Gov. Bassey Otu.
By Kelvin Obambon
Cross River State Governor, Prince Bassey Edet Otu has urged members of the Global United Christian Congress of Africa and the Diaspora (GUCCAD) to leverage the state’s abundant natural and human endowments for profitable investment.
Speaking at the GUCCAD Investment Forum organized by the Cross River Diaspora Commission (CRIDCOM) in Calabar Wednesday, the Governor outlined diverse opportunities across agriculture, mining, renewable energy, infrastructure, and tourism, positioning the state as “an ideal investment hub within the South-South zone of Nigeria.”
Otu emphasized that the forum was a “well thought-out initiative by the current administration to catalyze growth and development in the multiple sectors of the State through Capital Importation (CI) or Foreign Direct Investment (FDI).” He noted the state’s strategic location, which borders Equatorial Guinea, Cameroon, and Sao Tome and Principe, in addition to housing the Calabar Free Trade Zone (FTZ).
The Governor who was represented by the Commissioner for Finance, Mike Odere, highlighted the state’s comparative advantage, particularly in the agricultural sector, given its tropical-humid climate. He stressed that investment in cash crops and their value chains, such as cocoa, palm, rubber, maize, rice, cashew, and ginger, “is a wise investment with huge returns on investment (ROI).”
He said the government is expanding estates, supporting private farmers with agro-inputs, and aggressively establishing agro-allied industries, including a chocolate factory, rice mill, and vegetable oil processing factory. He urged investors to establish and run more such industries “to curtail post-harvest waste and increase farmers income thereby expanding the State Gross Domestic Product (GDP).”
Addressing the global energy shift, Governor Otu spoke on the importance of mining and renewable energy sectors. “Following the loss of oil wells, the state is keen to diversify its economy and utilize its deposits of granite, feldspar, titanium, limestone, and iron ore, among others.”
He extended invitation to potential investors to explore and expand mines and invest in the downstream sector, specifically mentioning the manufacturing of solar panels, lithium-ion batteries, and Electric Vehicles (EV) products. He also invited investors to “plough their resources into the manufacturing of green energy power plants across the State.”
The Governor identified critical infrastructure projects as untapped viable investment opportunities, including the proposed Bakassi Deep Sea Port and the ongoing construction of the Cargo and Passenger Airport in Obudu. He explained that exploring these areas “will transform the State into the transport hub and evacuation corridor to the northern part of the country and beyond.”
Describing the state’s tourism sector as one of the world’s largest, Governor Otu specifically called for private partnership investment in the Obudu Ranch Resort for “upgrade, running and maintenance” through Public Private Partnership (PPP) arrangement.
Furthermore, he invited investors to rehabilitate and operate several facilities within the Tinapa Business Resort, such as the Movie Studio, wholesale emporiums, and the Water Park. Regarding the renowned Carnival Calabar and Festival, the Governor announced that the state government is divesting in the funding and seeking private investors “to take up the funding and management of the Festival which has huge returns on investment (ROI) prospect.”
He concluded with the assurance that “any investment in the state will yield manifold returns. You are therefore welcome on board as you think Cross River.”
Also speaking, Vice Chairman of the State Planning Commission, Bong Duke, detailed engagement opportunities for the diaspora, stressing agro-processing and industrial development. He stated, “We need you to build factories for cassava to be processed into ethanol, for fruit juice concentration, for cocoa butter and powder, for rubber cream,” and highlighted climate-smart agriculture and technology-driven opportunities.
On aviation and logistics, Duke mentioned ongoing improvements including Calabar International Airport’s upgrade, describing it as “a critical artery” for agro-exports. He encouraged investment in aviation maintenance, cargo handling, and industrial parks.
He also called for investments in renewable energy, healthcare, education, and ICT infrastructure, promising strong government support and incentives. “We have instituted the most robust investment support framework in the country. Our state remains one of the most peaceful and secure in Nigeria,” he assured.
Duke invited the diaspora community to “build industries,” shift the narrative from remittances to development, and join the state’s transformation, saying, “The door is open. The table is set. Come home. Let us build.”
Earlier, Chairman of CRIDCOM Prince Otu Okor, said the investment conference is a testament to Cross River’s commitment to fostering economic growth, development and partnership.
“Our state is blessed with abundant natural resources, a vibrant culture and a thriving population. The theme ‘Invest Cross River’ reflects our confidence in the state’s potential and our commitment to creating a conducive environment for businesses to thrive. We believe that by working together, we can unlock new opportunities, drive economic growth and improve the lives of our citizens,” he said.
President of GUCCAD, Prof. Ijeoma Nwosu in his remarks, expressed gratitude to the state for the warm reception and hospitality saying, “this is very welcoming, very cordial and very accommodating.”
“You have helped us to convince the international community that Nigeria is really serious about reconciliation before getting on to business. And we are grateful to you for that. For that reason, today we have about 18 nations that have come with us to Cross River State. And everybody is excited.
“And I predict that by the time we come back again in the Nigeria Convention, the Nigeria Convention 2026, we will be having at least twice the number of nations that are here present today. And with that, business and investment will flow like a river in Cross River State,” he said.
