Get Guardian on GoogleCross River State Governor, Senator Bassey Otu, on Sunday intensified his administration’s drive to attract private-sector investment, unveiling a wide range of opportunities in maritime infrastructure, logistics, agriculture, hospitality and commerce.
Otu spoke at the 2026 Governor’s Ball held at Peregrina Hall, Government House, Calabar, where captains of industry, business leaders, investors, statesmen and other distinguished guests from within and outside Nigeria gathered to celebrate his leadership and political journey.
The Governor, who described the occasion as a rare privilege, thanked the convener and organisers for honouring him, noting that his political journey had spanned over 30 years. He also commended the young people behind the initiative, describing them as a reflection of the bright future of Cross River State.
“For people to come both from within and outside the state to sponsor a ball like this in my honour, I want to tell you that I remain ever indebted. I am very glad that there was a day like this,” he said.
He stressed that governance required collective ideas, consultations and shared responsibility, adding, “There is no monopoly of knowledge. We share and make sure that everything is brought to a melting pot so that from there we can advance.”
Otu noted that Cross River’s vast geographical spread and unique development challenges required deliberate planning and sustained investment, assuring investors that his administration was determined to remove bureaucratic bottlenecks and provide the necessary support for businesses to thrive.
“No government can move without the private sector,” he said, promising that investors would not face unnecessary delays in accessing government support.
The Governor disclosed that his administration had put structures and strategies in place to reposition the state’s economy, expressing confidence that ongoing efforts would transform Cross River into a major investment destination. He cited the appreciation in property values, noting that land previously sold for about ₦9 million per plot could now attract as much as ₦45 million.
He also highlighted opportunities in the technology and outsourcing sector, disclosing that more than 700 people had been trained, with over 600 already earning regular salaries denominated in foreign currencies.
He urged Cross River youths to rediscover their abilities, remain resilient and take advantage of emerging opportunities, declaring, “Life is about rising. What determines the future is your resilience to pass through these encumbrances and make sure you achieve.”
Otu commended business leaders and other stakeholders for contributing ideas towards the state’s development, stressing that the responsibility of building Cross River rested on everyone, not government alone. He assured local and international investors that the state remained open for business, particularly in the blue economy, and welcomed partnerships capable of driving sustainable economic growth.
Earlier, the Chairman of the Cross River State Internal Revenue Service, Prince Edwin Okon, disclosed that about 46 companies previously considered inactive in the state’s business records had indicated interest in resuming operations, while several others approached the service in 2026 to register as taxpayers. He described the development as evidence of renewed confidence in the state’s business environment.
Okon urged investors to take advantage of tax incentives, waivers and reliefs available under the state’s tax framework, disclosing that about 16 companies benefited from various tax waivers in October. He explained that the state had harmonised several taxes and levies to reduce the burden on businesses and eliminate multiple, independent demands for payments by government ministries.
He added that the harmonisation policy was already benefiting companies, including Wilmar, while the service was expanding automation to improve revenue administration and transparency. He advised investors to pay taxes directly into government accounts rather than to individuals to strengthen accountability and revenue generation.
Also speaking, the Managing Director of Tenaris Global Services, Mrs Rosario Osabose, said investment decisions were increasingly driven by confidence rather than the natural resources or potential available in a location.
“Investment doesn’t flow or follow potential. Investment follows confidence. Many places have potential; few create confidence,” she said.
Osabose commended the Cross River State Government for its efforts to attract investors, describing the hosting of the Sixth African Sub-Sovereign Governments Network Investment Conference as an opportunity to showcase the state’s ambition, readiness and commitment to economic growth.
She identified infrastructure, particularly the proposed Bakassi Deep Sea Port, as a strategic project capable of transforming the state’s economic prospects through improved logistics, industrialisation and job creation.
She also urged the state to explore opportunities across the energy sector’s value chain, including skills development, manufacturing, logistics and industrial services. She disclosed that her company had invested about $10 million in a thermal insulation coating facility, which she described as the only plant of its kind in sub-Saharan Africa, recently commissioned by the Minister of State for Petroleum Resources.
The business executive stressed the importance of developing local talent and creating opportunities for women and young people, insisting that removing barriers to participation was both an economic necessity and a social responsibility.
