Soni Oseghale, the South-South regional head, the Deputy Governor, Senator Lawrence Ewhrudjakpo, conveyed this commitment at the government house in Yenagoa. Senator Ewhrudjakpo expressed his belief that the bank’s goals align with the current administration’s agenda for assured prosperity. He also refuted the notion that Bayelsa is solely dependent on oil and gas.
He highlighted that the state is abundantly endowed with various natural resources, including fish and fertile land suitable for the cultivation of rice, oil palm, plantain, and numerous other crops in significant quantities. The Deputy Governor pointed out Bayelsa’s competitive edge in aquaculture and fisheries, encouraging the visiting team to tour the state’s fish farm located in the Yenegwe-Igbogene area, which has the capacity to produce sufficient fish for both local consumption and export. Senator Ewhrudjakpo urged NEXIM Bank to leverage its extensive experience and expertise to assist the state in fully utilizing its natural resources for export.
He assured the delegation that the state’s investment team is ready to engage in all necessary discussions and documentation to facilitate the swift initiation of the partnership. He stated, “Your visit is timely for us as a government, and your objectives resonate with our commitment to assured prosperity, particularly in diversifying the economy. “However, I must reiterate that Bayelsa is not limited to oil and gas production. We are not a mono-product state, and Bayelsa has often been overlooked in various respects. “Consider the current tax reforms; what benefits are there for Bayelsa? While reforms are being implemented for VAT and other areas, does oil not play a role?”
We possess products that we strongly encourage you to help us develop. If you have the opportunity, I would appreciate your visit to Yenegwe to observe our fish farm there. In my view, this fish farm alone provides a solid foundation for our endeavors. This facility was designed for fish exportation, and significant resources have been invested in it. It has the capacity to process approximately 10,000 dried fish daily.
Additionally, it includes a feed mill and all necessary infrastructure, resembling the fish terminal in Tamale, Ghana. We firmly believe that aquaculture represents our most promising avenue for growth. We hold a comparative advantage in rice, oil palm, shrimp, and other resources you have mentioned. However, we should focus on those opportunities that will yield immediate success. Earlier, Mr. Soni Oseghale, the Regional Head of NEXIM Bank for the South South region, 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 utilized for export.
Mr. Oseghale emphasized that each of the 36 states within the federation possesses resources that could be utilized to generate foreign exchange. However, he pointed out that no concerted efforts have been made to address Nigeria’s foreign trade deficit, primarily due to the nation’s excessive reliance on oil and gas exports. He indicated that the bank is prepared to implement its strategy in close collaboration with the technical team of the Bayelsa State government to thoroughly investigate the identified areas of comparative advantage for export purposes. The courtesy visit was attended by the Permanent Secretary of the Ministry of Trade and Investment, Mrs. Peremoboere Soroh, along with the governor’s technical adviser on accounts, revenue, and treasury, Mr. Timipre Seipulou.
