Governor Bassey Otu has called on private-sector investors, assuring them of incentives, an improved business environment, and government support to stimulate economic growth.

Mr Otu gave the assurance at the 2026 Governor’s Ball, held at Peregrino Hall, Government House, Calabar, where captains of industry, business leaders, investors, and other distinguished personalities gathered.

Mr Otu said the state was committed to creating a conducive environment for businesses to thrive, adding that his administration would continue to support investors to drive economic growth and development.

The governor stressed that private-sector participation was critical to economic development, saying no government could achieve meaningful progress without investors.

“No government can move without the private sector,” he said, assuring investors that they would not encounter unnecessary delays in accessing government support.

Mr Otu highlighted investment opportunities in maritime infrastructure, logistics, agriculture, hospitality, commerce, and the blue economy.

He said his administration had put structures and strategies in place to reposition the state’s economy and attract local and international investment.

The governor expressed optimism that ongoing efforts would transform Cross River into a major investment destination, citing rising property values as evidence of renewed economic confidence.

He said land previously sold for about N9 million per plot could now attract as much as N45 million.

Mr Otu also highlighted opportunities in the technology and outsourcing sector, disclosing that more than 700 people had been trained, with over 600 already earning regular salaries denominated in foreign currencies.

He encouraged the youth to develop their talents, remain resilient, and take advantage of emerging opportunities, stressing that determination was essential to achieving success.

“Life is about rising. What determines the future is your resilience to pass through these encumbrances and make sure you achieve,” he said.

Earlier, the chairman of the Cross River State Internal Revenue Service, Edwin Okon, disclosed that about 46 companies previously considered inactive in the state’s business records had indicated interest in resuming operations.

Mr Okon said several other companies had also approached the service in 2026 to register as taxpayers, describing the development as evidence of renewed confidence in the state’s business environment.

He urged investors to take advantage of available tax incentives, waivers, and reliefs, disclosing that about 16 companies benefited from various tax waivers in October.

According to him, the state has harmonised several taxes and levies to reduce the burden on businesses and eliminate multiple payment demands by government ministries.

He said the policy was already benefiting companies, including Wilmar, while the service was expanding automation to improve revenue administration and transparency.

The managing director of Tenaris Global Services, Rosario Osabose, said investment decisions were driven more by confidence than by the natural resources or potential available in a location.

“Investment doesn’t flow or follow potential. Investment follows confidence. Many places have potential; few create confidence,” she said.

Ms Osabose commended the state government for its efforts to attract investors, particularly by hosting the Sixth African Sub-Sovereign Governments Network Investment Conference.

She identified infrastructure, particularly the proposed Bakassi Deep Sea Port, as a strategic project that could transform the state’s economic prospects through improved logistics, industrialisation, and job creation.

The business executive also urged the state to explore opportunities across the energy sector’s value chain, including skills development, manufacturing, logistics, and industrial services.

She disclosed that her company had invested about $10 million in a thermal insulation coating facility, described as the only plant of its kind in sub-Saharan Africa.

Ms Osabose stressed the need to develop local talent and create opportunities for women and young people, saying inclusive participation was critical to sustainable economic growth.

“Excellence has no gender. Talent has no gender. Ambition has no gender, and opportunities should not either,” she said.

She called for stronger collaboration between government and private investors to build an economy that would enable young people to realise their ambitions without leaving the state.

(NAN)