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By Godwin Chukwumaechi, Port Harcourt
An entrepreneur and real estate investor, My-Ace China has expressed enthusiasm with what he described as the commitment of the Rivers State Governor, Siminalayi Fubara, to reinvent the wheels of investment in the state.
China, who is also known as Mayor of Housing, advised the governor to appoint seasoned technocrats to drive his business vision for the state and consolidate on his already demonstrated political will.
Speaking on the sidelines of a two-day Economic and Investment Summit 2024 held at the Obi Wali International Conference Centre, Port Harcourt, China advised the governor to engage individuals with wide business experience to drive his dream.
He said: “For this governor to sit down and use his precious time to hear us, it shows that everything discussed, he has the intention and commitment to execute it.
“With what I have seen today, I say to investors out there to please watch out for Rivers State. The governor has shown a willingness to execute what was agreed here. I think we can bet on him and test the weather.”
The Mayor of Housing said that Fubara having shown his willingness to change the business narrative of the state, should know the importance of engaging business strategists that have verse knowledge of the terrain to achieve his goals.
“We find that when the principal political actors appoint people of politics to economic positions, they might not have the capacity to make things easy for investors.
“So, we call for key positions to be manned by hard-nosed technocrats who have no political biases and exposures.
“Ministries such as for Trade, Marine Economy, Blue Economy should go only to seasoned technocrats from Rivers State. These determine the economy.
“Look for non-political figures. They are required to deliver value. We investors can feel free to go to them for ease of doing business”, he said.
The Real Estate strategist explained that the real estate sector has a lot to derive from the blue economy that is the rave of the moment, adding that there is need for infrastructure scale-up, particularly around the riverine areas, with a view to opening those areas for greater investment opportunities.
He emphasised: “One of the limiting factors in real estate is access roads and other infrastructure. You heard about the person who took the waterways and arrived Lagos in 15 minutes instead of three hours. That is what can happen when infrastructure is developed around waters.
“Property across waterways will greatly appreciate. The infrastructure around waterways will boost in value and investors will play around it. Dubai is even creating artificial waterways to make properties more valuable.
“Properties in the beaches are far more valuable than those in the hinterland. So, well organized and well harnessed waterways will expose the value of property around them.
“What I am saying is that lands locked for years in the waters will now become very valuable and very useful. Some people will pay anything for houses in beaches. Children like rollercoaster while adults go for boat ride. I will rather pay 10 times to have my house in the beach.”
China expressed delight over the growing competition and peer review mechanism among the state governors pointing out that after properties were destroyed in Lagos, Landmark Beach is currently being lured by the Akwa Ibom State Government to come and invest in its place.
He said: “I love what is happening in Nigeria now; different states are wooing investors to come over. So, there is competition.
“Recently, we learnt that Landmark Beach that was lamenting in Lagos has been contacted by Akwa Ibom State Government for discussions. If they give him incentives, there will be no Landmark Beach in Lagos, but in Akwa Ibom.”
He noted that investment in real estate is aimed at making Port Harcourt a destination of choice for residential and business purposes, stressing the need to break the Rivers-Lagos dichotomy in Real Estate.
“I am the Mayor of Housing, not the Mayor of Empty Houses. If you build in a location not attractive to migrants, you will end up with empty houses. Part of the passion I have in housing in Rivers State is to reduce the Rivers-Lagos dichotomy, especially in estates.
“We have a lot of expatriates and big shots working in Port Harcourt, but living elsewhere, especially in Lagos. We want to attract people to live in Port Harcourt and do business.
“Land is no longer in production. It is a finite product. If more people come to Rivers State, it would be a land to build houses. If people do not come, it’s not good for me”, he stressed.
