Bauchi State Governor, Bala Mohammed has declared that his administration has put in place, policies aimed at attracting both local and foreign investors to the state.
These policies according to him, include tax holidays for new businesses and a ‘one-stop shop’ initiative designed to provide swift responses to investor needs.
The Governor disclosed on Monday at the opening of the occasion of sensitisation and advocacy workshop on the promotion of diaspora investment potentials in the North-East subregion of Nigeria.
Represented by the Commissioner for Budget, Economic Planning, and Multilateral Coordination, Amina Mohammed Katagum, he noted that these measures reflect his administration’s commitment to creating an enabling environment for investment in the state.
Bala Mohammed added that he has directed the Diaspora Focal Point Officer (DFPO) of the State to ensure that a strong partnership was established with the Nigerians in Diaspora Commission (NiDCOM) to leverage on the willingness to support states to tap from the huge diaspora investment potentials which have remained yet untapped.
The Governor stated, “I am indeed pleased that this event is holding in Bauchi. This is because, apart from the fact that Bauchi State is particularly committed to ensuring that our state is open to investors and investments.
“Nigerians in the diaspora constitute a major source of potential Investment to us and of course a source of knowledge, ideas, experiences and expertise that, has all it takes to turn around our fortunes while providing us with necessary opportunities for engaging our unemployed youth and women.
“Despite its abundant human and material resources, the North-East as a region in Nigeria, is characterised by dependence on statutory Allocations from the Federation Account (FAAC) and statutory share of Value Added Tax (VAT). A decade and a half of activities of Boko Haram had weakened the fabric of farming which is the region’s single most important source of livelihood.
“These and many other variables have resulted in the region’s slow response rate to poverty reduction interventions. Clear evidence has therefore continued to point out that, if the North-East does not prioritise revenue generation through appropriate exploitation of our potential, the future of the economy of the region is not likely to be bright. This is most especially as we approach a new tax regime in the Nigerian tax system which seems to favour states with higher GDPs.
“The timing of this workshop is quite apt and commendable. I, therefore, congratulate the North-Eastern states for this opportunity and I urge you all to leverage this golden opportunity to understand and utilise the 2 days of the workshop in knowing what matters (i.e. the how, the when the where and the what) in attracting diaspora investments to our states.
“Before 2019 when I assumed office as the Executive Governor, Bauchi State was highly vulnerable to financial shocks, with the exposure so visible. Steady payment of salaries was indeed difficult to talk less of having excess funding for the provision of infrastructural facilities as enablers of growth and development.
“Our strategic vision to address these and other development challenges had led to the development of a five (5) year vision document ‘My Bauchi Project 1.0′. The plan aims to create a critical enabling environment for enhanced revenue generation and MSMEs’ growth and development through good governance, transparency and accountability initiatives.
“Tax holidays were provided as incentives to new businesses, ‘One Stop Shop’ was established to support and facilitate speedy response to the needs of new investors in the state, among many initiatives introduced. These have culminated in the improvement in the State’s Ease of Doing Business (EoDB) ranking.
“So, having provided the necessary enabling environment for enhanced revenue generation, on our re-election in 2023, we set in motion a machinery for the ‘Bauchi Project Development 2.0 of My Bauchi Plan 1.0’ to consolidate on the achievements.
“My Bauchi Project 2.0 had given rise to the development of a ten-year perspective plan, a robust strategic document that had produced strategies for the development of all sectors along the SDG lines including opening up Bauchi State to investors and investments from across the globe, including Nigerians in the diaspora.
“Our decision to appoint a Diaspora Focal Point Officer was not only a response to the NiDCOM’s request to that effect, but, it was equally meant to respond to our increasing needs for investments towards the growth and sustainable development of Bauchi State.
“As a government, we acknowledge the importance of the Nigerians in Diaspora Commission, as a gateway to diaspora ideas, knowledge, experience and expertise.
“Let me once again congratulate both the organisers and the participating states on this golden opportunity for improvement in our standard of living and by extension the growth and sustainable development of the North-Eastern region of Nigeria.”
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