For the records: Special Address by gov Fintiri at a business roundtable in Abuja
Protocol,
It is with great honour that I welcome you to this landmark roundtable with the theme
“Empowering Adamawa:
Unlocking Private Sector Opportunities in Distributed Renewable Energy.” This is yet again an opportunity to market Adamawa state for investment as I have always done. For the past six years, i have taken it upon myself, the task of salesmanship that is not only evidenced in sharing opportunities and prospects with investors, but demonstrated by the success we are achieving and where we have already taken the state to, in terms of performance and ranking.
Over the years, Adamawa State has witnessed significant transformation across various sectors, fuelled by strategic reforms, targeted investments, and deliberate policy actions aimed at fostering sustainable development, economic growth, and improved public service delivery.
Related news
Emefiele’s aide, others indicted In CBN’s $6.2m theft hiding in UK – Police
Fintiri presents staff of office to first Tol Huba
Fufore Emirate: We Approach the Court Over Fintiri’s Refusal to Listen to Reason – Prof. Abba
The State has remained a key player in Nigeria’s economic landscape, with its economy largely driven by agriculture, commerce, and public sector activities. We have continued to implement progressive economic policies to enhance productivity and create a conducive environment for investment.
One of the key highlights of our economic advancement has been our Ease of Doing Business score, which improved from 5.25 in 2021 to 5.86 in 2023, resulting in +10 positions climb in the national rankings. This reflects the successful implementation of reforms aimed at reducing bureaucratic bottlenecks and making Adamawa a more investor-friendly destination.
Our Internally Generated Revenue (IGR) has also witnessed growth, driven by improved tax collection mechanisms, digital financial management, and expanded economic activities. The State Fiscal Transparency League Table ranked Adamawa in the top five in Nigeria for Q2 2023, reflecting our commitment to financial accountability and good governance.
We have significantly improved our financial reporting, procurement processes, and public expenditure management. The implementation of digital financial platforms and e-procurement systems has enhanced efficiency, reduced corruption risks, and ensured judicious use of public funds.
We have prioritized infrastructure development as a catalyst for economic growth. Through strategic partnerships and targeted funding, we have executed numerous projects aimed at rural electrification, road construction, and public facility upgrades. We have successfully executed over 30 rural electrification projects, impacting thousands of households across multiple Local Government Areas (LGAs).
We have spent about Three Billion Naira (N 3,000,000,000), to improve energy access through rural electrification. These projects have contributed significantly to rural development, enhancing productivity in agriculture, commerce, and social services.
Our State Action on Business Enabling Reforms (SABER) program has been instrumental in fostering a competitive business environment. Through digital transformation and regulatory reforms, we have reduced business registration timelines, automated government services, and improved transparency in land transactions.
This has led to a surge in private sector interest across key sectors such as agriculture, transportation, manufacturing and trade, and now, renewable energy. We recently received an investor who expressed interest to develop a 300MW solar PV farm project in Adamawa State.
We have also made significant progress in education, healthcare, and skills development, ensuring that our citizens have access to quality services. In consideration of the need to build the capacity of our citizens to be able to design, install and manage solar energy projects, we recently partnered with an indigenous company to train at least one thousand (1000) Adamawa citizens across our 21 Local Government Areas annually in Solar Photovoltaic Installation. This is in order to have a readily available workforce for any prospective Distributed Renewable Energy Project in our state.
As a government, our journey towards a modern, sustainable energy future is well underway.
The progressive framework established by the Electricity Act 2023, combined with our ongoing development of the state Electricity Policy, is a clear demonstration of our proactive approach. Yet, as we all know, the true strength of any policy lies in its collaborative formulation.
While this policy is still under formulation, it provides a unique opportunity for you to also offer your valuable insights and recommendations, ensuring that it is comprehensive, innovative, and truly reflective of the needs of our energy landscape that will attract investment opportunities for the Renewable Energy Service Companies (RESCOs).
Our vision is bold. The vision behind our state’s Electricity Policy is clear: to create a vibrant, investor-friendly energy ecosystem where public-private partnerships can thrive. We aspire to see an Adamawa state where Distributed Renewable Energy (DRE) solutions power every community, where robust mini grids connect remote communities, and where our agricultural and transportation sectors are transformed by clean and sustainable energy innovations.
While appreciating that there exists a huge opportunity in powering our social services delivery institutions, such as health and education; with a huge population and a thriving demography that is eager for service, we can see clearly immediate, tremendous investment opportunities for RESCOs in the following area:
1. Electrification in Underserved and Unserved Areas:
Adamawa State is committed to extending reliable, affordable electricity to every community. Distributed Renewable energy solutions, such as isolated solar mini-grids, interconnected mini grids, and stand-alone systems, will bring light and power to our remote communities and underserved peri urban areas which will stimulate local economic growth, and improve quality of life.
2. Agriculture:
Agricultural sector is the cornerstone of our economy. Investment in renewable energy such as solar-powered irrigation systems and Agro-processing facilities will boost productivity, reduce post-harvest losses, and add significant value to our food crops. This integration is critical to driving rural development and ensuring food security not just for Adamawa state but Nigeria as a whole.
3. Transportation:
With the global shift towards sustainable mobility, there is a growing opportunity to invest in the electrification of our transportation sector. Developing charging infrastructure for electric vehicles and supporting clean energy-powered public transit systems will reduce urban pollution and enhance overall transportation efficiency. Likewise, opportunities exist for transportation of farm produce from our remote communities.
To further enhance the attractiveness of these investment opportunities, I am pleased to state that, we are ready to provide maximum comfort to willing investors coming into the state by providing a range of prospective financial incentives such as: tax holidays, credit guarantees, concessional financing options, and grants for pilot projects.
These incentives are aimed to mitigate risks and create a favorable environment for private sector investment, ensuring that Adamawa State becomes a magnet for innovative renewable energy projects. Even though the state has little or no control over import duty waivers, we aim to partner with the Federal Government to ensure reduced import duties on renewable energy equipment.
I am aware a lot of effort is already been done in this direction.
As we continue our discussions today, I encourage you to engage openly, challenge conventional approaches, and propose innovative solutions that can bridge the gap between policy and practice.
Let us work together to forge partnerships that extend beyond this room, ensuring that our collective efforts lay the foundation for a sustainable and prosperous Adamawa State. One thing I can assure you is that, as a government, no obligation that is ours, would be left unattended to. So, you can take our words to the bank.
We are at the cusp of transformation.
Our economic reforms, fiscal transparency, infrastructure projects, and digital initiatives have set the foundation for sustainable growth and investment attraction. I urge all stakeholders, investors, and development partners to continue working with us in unlocking Adamawa’s full potential.
Together, we will build a prosperous, inclusive, and energy-secured Adamawa State.
Thank you once again for your presence, your expertise, and your commitment to this transformative journey. Our special gratitude to the MD of the REA and the team for this innovative initiative.
I am confident that, together, we will empower Adamawa State and illuminate the path to a brighter and greener future for our citizens. I extend a hand of friendship and partnership that is already deep in building an Adamawa state where no one is left behind and nothing is left untouched.
Thank you.
