TARAVEST: Taraba's Elite Should Stop Investing In Hotels, Club Houses, Filling Stations, Analyst Writes on Local Investments

 

As we inch closer to the investment summit, the air is thick in anticipation of the intended benefits this gathering of potential investors would bring to Taraba state. The state is positioning itself for economic takeoff and I must say that the intentions are noble. The would-be theme, the speakers, and the expected High-Net-Worth(HNI) investors from across Nigeria and abroad are all part of a grand vision to reposition Taraba as that enviable destination for business and capital inflow. As I emphasized in my last piece on the journey to unveil and propose better strategies to harness the optimal opportunities that such events avail, it is also important that we examine the role of those who are supposed to hold forth the home-front of investment in the state.

Amidst the excitement, we must confront a deeply unsettling reality and ask: why are Taraba's own elite conspicuously absent when it comes to investing in their state?

Investment is not just about attracting outsiders with glossy presentations. It's about building a culture of confidence which is a shared belief in the future of the state by the people who know it best. And that is where we must pause and reflect because no matter how well-organized a summit may be, it cannot substitute for the foundational ingredient of true development- local commitment. This is because real investment that is sustainable starts with belief. And belief must be demonstrated, not declared.

The state is rich in natural resources: vast arable land, mineral deposits, rivers, tourism potential, and a youthful population hungry for opportunity. Yet these assets remain largely untapped because the very people who should be the torchbearers of economic growth seemed disengaged. They build their businesses elsewhere, spend their healthcare money elsewhere and then turn around to lament "lack of development" at home.

Those with the means to drive the first wave of serious economic activity have been content to look away. When the people who know a place best and who benefit most from it politically and socially do not see it as worthy of their capital, what message are they sending to outsiders?

Let's call it what it is-a culture of economic absenteeism. For years, those who have risen through the ranks of power and privilege in Taraba such as politicians, top civil servants, contractors, business leaders have failed to reinvest their wealth back into the state that made them. While they wine and dine in Abuja, Lagos, and overseas, Taraba's economy remains stagnant, underdeveloped, and largely dependent on federal allocations and seasonal and subsistence farming.

The few who attempt to "invest" do so in narrow, unimaginative sectors such as hotels and fuel stations, primarily in Jalingo. Not in innovation hubs or agro-processing. Not tech startups or modern clinics or vocational training centers. Just the low-risk, quick-turnover, cash-based businesses that barely scratch the surface of real economic transformation. It's almost as if the goal is not development, but visibility and short-term profit. So we must ask again: if Taraba's own elite cannot look beyond fuel pumps, club house and lodging rooms, what message are they sending to the investors they're courting from outside? The young people in Takum, Wukari, Gembu, and Zing are not crying out for more beds or petrol pumps. They want opportunities to work in places such as food processing hubs, tech incubation labs, agricultural cooperatives, export businesses and Health infrastructure.

Real investment is about vision. It's about putting money into things that create jobs, build infrastructure, and generate long-term value. If those who know Taraba best-its top earners-cannot see the potential in their own backyard, why should outsiders?

How Others Are Winning: What is happening Elsewhere?

I will subject this comparative analysis to both domestic and international yardsticks. Let's start from home, Nigeria.

The Ariaria International Market in Aba, Asia State didn't become famous because of foreign capital, No, it was built by locals who believed in the potential of their city. Even in the face of poor infrastructure, they created an informal economy that today feeds millions and exports products across West Africa. After years of neglect,  the administration of Gov. Alex Otti has brought infrastructural succour to the people and this has further drawn more capital inflow. Anambra State, with just about 4,844 km² in size (less than 10% of Taraba), boasts a thriving informal sector worth thousands billions. Onitsha alone sees commercial transactions exceeding trillions of naira annually, much of it driven by Igbo entrepreneurs who reinvest their wealth in their homeland.

Even Kano, with its population-driven market and business culture, has consistently attracted local and foreign investment in agribusiness and manufacturing, not because of oil or minerals, but because Kano elites have never abandoned Kano.

With a landmass of over 54,000 square kilometers, Taraba is larger than countries like Rwanda (26,000 km²). This is a state blessed with fertile valleys in Bali and Karim Lamido, the majestic Mambilla Plateau which is arguably Nigeria's most temperate zone couple with vast tourism and agricultural potential, and mineral-rich terrains stretching from Gashaka to Donga. Rwanda, with a landmass half the size of Taraba and a traumatic past, has built a globally respected economy with a GDP of over $13 billion (as of 2023). Much of this came from targeted investment in ICT, tourism, and agriculture, fueled initially by Rwandans in the diaspora and bold domestic policies that created a fertile environment for capital.

Changing the Narratives Henceforth

The envisioned Taraba with enviable investment advantage is possible if we  take the following routes:

Create an investment pool fund: The State Government can create a counterpart investment fund with development banks such as Bank of Industry (BoI) and woo targeted Tarabans and other investors such as Tony Elumelu, Aliko Dangote who have the capacity to contribute to the fund to become a local capital buffer to fund strictly viable investments in cottage industries, agro-processing, tourism, tech-hubs, waste recycle hub, etc. To deal with misappropriation which is typical of such funds, stringent measures and conditions must be put in place.

Move Beyond Tokenism:

Taraba's elite must stop making symbolic investments and start making strategic ones. Hotels and fuel stations are easy, but what about cattle ranching systems in Sardauna, Tomato processing plants in Lau, or rice mills in Karim Lamido, or palm oil processing in Baissa or a better equipped diagnostic center in Jalingo?

Create a Diaspora Investment Window:

There are hundreds of successful Tarabans abroad. The summit should launch a "Taraba First" investment platform, targeting diaspora with specific projects and clear returns on investment. This is how countries like Ethiopia and Ghana raised millions in diaspora bonds.

Invest in the Brand Called Taraba:

We must rebrand Taraba beyond politics and ethnicity. Let's spotlight Gashaka-Gumti National Park, the Mambilla Plateau, and the rich agricultural belts in Kurmi and Yorro. Tourism and agribusiness together can create a billion-naira industry-let our millionaires lead the charge.

Partner with Government for Long-Term Play:

The state government must incentivize long-term local investment with tax holidays, land grants, and co-investment schemes. Let it be known that Taraba supports those who support her.

It's not enough to speak of our "potential." Potential is meaningless until it becomes product. Until the land becomes farmland, the hills become resorts, the youths become innovators, and the elite become builders not just benefactors.

If Rwanda with half of Taraba's land can build a $13 billion economy, what's stopping Taraba? If Lagos, with all its chaos, can attract $800 million in tech investment alone in 2023, what are we waiting for? The answer is simple: Taraba elites must believe in Taraba and must prove it with action because no investor, no matter how rich or well-intentioned, will believe in Taraba if Tarabans don't believe in Taraba.

Joachim Agbo is a development economist, public policy analyst, and the host of Business Hangout on Rock FM 92.3. He writes on public policy, economic reforms, and business strategy. He can be reached at joachim2002n@gmail.com and +234-8039669801