The governor assured investors of his administration’s commitment to creating a conducive business environment, removing bureaucratic bottlenecks and providing the necessary support to enable private-sector businesses to thrive.
By Frank Ulom
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Published on November 10, 2026
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5 min read
Cross River State Governor, Senator Bassey Otu, has called on local and international investors to explore investment opportunities in the state, particularly in maritime infrastructure, logistics, agriculture, hospitality, commerce and the blue economy.
Otu gave the invitation at the 2026 Governor’s Ball, held at Peregrino Hall, Government House, Calabar, where captains of industry, business leaders, investors, statesmen and other distinguished personalities gathered to celebrate his leadership and political journey.
The governor assured investors of his administration’s commitment to creating a conducive business environment, removing bureaucratic bottlenecks and providing the necessary support to enable private-sector businesses to thrive.
He stressed that private-sector participation was essential to economic development, declaring that government alone could not drive sustainable economic growth.
“No government can move without the private sector,” Otu said, assuring investors that they would not encounter unnecessary delays in accessing government support.
The governor, who described the occasion as a privilege, expressed appreciation to the organisers and guests who travelled from within and outside Cross River State to honour him.
He also commended the young people behind the initiative, describing their involvement as an indication of the state’s promising future.
Reflecting on his political journey, which he said had spanned more than 30 years, Otu emphasised the importance of collective ideas, consultations and shared responsibility in governance.
“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 said.
He noted that Cross River’s geographical spread and development challenges required deliberate planning and sustained investments, adding that his administration had put structures and strategies in place to reposition the state’s economy.
Otu expressed optimism that ongoing economic initiatives would transform Cross River into a major investment destination.
As an indication of growing confidence in the state’s property market, he disclosed that land previously valued at about ₦9 million per plot could now attract as much as ₦45 million.
The governor also highlighted opportunities in the technology and outsourcing sector, revealing that more than 700 people had undergone training, with over 600 already earning regular salaries denominated in foreign currencies.
He urged young people in the state to identify and develop their abilities, remain resilient and take advantage of emerging economic opportunities.
“Life is about rising. What determines the future is your resilience to pass through these encumbrances and make sure you achieve,” he said.
Otu further maintained that the responsibility for developing Cross River rested on both government and citizens, encouraging business leaders and other stakeholders to contribute ideas and investments towards the state’s economic advancement.
46 Companies Indicate Interest in Resuming Operations
Earlier, the Chairman of the Cross River State Internal Revenue Service, Prince Edwin Okon, disclosed that about 46 companies previously classified as inactive in the state’s business records had indicated interest in resuming operations.
Okon also revealed that several other companies approached the service in 2026 to register as taxpayers, describing the development as evidence of renewed confidence in Cross River’s business environment.
He urged prospective investors to take advantage of available tax incentives, waivers and reliefs under the state’s tax framework.
According to him, about 16 companies benefited from various tax waivers in October.
He explained that the state government had harmonised several taxes and levies to reduce the financial burden on businesses and eliminate multiple payment demands from different government ministries.
The policy, he said, was already benefiting companies, including Wilmar, while the service was expanding automation to improve revenue administration and transparency.
Okon also advised businesses to pay their taxes directly into government accounts rather than to individuals to strengthen accountability and improve revenue generation.
Tenaris Executive Identifies Confidence as Key to Investment
Also speaking, the Managing Director of Tenaris Global Services, Mrs Rosario Osabose, said investors were more likely to commit resources to locations where they had confidence in the business environment than simply relying on available natural resources or economic 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, particularly through its hosting of the Sixth African Sub-Sovereign Governments Network Investment Conference.
She described the conference as an opportunity to showcase the state’s economic ambitions, readiness and commitment to attracting investments.
The business executive identified infrastructure development, particularly the proposed Bakassi Deep Sea Port, as a strategic project capable of transforming Cross River’s economic prospects through improved logistics, industrialisation and employment generation.
She also urged the state government to explore investment opportunities across the energy sector’s value chain, including skills development, manufacturing, logistics and industrial services.
Disclosing her company’s investment in Nigeria, Osabose said Tenaris Global Services 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.
She said the facility was recently commissioned by the Minister of State for Petroleum Resources.
Osabose further stressed the importance of developing local talents and creating opportunities for women and young people, arguing that removing barriers to their 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.
She called for stronger collaboration between government and private-sector investors to build an inclusive economy where young people could achieve their ambitions without having to leave Cross River State.
The discussions at the event underscored the importance of private-sector investment, infrastructure development, business confidence and human capital development in the state’s efforts to expand its economic base.
