The South-South states, also known as BRACED states are seeking to establish an, investment fund to boost economic development in the region.
BRACED is an acronym for Bayelsa, Rivers, Akwa Ibom, Cross River, Edo and Delta states.
The states are also seeking the fund to drive the vision of the BRACED Commission, which is to foster economic co-operation and regional integration through meaningful collaborations.
A statement by the commission on Tuesday said this was one of the recommendations of stakeholders at a retreat organised by the commission in Uyo, Akwa-Ibom State.
The Director-General of the commission, Ambassador Joe Keshi, said, “In calling for the establishment of the BRACED Commission Investment Fund, we note that the existence of such fund will act as a catalyst for birthing economic revival of the zone through the empowerment of small and medium scale enterprises.
“The non-renewable nature of crude oil and the global clamour for alternative and environment-friendly sources of energy have made it imperative for the zone to diversify its economy, because, the BRACED states produce much of the crude oil that fuels the nation’s economy but the people have had to bear the consequences of oil exploration and exploitation.”
He added that a grossly devastated aquaculture had left the people with limited opportunities, with the zone having one of the highest unemployment rates in the country with one of the most endangered ecosystems in the world.
“This trend, we believe, can be reversed when ordinary people within the zone are equipped with both the skills and capital to actualise their individual financial independence,” Keshi said.
The statement explained that participants at the retreat underscored the need for individual states to pass an enabling legislation for the institutionalisation of the BRACED Commission agreement which was signed in 2011.
In his paper titled, Getting Better Value for State Resources in the BRACED States, the Lead Economist at the World Bank, Abuja Office, Mr. John Litwack, listed the development potential of the BRACED states to include significant government resources, port access and large and young population.
According to him, the states can leverage the potential to conquer the ‘oil curse’ through determination and effective leadership.
He recommended proper planning and strong public financial management, strong independent institutions as prerequisites for effective public service delivery.