Photo by Godswill Frank, Photorock Governor Victor Attah overcame political opposition, skepticism and inertia to organize and host Akwa Ibom's first-ever economic and investment summit, spotlighting his state's place as a leader in the new Nigerian economy. "This summit is going to set an agenda for Akwa Ibom," he said. "This summit is going to tell us how to move forward from here on. This summit is going to define our future."

By James Overly and Kevin Lambert

With an eye toward setting a future agenda that would both continue and outlive Governor Attah’s administration, Akwa Ibom state held its first economic and investment summit on March 2-3, in Uyo, the capital city. It has been one of Governor Attah’s dreams to be able to make his state economically vibrant enough even to presume to hold such an event; due to the progress of the state, the summit became both a reality and a success.

The invitation-only summit attracted state government officials, Akwa Ibom investors and private sector members, and key national leaders. Minister of State for Finance Mrs. Nenadi Usman, conveyed President Olusegun Obasanjo’s congratulations at the holding of the event. Secretary to the government of the federation Chief Ufot Ekaette represented President Obasanjo himself and delivered the president’s remarks.

The presidential speech made note of several of Akwa Ibom’s accomplishments, and the president observed that the progress to date was "making Akwa Ibom State the investors’ destination of choice in Nigeria." President Obasanjo also saluted Akwa Ibom as "one of the most peaceful states in the Niger Delta region."

Professor Charles Soludo, governor of Nigeria’s central bank, told the gathering that Akwa Ibom has everything it takes to become a world-class economy. "Akwa Ibom is one of the states others have to learn from," he added.

Senator Udoma Udo Udoma, the Nigerian senate’s chief whip, related how his senate colleagues in Abuja had asked him to "come back from the summit and explain to them what Akwa Ibom has done so that they can replicate it in their own states."

Governor Victor Attah set the tone in his keynote address by recalling the distressed economy he inherited when he took office in 1999. The state was the seventh poorest of Nigeria’s 36 states. Unemployment among youth was 60 percent, and only one percent of Akwa Ibom’s students were passing their university entrance examinations. There was no reliable electricity supply, no potable water, almost no telephones, and a road system that was virtually impassible.

He listed the wide breadth of sensible modernization undertaken in "the Akwa Ibom project," as the development program is called. Hearing them lumped together, the delegates were impressed beyond expectations.

In partnership with a private company, the state established a cell phone company, known as V-Mobile, to leapfrog the antiquated land-line system. The booming company now boasts the second largest subscriber base outside Lagos. The value of the state government’s investment in the project has appreciated by more than 200 percent.

Akwa Ibom is constructing an independent power plant, one that will supply enough energy to meet the state’s needs several times over. The state will thus sell significant amounts of electricity to the national grid.
Potable water systems are being extended throughout the state. Road construction has jumped to the point where Governor Attah is worried about being type-cast as "The Man Who Builds Roads," to the exclusion of all else. Forty-eight billion Naira (about U.S. $ 372 million) have been spent on Akwa Ibom’s road system.

A five-star hotel with an 18-hole championship golf course and riverside marina is being constructed to jump-start tourism. Tourists and businesspeople have to land somewhere close by, so the state is building a huge local airport. This will be the West African maintenance and repair center as well, servicing aircraft from all of West Africa and beyond.

A science park that will focus on information technology and petroleum-related research is being built. Agriculture and micro-credit schemes to enhance rural employment and agricultural production in cassava, palm oil, rubber and cocoa have been so successful that they have outstripped the state’s ability to grow seedlings by a factor of two. $8.1 billion Naira (about U.S. $57.4 million) has been spent to build three new general hospitals, and renovate 55 other hospitals, clinics and health centers. Nine computer science mobile laboratories have been built, and computers added to 210 schools.
As to the petroleum industry, John Chaplin, CEO of Mobil Producing Nigeria Unlimited, a subsidiary of Exxon Mobil, revealed that the company expected to increase production significantly in the next few years.

Engineer Funsho Kupolokun, Group Managing Director, Nigeria National Petroleum Corporation (NNPC), said that Nigeria expected to be producing 4.5 million barrels of crude oil per day by 2010. He addressed the flaring of natural gas, a waste of a valuable natural resource. Mr. Kupolokun stated that flaring should be reduced by 20 percent in the next four years. With the upgrade of power plants throughout the country, he predicted that 76 percent of Nigeria’s natural gas would be sold to the electrical power industry. The production increase, he noted, will enhance the industry’s investment opportunities.

Bigger things brewing
Noting the production increases in both petroleum and natural gas, Governor Attah made the stunning announcement that he was seeking funding and investors to begin constructing a new deep-water port. Such a port would enhance the state’s direct participation in the exploitation of its petroleum resources.

The first day of the summit was punctuated with a groundbreaking ceremony for the Akwa Ibom branch of the Nigerian Stock Exchange, a move designed to anchor the new Uyo "financial district." The area is expected to be home for several area banks, and thus put Uyo on the financial map. Construction on the Uyo building will be completed before May of next year. Having local access to financial trading will, in the words of Finance Commissioner Umana O. Umana, "facilitate investment by Akwa Ibomites, who presently have no way to invest or trade in stocks."

During the afternoon of the second day, Governor Attah personally led conference delegates on a tour of major new projects in the state. Among major projects visited were the new airport in Okobo, a town on the outskirts of Uyo, the five star hotel-championship golf course-river marina complex, and the completed Uyo bus and bush taxi terminal.

A forum for problem identification, solving
The mere fact that the summit was taking place provided opportunities for discussions between heavy hitters that never might have taken place otherwise. Governor Attah suggested that, in the issue of upstream petroleum revenues, the present upstream participation ratio be changed to allow the states 20 percent participation. NNPC Managing Director Kupolokun was non-committal.. Audience members also raised the perennial issue of making the federal government more responsible for environmental cleanup.

While the summit provided an opportunity to salute five years of progress under the Akwa Ibom Project, an important function was to propose and seek consensus on what remains to be done. Governor Attah termed this agenda the "four-plus sectors."

"How all this is to be achieved, "the Governor emphasized, "is the reason for this summit."
At the state dinner concluding the summit, Governor Attah declared it a success, and praised conference organizer Dr. Ebebe A. Ukpong, the state commissioner for economic development.

Governor Attah told the guests, "Once again, we have shown that we are indeed setting standards, and I doubt that any state in this country today can say that they have come close to the standards that have been set by Akwa Ibom."