Tonye Cole: Rivers must close gap with Lagos, Abuja on foreign investments

Tonye Cole, former governorship candidate of the All Progressives Congress (APC) in Rivers, has raised concerns about the state’s economic performance.

Speaking on Politics HQ, a News Central Television programme, on Friday, Cole said Rivers has fallen far behind other parts of the country in attracting investment and creating jobs.

He said foreign direct investment (FDI) inflows to Rivers state were negligible compared to Lagos and Abuja.

“Right now, about 98 percent of FDIs coming to Nigeria goes to Lagos; one percent roughly goes to Abuja, and the remaining one percent is shared amongst all other states,” he said.

Cole said the disparity showed how much Rivers had lost ground economically, despite being a major oil-producing state.

He noted that urgent measures were needed to rebuild and reposition the state for competitiveness.

“When it comes to unemployment, Lagos state has 5% unemployment rate; Rivers state is at 14%. We are not comparing at all,” he said.

The businessman-turned-politician added that the numbers pointed to deeper structural challenges affecting livelihoods, with child mortality rates in Rivers far higher than in Lagos.

“Child mortality in Lagos is 100 deaths out of a thousand. In Rivers state, it is a thousand,” he said, describing the figures as troubling and unacceptable.

Cole said his background in business and entrepreneurship was part of his motivation for seeking political office, noting that Rivers needs leaders who can address the economic indices with practical solutions.

“When you start looking at the numbers, you know there is a big problem, and the problem is real. We are trying to rebuild Rivers state, we are trying to make sure that Rivers state can begin to stand up and compete again,” he said.

Cole noted that comparisons between Rivers and Lagos were misleading, stressing that Rivers has significant work to do if it is to close the gap.

“Everybody saying we are at par with Lagos is deceiving themselves. We are not at par, so there is work to do,” he said.