Cross River State Governor, Senator Bassey Otu, on Sunday, intensified his administration's drive to attract private-sector investments into the state, unveiling strategic opportunities in maritime infrastructure, logistics, agriculture, hospitality and commerce.
Governor Otu spoke at the 2026 Governor's Ball held at Peregrino 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, expressed appreciation to the convener and organizers for the honour, noting that his political journey has spanned over 30 years. He commended the young people behind the initiative, describing them as a reflection of the bright future of Cross River State.
He said: "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 and happy that there was a day like this."
Otu stressed that governance requires 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."
He noted that Cross River's vast geographical spread and unique development challenges require deliberate planning and sustained investment, assuring investors that his administration was determined to remove bureaucratic bottlenecks and provide 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 has 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 now attracts as much as ₦45 million.
He also highlighted opportunities in the technology and outsourcing sector, disclosing that more than 700 people have 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 rests on everyone, not government alone. He assured local and international investors that the state remains 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 have 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 has harmonized several taxes and levies to reduce the burden on businesses and eliminate multiple, independent demands for payment by government ministries.
He added that the harmonization policy was already benefiting companies, including Wilmar, while the Service is 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 are increasingly driven by confidence rather than natural resources or potential.
"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 Seaport, as a strategic project capable of transforming the state's economic prospects through improved logistics, industrialization and job creation.
She also urged the state to explore opportunities across the energy sector value chain, including skills development, manufacturing, logistics and industrial services. She disclosed that her company has 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.
"Excellence has no gender. Talent has no gender. Ambition has no gender, and opportunities should not either," she declared, calling for stronger collaboration between government and private investors to build an economy where young people can realize their ambitions without leaving the State.
