Press Releases

Fubara to create ₦4bn Enterprise Fund with Bank of Industry.

Rivers State Governor, Siminalayi Fubara has reeled out the achievements of his administration in his first one hundred days in office.

Governor Fubara in a statewide broadcast on Wednesday said his administration in their first one hundred days has recorded numerous successes and has taking quality steps to cushion the high cost of living on the people occasioned by the fuel subsidy removal, unemployment, and rising inflation by rolling out free bus transport scheme.

He assured that the scheme and other mitigating measures, including the distribution of food to the vulnerable population, for a considerable time would be sustained.

He also disclosed that a total of 25 projects including the newly built convocation arena at the University of Port Harcourt by the state government, have been outlined for inauguration and flag-off to celebrate his one hundred days, noting that out of the 25 projects, with 21 among them billed for commissioning.

“Now, after 100 days, I am proud and humbled to report that we have not wavered from this course. Taking one step at a time, we have kept our eyes focused on this goal, made steady gains, and delivered on every one of the bold promises we made on the campaign trail despite the economic challenges of the times.

“We are up to date in the payment of salaries and pensions to civil servants. We have also continued to gradually clear the backlogs of gratuities to beneficiaries and restore water in the State Secretariat complex.

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“On 17 July 2023, we flagged off the construction of the single largest infrastructure project by a State Government in this country – the Port Harcourt Ring Road project as part of our comprehensive infrastructure development master plan for the State.”

The ring road he said will open a vast gateway for new local and foreign direct investments in real estate, agriculture, hospitality, and industrial ventures into the State, transform the communities on and around its alignments, into thriving cities and create jobs and economic opportunities for the citizens.

The governor also restated his administration’s preparedness to cushion the effects of the predicted flood on the people haven launched the 2023 Road Map of the state government to mitigate the impending effect of flooding in the state as predicted by Nigeria Meteorological Agency (NIMET),  flagged-off an immunization programme and as well unveiled IDP Camp Materials to be used by victims of the impending flood.

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He said the government is also making efforts to establish the Youth Entrepreneurship Development Trust Fund to help create an enterprise culture and stimulate sustainable interest in entrepreneurial activities among our youths to advance self-employment and job creation, adding that plans have also been concluded to establish the State’s Investment Promotion Agency to advance local and foreign investments and the industrialization of the State.

“To stimulate economic growth, enhance job creation, and reduce poverty we have concluded plans to create a four billion (₦4,000,000,000.00) naira Enterprise Fund in partnership with the Bank of Industry to facilitate the development of micro, small, and medium enterprises (MSMEs) in the State.

“With this Fund, owners and intending MSME entrepreneurs will have ready access to credit to fund or start their enterprises at single-digit interest rates with a maximum of a five-year repayment period.

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Furthermore, he said, “To improve the quality of basic education we have in the last 100 days completed the acquisition of over a million copies of relevant educational resource materials, including basic textbooks, dictionaries, and encyclopedias, to be distributed to all primary and secondary schools across the State to enrich their libraries and improve the standards of teaching and learning experience in our school system.

“Also, besides paying WAEC and NECO fees for students in all public schools, we have within this timeline, completed the reconstruction and furnishing of six secondary schools with 124 classrooms, modern furniture, science laboratories, ICT, library, administrative block, assembly halls, dormitories and staff quarters spread across six local government areas of the State”

“Our government will continue to focus on protecting our people, growing our economy to provide a high standard of living, investing in human capital development to uplift the youths, and building our infrastructure to attract investments and create jobs.”

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