Home Uncategorized Governor Otu Signs €2.5bn Foreign Direct Investments For Cross River

Governor Otu Signs €2.5bn Foreign Direct Investments For Cross River


Gov. Bassey Otu

Cross River State governor, Senator Bassey Otu, has signed a foreign direct investment of over €2.5bn in the state.

The pacts are part of the first set of private sector investors being attracted to the state by the governor thus making real his manifesto of offering the citizenry a ‘Season of Sweetness’.

A press release from the governor’s at weekend said the private sector investments are; €1.2bn urban waste management, €700m Calabar Water Treatment Management and Recirculation, as well as the €20m Intra-city Public Transportation using Compressed Natural Gas (CNG) enabled vehicles.

Others are N10bn Information and Communication Technology (ICT) skills development hub in Obanliku and N500m cassava cultivation and processing in Odukpani.

Speaking after the sign-on ceremony, the Chairman,

State Policy Advisory Council (SPAC), High Chief Eyo Etim Nyong, assured the investors of the readiness of the present administration to provide conducive environment for investment. 

He appealed for a greater percentage of employment opportunities to Cross-Riverians, adding that as corporate organizations, they owe the state some corporate social responsibilities to contribute to other social services. 

Nyong said that SPAC, as part of its functions, would continue to render advise on all projects, policies and programmes aimed at impacting tremendously on the citizenry in line with the ‘People First’ mantra of the Otu-led administration.

The sign-on ceremony for the various investment portfolios took place at the office of the Secretary to the Cross River State Government, Prof Anthony Owan-Enoh in Calabar.

In a related development, the Council also signed a Memorandum of Understanding (MOU) with an investment consulting group, Zedo Haytch Group, from the United Arab Emirates to market the state’s:investment opportunities in the Middle East.

Some businessmen in the state have expressed excitement with the new investment portfolios saying if it is sustained the state will be one big investment hub.

A businessmen, Mr. John Edet said, “this is good for the state but we pray these investment portfolios are put into reality so that we don’t end up with basket full of promises and MOUs without result as was the case in last administration”.


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