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•46 dormant firms indicate interest in resuming operations, 16 companies get tax waivers
Cross River State Governor, Bassey Otu, has intensified efforts to attract local and foreign investments into the state, identifying maritime infrastructure, logistics, agriculture, hospitality, technology and commerce as strategic sectors through which his administration hopes to stimulate economic growth, create jobs and expand private-sector participation.
The governor, who spoke at the 2026 Governor’s Ball held on Sunday at Government House, Calabar, assured prospective investors that his administration was committed to removing bureaucratic obstacles, providing an enabling business environment and strengthening partnerships that would position Cross River as a major investment destination.
The renewed investment drive came as 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, while several others had approached the service in 2026 to register as taxpayers.
Okon also revealed that 16 companies benefited from various tax waivers in October, following measures introduced by the state government to reduce the cost of doing business, harmonise taxes and eliminate multiple levies.
Speaking before an audience of captains of industry, investors, business leaders, statesmen and other distinguished guests from within and outside Nigeria, Otu said Cross River possessed enormous economic opportunities that could be unlocked through sustained collaboration between government and the private sector.
He identified the blue economy as a major area of investment interest, stressing that the state’s maritime potential, alongside opportunities in logistics, agriculture, hospitality and commerce, offered considerable prospects for businesses seeking to establish or expand their operations.
According to the governor, the geographical spread of Cross River and its peculiar development challenges require deliberate planning, sustained investment and innovative partnerships, particularly in sectors capable of generating employment and stimulating commercial activities.
“No government can move without the private sector,” Otu declared, assuring investors that his administration would continue to provide the necessary institutional support to facilitate investment decisions and ensure that genuine business proposals were not frustrated by unnecessary bureaucratic delays.
He said his administration had already put structures and strategies in place to reposition the state’s economy, expressing confidence that ongoing interventions would strengthen investor confidence and open up new areas of economic activity.
As an indication of growing commercial interest in the state, Otu cited the appreciation in property values, disclosing that plots of land previously sold for about N9 million could now attract as much as N45 million in some locations.
The governor also highlighted emerging opportunities in technology and business process outsourcing, revealing that more than 700 people had been trained under initiatives designed to equip young people with marketable digital skills, while over 600 beneficiaries were already earning regular salaries denominated in foreign currencies.
He urged youths in the state to embrace available opportunities, develop relevant skills and demonstrate resilience in overcoming economic challenges.
“Life is about rising. What determines the future is your resilience to pass through these encumbrances and make sure you achieve,” he said.
Otu, who expressed appreciation to the organisers of the Governor’s Ball for honouring him, described the event as a memorable occasion in his political journey spanning more than 30 years.
“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,” he said.
He particularly commended the young people behind the initiative, describing their commitment and organisational abilities as encouraging signs for the future of Cross River.
The governor maintained that sustainable development required collective ideas, consultations and shared responsibility, stressing that the task of transforming the state could not be undertaken by government alone.
“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 stated.
Earlier, the Chairman of the Cross River State Internal Revenue Service, Okon, said the increasing interest of previously inactive companies in resuming operations reflected what he described as renewed confidence in the state’s business environment.
He explained that the government had introduced a number of tax incentives, waivers and reliefs to encourage investment, support existing businesses and reduce the financial burden associated with operating in the state.
According to him, the harmonisation of taxes and levies was designed to eliminate situations where businesses were subjected to multiple and independent payment demands from different government ministries, departments and agencies.
He disclosed that the policy was already benefiting companies operating in the state, including Wilmar, while efforts were being intensified to expand automation in revenue administration, improve transparency and simplify tax compliance.
Okon urged existing and prospective investors to take advantage of the incentives available under the state’s tax framework, assuring them that the revenue service remained committed to creating a more predictable and business-friendly tax environment.
He also advised taxpayers to make payments directly into designated government accounts rather than through individuals, stressing that compliance with approved payment channels would strengthen accountability and prevent revenue leakages.
Also speaking, the Managing Director of Tenaris Global Services, Mrs. Rosario Osabose, identified investor confidence, infrastructure development and policy consistency as critical factors in attracting sustainable investments.
Osabose said the availability of natural resources and economic potential alone was insufficient to attract investment unless governments demonstrated the capacity to create conditions in which businesses could operate with confidence.
“Investment doesn’t flow or follow potential. Investment follows confidence. Many places have potential; few create confidence,” she declared.
She commended the Cross River State Government for its efforts to position the state as an investment destination, describing the hosting of the Sixth African Sub-Sovereign Governments Network Investment Conference as an opportunity to showcase its ambitions, readiness and commitment to economic development.
The business executive identified the proposed Bakassi Deep Sea Port as a strategic infrastructure project with the potential to transform the state’s economic prospects through improved maritime connectivity, logistics, industrialisation and job creation.
She noted that the development of critical infrastructure would be essential to unlocking the opportunities available in the blue economy and attracting businesses across related sectors.
Osabose also urged the state government to explore investment opportunities throughout the energy sector’s value chain, particularly in manufacturing, logistics, industrial services and skills development.
She disclosed that her company 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, adding that the facility was recently commissioned by the Minister of State for Petroleum Resources.
According to her, such investments demonstrate the opportunities available when businesses identify viable markets and receive the institutional support required to establish sustainable operations.
She further stressed the importance of developing local talent and expanding opportunities for women and young people, maintaining that inclusive participation in economic activities was necessary for sustainable growth.
“Excellence has no gender. Talent has no gender. Ambition has no gender, and opportunities should not either,” she declared.
Osabose called for stronger collaboration between government and private investors to develop an economy capable of providing meaningful employment and business opportunities for young people, without compelling them to leave the state in search of better prospects.
