BUSINESS
Otu Woos Investors To Cross River, Targets $9 Billion Economy By 2031
…markets opportunities to diplomatic community
By Ebriku John Friday
Cross River State Governor, Prince Bassey Otu, has showcased attractive investment opportunities in various sectors in the state to members of the diplomatic community and development partners, targeting $9 billion economy for the state by 2031.
Cross River State Governor Bassey Otu
Otu called on prospective investors to take full advantage of opportunities in agriculture, manufacturing, solid minerals, oil and gas, as well as hospitality to invest in the state.
The governor spoke at the first “Executive Governor’s Roundtable” organised by the state government in Abuja, with the theme, “Building Cooperation for a Better Today and Resilient Future.”
According to him, the theme of the roundtable aligns with his administration’s people first mantra which aims at putting the people at the forefront in the state’s developmental agenda.
He noted that the forum was the first in a series of engagements planned by the state to build strong collaborative ties with the diplomatic community and development partners towards a mutually beneficial long-term future.
Otu noted that economies of the world are growing in interconnectedness due to globalisation, making for increased wealth creation, opportunities and fluidity in investment and cooperation funds.
He said the state is now making frantic effort to position its economy to take advantage of this increased liquidity of corridor globally.
Cross section of participants at the 1st Executive Governor’s Roundtable
“Cross River State also known as the people’s paradise is home to a constantly evolving economy with a strong history as one of the most flourishing states, original trade and diversified economies, based on abundant resources, with a strong commitment towards sustainable economic environment and social development,” he said.
The governor attributed the state’s fast-growing economy to its “strategic location with arable land suitable for a variety of crops; vast deposits of various solid minerals, beautiful mountains and forests, hospitals people with their reputation as one of the safest places to work.”
“We are building on these strategic advantages towards making the state a hotspot for tourism and businesses. With the annual Calabar carnival tagged as the biggest street party in Africa, hosting hundreds of thousands of tourists from around the world.
“The state has opportunities for cooperation which cuts across sectors such as infrastructure, healthcare, social development, education, social development, humanitarian services, agribusiness, commerce, industry, manufacturing, solid minerals, oil and gas and also hospitality.”
Also speaking, India High Commissioner to Nigeria, Shri G. Balasubramanian, said India and Nigeria have relations dating back to 1958.
Balasubramanian said India currently has over 155 companies operating in Nigeria and one of them was involved in the development of the TINAPA economic zones.
He noted that there was keen interest in India at the possibility of acquiring some land on lease for the development of agricultural products and certainly Cross River State will be an area of priority.
On his part, Israel’s Ambassador to Nigeria, Michael Freeman, said Israel stands ready to partner with Cross River State on a plethora of areas, including irrigation and rice farming.
“Israel stands ready to work with Cross River State to address shared challenges that lie ahead by embracing innovation, collaboration and a shared sense of purpose. We can create a more sustainable, secure and prosperous future,” Freeman said.
While addressing newsmen on the sidelines of the roundtable, the Cross River State Commissioner for Information, Hon Erasmus Ekpang, maintained that the government was involved in meaningful action to turn around the economic fortunes of the state.
Ekpang said the meeting was about the 4th similar summits, others being economic and energy summits earlier held, adding that the government will put more pressure and ensure commitment by prospective investors.
Among the notable attendees were James Christoff, the High Commissioner of Canada; Ambassador Leenknegt from the Belgium embassy; Mr. Jean-Francois Hasperue, Deputy Head of Mission at the French embassy; H.E. Mr. G. Balasubramanian, representing the India High Commission; Michael Freeman, Ambassador of the State of Israel in Nigeria; and Ms. Kristin Waeringsaase, Minister Counselor and Deputy Head of Mission at the Norwegian embassy.
Also present are Senator Sen Jarigbe Agom representing Cross River North, Senator William Eteng Jones, representing Cross River Central, Hon Peter Akpanke House of Representatives member representing Obanliku, Bekwarra, Obodu Federal Constituency, Hon Godwin Offiono representing Ogoja/Yala Federal Constituency, Hon. Mike Etaba representing Obubra/Etung Federal Constituency and Hon Victor Abang (Mature), representing Ikom/Boki Federal Constituency amongst others.
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.
