September 28, 2023
Otu signs €2.5bn private sector investments

Otu signs €2.5bn private sector investments

From Musa Muhammad Kutama, Calabar

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

The pacts are part of the first set of private sector investors being attracted to the state.

The private sector investments are; €1.2 billion urban waste management, €700 million Calabar Water Treatment, management, and recirculation, as well as the €20 million intra-city public tltransportation using Compressed Natural Gas (CNG) enabled vehicles.

Others are N10 billion ICT skills development hub at Obanliku and N500 million cassava cultivation and processing at Odukpani.

Speaking after the sign-on ceremony, SPAC chairman, 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 the people of the state.
He added that as corporate organizations, they owe the state some corporate social responsibilities to contribute to other social services.

Nyong remarked that SPAC, as part of its functions, would continue to render advice 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 State Government, Prof. Anthony Owan-Enoh, in Calabar.

In a related development, the council has also signed a Memorandum of Understanding with an investment consulting group, Zedo Haytch Group, from the United Arab Emirates to market the states’ investment opportunities in the Middle East.

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