BUSINESS
Otu Secures $3.5bn Afreximbank Funding For Bakassi Deep Seaport
By Ebriku John Friday
Cross River State government, has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-importbank (Afreximbank) for some of its key infrastructure projects in the state.
Cross River State Governor, Sen Prince Bassey Edet Otu with some officials of the bank.
Governor Bassey Otu, who was in Egypt, last week for a workshop, also visited the African Export-Import Bank (Afreximbank) in Cairo, to explore partnership in key infrastructure projects to be undertaken in the state.
The workshops held during the visit culminated in the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.
The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade.
Securing the funding at a workshop attended by the governor as well as some of the key members of his government, at the bank’s headquarters in Cairo, Egypt, Otu noted that “”This is a world-class partnership that will result in positioning Cross River State economically.”
Governor Otu who expressed his excitement about the collaboration with Afreximbank, emphasized the importance of the projects in driving economic growth and development in the state, highlighting the potential for attracting foreign investment and stimulating economic growth.
At the visit to Afreximbank, Otu also had extensive Government-to-Business (G2B) meetings with tier 1 companies including ORASCOM Construction, ELSEWEDY Electric, and HASSAN ALLAM Holdings.
One of the highlights of Governor Otu’s engagement in Cairo was the signing of Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects in Cross River – the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.
Governor Otu who underlined the positive impact the projects will have on the state’s economy, also disclosed that “while the Bakassi Deep Seaport and Superhighway projects are expected to boost trade and commerce, the Obudu Cattle Ranch and Mountain Resort project will promote tourism and create job opportunities for the people of Cross River State.”
He also hinted that “following the signing of the agreement, Afreximbank will now serve as the Mandated Lead Arranger for these projects, marking a significant partnership for the state.”
At the signing of the agreement were top executives of Afreximbank, including the President and Chairman of the Board, Prof. Benedict Oramah, Executive Vice Presidents, Senior Directors, and Heads of Strategic Business Units were present at the signing ceremony in Cairo, Egypt.
They expressed their commitment to supporting the development of Cross River State through these projects, praising Governor Otu for his vision and leadership.
The signing of these agreements, according to the President and Chairman of the Board, Professor Benedict Oramah, “marks a significant milestone in the partnership between Cross River State and Afreximbank, stressing that “It is expected to pave the way for further collaboration and investment opportunities in CrossRiver, driving economic growth and development.
“The agreements signed with Afreximbank and the tier 1 companies represent a major step forward in positioning Cross River State as a key player in the global economy, creating opportunities for growth and development in the region.”
Governor Otu thanked Afreximbank and the tier 1 companies for their support and partnership, reiterating his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments.
Otu noted that “the signing of these agreements marks a significant milestone in the partnership between Cross River State and Afreximbank. It is expected to pave the way for further collaboration and investment opportunities in the state, driving economic growth and development.”
BUSINESS
Tinubu’s Rubber Revolution Takes Root In Cross River As Eba Partners First Nigerian Condom, Latex Products Factory
President Bola Ahmed Tinubu’s vision to revitalise Nigeria’s rubber industry is beginning to yield results in Cross River State, as the first factory in the country and the second in Africa producing condoms and other latex products begins operation in Calabar.
This development follows President Tinubu’s directive to the Chairman of the Governing Board of the Rubber Research Institute, Benin, and All Progressives Congress (APC) Chairman in Cross River State, Alphonsus Ogar Eba Esq, JP, to drive initiatives that will develop rubber production, processing, marketing, and value addition in the sector.
The President’s Renewed Hope Agenda emphasises diversifying the economy, reducing carbon emissions, tackling climate change, creating jobs for Nigerian youths, and restoring the glory of cash crops, reminiscent of the Eastern Region’s economic boom during the era of Sir Michael Okpara.
On Wednesday, 13th August 2025, the Vice Chairman (South-South) of the National Association of Rubber Producers, Processors and Marketers, Bishop Usen Umoh, led Barr. Eba on a working visit to Agrim Pharmaceutical and Health Care FZE Calabar — an Indian-owned company that has set up Nigeria’s first condom manufacturing facility.
The company’s Managing Director, Mr Nitin Agrim, revealed plans to expand production to include medical hand gloves, rubber bands, and other latex-based products. He appealed for partnership and access to locally sourced latex to reduce dependence on imports.
Barr. Eba commended the company for their confidence in the Nigerian economy and for choosing Cross River State as their investment destination. He assured them of the Federal and State Governments’ readiness to support their operations by ensuring a steady supply of raw materials.
He urged the company to prioritise employing Nigerians, especially members of their host communities in Cross River.
During a guided tour of the factory, Barr. Eba expressed satisfaction that most of the workforce were from Cross River and Akwa Ibom States. He noted that with this facility and its planned expansion, Nigeria could save up to $18 million annually in foreign exchange currently spent on condom imports.
He also emphasised that nearly 23 states in Nigeria grow rubber, gum arabic, and other latex-yielding crops, highlighting his determination to fulfil the President’s mandate of reducing the nation’s reliance on oil revenue.
According to him, diversifying into cash crops such as rubber, oil palm, and cocoa, which once formed the backbone of Nigeria’s economy before the discovery of crude oil in the 1950s, will stimulate growth, create wealth, and drive sustainable development.
...As Governors of Sokoto, Bauchi, Kano Lead Opening Ceremony
The Managing Director/CEO of Fesadeb Media Group and Convener of the Africa International Housing Show (AIHS), Barrister Festus Adebayo, has called for urgent reforms in Nigeria’s housing sector laws, describing many of the existing policies as obsolete and inadequate for present-day challenges.
Adebayo noted that the laws establishing key housing institutions such as the Federal Housing Authority (FHA) and the Federal Mortgage Bank of Nigeria (FMBN) are outdated and hinder effective service delivery.
“In Nigeria, the law that establishes some of the housing agencies are moribund.
“Check the law that establishes FHA—you will discover that it is time for us to review it so that FHA can be able to do more in the performance and delivery of its mandate.
“The same thing applies to the Federal Mortgage Bank. The law only provides solutions to problems that existed at the time it was created; it needs urgent review,” he said.
The 9th edition of the AIHS, scheduled to take place between Tuesday, July 27 to 1st August, 2025, will have as special guests the Governors of Sokoto, Bauchi, and Kano States, who are expected to showcase their respective states’ achievements in housing and infrastructure development.
Barrister Adebayo emphasised that the theme of this year’s show, “Reimagining Housing Through Innovation, Collaboration and Policy,” aligns with the urgent need to modernise housing policies and strengthen collaboration between government and private sector players to meet Africa’s growing housing demand.
He reiterated that reforming housing laws and fostering partnerships are crucial steps to ensure sustainable solutions to Nigeria’s housing deficit.
The Managing Director/CEO of Fesadeb Media Group and Convener of the Africa International Housing Show (AIHS), Barrister Festus Adebayo, has unveiled plans for the 2025 edition of the continent’s biggest housing and construction forum, promising robust engagements on housing incentives, mortgage reforms, women’s inclusion, and accountability for government housing agencies.
Speaking ahead of the event, Barrister Adebayo who stressed that housing remains a critical need that must receive as much attention as food security, observed that Africa International Housing Show 2025 scheduled to hold between 27th July, to 1st August, 2025 in Abuja promises to be a platform for key policy conversations, stakeholder accountability, and practical solutions to bridge Africa’s housing gap.
“At the AIHS 2025, we will do everything possible to see how we can attract and get government to look into incentives that can help in the delivery of housing. In fact, we shall be providing suggestions on the type of incentives and interventions government can provide,” he said.
He pointed to the government’s recapitalisation of the Bank of Industry to support food production as a lesson for housing. “Today we have Bank of Industry being totally recapitalized for the purpose of providing food. Housing is key. After food is housing. When the government gives attention to housing, employment will be created, productivity will be increased. Because when I sleep well, I think well, I work well. It also reduces the number of times I go to the hospital,” he stated.
Adebayo lamented the hurdles faced by Nigerians in accessing mortgage loans, questioning why prospective homeowners cannot easily secure mortgages.
“We will look into what is wrong with the mortgage system—why people cannot walk into a mortgage bank, fill a form, show evidence of their monthly salary, and own a house. Africa International Housing Show 2025 will be looking into all these issues,” he assured.
As part of ongoing efforts to ensure inclusivity, Barrister Adebayo explained that the AIHS 2025 will also give prominence to women’s participation in housing discussions.
“Before the end of day two, we shall be engaging our women to come up with their own ideas on how the issue of housing can be better addressed. There are challenges in the area of women as well. Some states in Nigeria don’t allow women to inherit property. There are laws that are against them. So, the women will be with us,” Adebayo explained.
He confirmed that United Nations Women representatives from Nigeria and Cameroon will be part of the discussions. “They are not asking for only extra seats in parliament. The women are also demanding affordable housing for themselves, for widows of police and soldiers who died in the course of their service.
“As of 2025, we are going to engage all the CEOs of the agencies, be it federal mortgage banks. There is going to be a fire shot with them,” he revealed.
Speaking on the need to ensure accountability from relevant Regulatory agencies, Barrister Adebayo further disclosed that AIHS 2025 will hold government housing agencies accountable.
“We will ask them, ‘What have you achieved in the last one year? How many mortgages have you created? How many houses have you financed? How many workers and beneficiaries have you supported?’
“We will then move to the Federal Housing Authority and ask, ‘Tell us what you are doing, and give us room to answer questions. What agenda are you pursuing?’” he said.
He added that the forum will engage the Nigerian Mortgage Refinance Company and the Ministry of Finance, which currently holds about ₦250 billion and is targeting ₦1 trillion for housing and mortgage development. “They will be with us as partners and will be telling us what they have done since they were established. They will enlighten stakeholders on how Nigerians and non-Nigerians can benefit from the funds, the percentage of their interest rate, and how to access the money,” Adebayo said.
According to him, AIHS 2025 will attract participants from at least 25 countries, with over 25,000 attendees and between 350 to 400 distributors.
“AIHS is a gathering of professionals, policymakers, politicians, everybody.
“We will not leave AIHS 2025 without looking into why federal government housing projects fail.
“We have so many housing projects, but why are they failing? What mistakes are being repeated?” he queried.
Barrister Adebayo emphasised that the forum is expected to extract with concrete commitments from policymakers. “Before we leave, policymakers must give us a conversation. We will come up with a way forward,” Barrister Adebayo concluded.
