The approval of sixteen transformative projects by the Cross River Executive Council has given vent to the unveiling of a Public-Private Partnership (PPP) investment package valued at over ₦70b and US$1.075b.
The landmark approvals, spanning agriculture, renewable energy, transportation, manufacturing, healthcare, infrastructure and environmental sustainability, showcases the present administration’s determination to accelerate industrialisation, attract private capital, create thousands of jobs and position the state as one of Nigeria’s most competitive investment destinations.
Approving the projects during the Executive Council meeting, Cross River governor, Prince Bassey Otu, informed that the ratification marked another defining moment in his administration’s resolve to reposition the state as Nigeria’s foremost investment destination.
He pointed out that the projects were not mere proposals on paper but carefully structured partnerships that will unlock jobs, stimulate industrial growth, expand revenue base and improve the quality of life of the people.
He reasoned that his administration remains committed to creating “an enabling environment where private capital can thrive while delivering measurable value to the citizens of Cross River.”
The approved projects which cut across agriculture, renewable energy, transportation, manufacturing, healthcare, infrastructure and environmental sustainability, include the Kereksuk Limited Rice value chain development project in Calabar, Odukpani and Ogoja; the Valuefronteira Limited Oil Palm Development Project in Yala; the 100MW Solar Power Project by Tee Pama Limited across Calabar, Ikom and Ogoja; the Calabar Fishing Port and Fisheries Development Project; the Odukpani Dairy, Livestock and Trawler Fishing Project and electric vehicle manufacturing.
Others are the statewide Compressed Natural Gas (CNG) infrastructure; the State Transport Company PPP; Creek Town Industrial Park; healthcare diagnostic centres; Municipal waste management facilities; the 60b investment in Obudu cattle ranch, Utanga Lodge and Bebi Airstrip by Living Curation Real Estate Limited; the rehabilitation of the Adiabo Gas-Fired Power Plant; and a lithium battery assembly plant.
Otu described the investments as the cornerstone of his administration’s industrialisation agenda, explaining that every project had been selected for its capacity to deepen economic diversification while attracting long-term private capital.
“We are deliberately building an economy that is driven by production rather than consumption.
“Our vision is to transform Cross River into a competitive hub for agriculture, clean energy, manufacturing, logistics and the blue economy as these partnerships demonstrate growing investor confidence in the future we are building together,” the governor said.
He further explained that the projects would create thousands of direct and indirect jobs while strengthening food security and boosting Internally Generated Revenue (IGR).
“Our young people deserve opportunities, not promises hence, every investment approved today is designed to generate employment, stimulate enterprise, encourage technology transfer and create sustainable prosperity across our communities, for this is inclusive development in action,” he explained.
The Council also approved a robust governance framework to ensure transparency and accountability in project implementation, even as the governor directed that Project Monitoring Committees be immediately constituted by all contracting Ministries, Departments and Agencies, through the BPPP with mandatory quarterly performance reports to the State PPP Council.
Otu added that “every concession and partnership must stand the test of transparency, accountability and public value.”
To accelerate implementation, the Executive Council authorised the Ministry of Justice to prepare, negotiate and conclude all project and Joint Venture agreements, concession agreements and other ancillary legal instruments required for immediate execution.
The governor further remarked that strict compliance with the Cross River PPP Law would remain the guiding principle throughout the contracting process.
His words: “We are institutionalising global best practices because investors deserve certainty, while our people deserve value for every partnership entered into on their behalf.”