Cross River Unveils N70bn PPP Investment Package

By Judex OKORO 

 Cross River state government has unveiled a historic Public-Private Partnership (PPP) investment package valued at over ₦70 billion and US$1.075 billion, following the approval of sixteen transformative projects by the State Executive Council (ExCo). 

The landmark approvals, spans across agriculture, renewable energy, transportation, manufacturing, healthcare, infrastructure and environmental sustainability.

The approvals, however, reinforce Otu administration's determination to accelerate industrialisation, attract private capital, create thousands of jobs and position Cross River as one of Nigeria's most competitive investment destinations.

Besides, the projects will reshape the state's economic landscape, position it as a preferred destination for domestic and foreign investment, and consolidate its emergence as a leading centre for innovation, industrialisation and inclusive economic growth.

Approving the projects during the Executive Council meeting, Governor Otu said the ratification marked "another defining moment in our determination to reposition Cross River as Nigeria's foremost investment destination."

According to him, the projects were "not mere proposals on paper but carefully structured partnerships that will unlock jobs, stimulate industrial growth, expand our revenue base and improve the quality of life of our people." 

The Governor stressed that his administration remained committed to creating "an enabling environment where private capital can thrive while delivering measurable value to the citizens of Cross River State."

The projects 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; electric vehicle manufacturing and statewide Compressed Natural Gas (CNG) infrastructure.

Others are 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.

Governor Otu described the investments as the cornerstone of his administration's industrialisation agenda, noting that every project had been selected for its capacity to deepen economic diversification and attract 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. These partnerships demonstrate growing investor confidence in the future we are building together," he stated 

Explaining that the projects would create thousands of direct and indirect jobs while strengthening food security and boosting Internally Generated Revenue (IGR), he further stated that "our young people deserve opportunities, not promises.

 "Every investment approved today is designed to generate employment, stimulate enterprise, encourage technology transfer and create sustainable prosperity across our communities. This is inclusive development in action."

Approving a robust governance framework to ensure transparency and accountability in project implementation., the Governor directed that Project Monitoring Committees be immediately constituted by all contracting Ministries, Departments and Agencies through the Bureau of Public Private Partnerships, with mandatory quarterly performance reports to the State PPP Council. 

To accelerate implementation, the Executive Council authorised the Ministry of Justice to prepare, negotiate and conclude all Project Agreements, Joint Venture Agreements, Concession Agreements and other ancillary legal instruments required for immediate execution. Governor Otu noted that strict compliance with the Cross River State Public-Private Partnership Law would remain the guiding principle throughout the contracting process. 

The approvals reinforce Governor Otu's broader economic blueprint of leveraging strategic private-sector partnerships to drive sustainable development across Cross River State.