By Onwa Ekor
Determined to unlock the state’s vast gas and solid minerals deposit which is intended to drive industrialization, job creation and sustainable economic growth, Cross River government has entered into a pact with Pana Holdings.
The event which took place at the State Executive Council Chamber, Calabar, is designed to position Cross River as a regional hub for energy, mining and industrial development through public-private partnerships.
In his remarks, Cross River governor, Prince Bassey Otu, said the partnership reflects his administration’s resolve to harness the state’s abundant natural resources in a sustainable way to close developmental gaps and ensure prosperity for the people.
“Government alone,” Otu said, “cannot deliver development hence the need for a strong private sector participation and this pact is one of the bold steps we are taking to ensure energy and food security for a more productive economy.”
He applauded President Bola Tinubu for providing enabling environment under the Renewed Hope Agenda, which Otu described as “a courageous departure from years of freeloading that weakened the nation’s economy.”
The governor assured Pana Holdings and other prospective investors of a peaceful, business-friendly environment in the state.
Otu also pledged his administration’s cooperation to ensure full implementation, stressing that transparency, accountability and visible outcomes will remain the guiding principles of the pact.
In a presentation titled “Unlocking Cross River Gas & Solid Minerals Potential,” Group Chief Executive Officer of Pana Holdings, Dr. Daere Akobo, disclosed that Cross River holds two of Nigeria’s greatest untapped opportunities, vast gas reserves estimated at 35 trillion cubic feet (TCF) and rich deposits of solid minerals, including limestone, barite, gold, granite, quartz, manganese, as well as rare earth metals like cerium and lanthanum.
According to Akobo, these resources can power industries, create jobs and transform Cross River into a regional hub for energy and mining.
He explained that through data acquisition, reserve certification and phased field development, the state can unlock these frontiers responsibly.
Pana Holdings Group CEO, also assured that the strategic partnership will expand access to affordable and cleaner energy, drive public-private partnerships for infrastructure delivery, generate employment and develop indigenous skills.
He enjoined government to sign a Joint Venture Company (JVC) with CALA Infra, for gas infrastructure and solid minerals development while forming a joint working group to liaise with regulatory and ministerial bodies, secure a presidential visit and embark on an international roadshow to attract funding and partnerships.
Akobo further sued for support in facilitating a stage-gate indigenous skill acquisition programme to activate a Nigerian digital wingspan for Cross River.
