BAYELSA GOVT SIGNS ECONOMIC PACT WITH SOUTH AFRICA

BAYELSA GOVT SIGNS ECONOMIC PACT WITH SOUTH AFRICA

As parts of its transformation agenda, Bayelsa government has signed an economic pact with a World rated  Industrial Development Corporation of South Africa with the aim of improving its economic profile and as well as diversification from the Oil and Gas sector of the economy.

Leading the state economic team at the signing of Memorandum of Understanding held in South Africa the Economic Adviser, Mr. Tam Alazigha said the rating of IDC would rob positively on the image of the state.The IDC, according to him is noted for transparency and accountability and with the position of the present administration on this key issue, foreign and local investors would be willing to invest in the state.

Expressing optimism over the success of the pact, Alazigha said if fully implemented, the state stands to benefit more in terms of infrastructural development.The pact, as disclosed by the Economic Adviser would focus on Operational and Support Skill Requirement, Human Resource and Capacity Building, Development and Support of Institutional Policy and Procedure and overall guidance in both establishing and operating developmental institutions.

Other areas of cooperation between the two countries as disclosed by the Economic Adviser includes; capacity building, best practices and investment partnership in Bayelsa Development and Investment Corporation, (BDIC)The BDIC with authorized share capital of N10bn came into force in August 2012 following the passage of the bill by the Bayelsa State House of Assembly.

On the impact of the Mou on low income earners, the Economic Adviser said the pact would assist in financing of specific Small and Medium Size Enterprises, particularly as it relates to non oil and gas sectors,  Agriculture, Agric processing, Manufacturing and Tourism.

Also, it will assess and consider approval of a line of credit, specifically for infrastructure financing, Refinery, Airport and Roads.

In attendance at the occasion were, the Senior Special Assistant to the Governor, Ebiekure Jasper Eradiri, the Chief Executive Officer of IDC, Mvuleni Geoffrey Qhena, Divisional Executive, Marketing and Corporate Affairs, Neo Mokhesi. 

Daniel Iworiso-Markson
Chief Press Secretary to the Governor of Bayelsa State