Former chairman of Obio-Akpor Local Government Area, Chijioke Ihunwo, has lamented that the ongoing political turmoil in Rivers State is discouraging investment and undermining the state’s economic stability.
According to Ihunwo, the extended period of political uncertainty has created a hostile environment for business, prompting investors to relocate their ventures to states perceived as more politically stable.
He attributed the crisis to a power struggle between the Minister of the Federal Capital Territory, Nyesom Wike, and the Rivers State Governor, Siminalayi Fubara, which has become protracted.
The situation deteriorated further with the suspension of Governor Fubara, his deputy, and members of the State House of Assembly for a six-month period.
Although President Bola Tinubu intervened in an attempt to restore peace, tensions have persisted, with the State Assembly recently initiating fresh moves to impeach the governor.
Speaking during an appearance on Arise News on Saturday, Ihunwo said the uncertainty surrounding governance in the state has unsettled both local and foreign investors.
He said many prospective investors have become cautious, choosing instead to invest in neighbouring areas and other states where political conditions are more predictable.
Ihunwo stated that the withdrawal of investment is hurting residents, as it limits employment opportunities, limits business expansion, and slows economic progress across Rivers State.
He stressed that fear of instability has made investors unwilling to commit funds to the state, adding that the diversion of capital elsewhere is having serious consequences for the state’s economy and the well-being of its people.
“People are afraid because they hear there is a crisis in Rivers State, and they no longer feel comfortable investing here.
“As a result, investments are being redirected to nearby communities and other states,” he said.
