Cross River Approves Over ₦70bn and $1.075bn PPP Projects to Drive Industrial and Infrastructure Growth
Cross River Governor Bassey Otu
The Cross River State Government has approved a landmark Public-Private Partnership (PPP) investment package worth more than ₦70 billion and $1.075 billion, signalling one of the state's most ambitious private sector-led development initiatives in recent years.
The State Executive Council approved 16 strategic projects spanning agriculture, renewable energy, transportation, manufacturing, healthcare, infrastructure and environmental management. The projects form a key component of Governor Bassey Otu's economic transformation agenda aimed at positioning Cross River as a leading investment destination in Nigeria.
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Speaking after the Executive Council meeting, Governor Otu described the approvals as a defining step towards accelerating industrialisation, attracting long-term private investment and expanding the state's economic base.
"These are not mere proposals on paper but carefully structured partnerships that will unlock jobs, stimulate industrial growth, expand our revenue base and improve the quality of life of our people."
Investment Targets Multiple Growth Sectors
The approved projects cover several strategic sectors considered critical to the state's long-term economic development.
Among the flagship initiatives are the Kereksuk Limited Rice Value Chain Development Project across Calabar, Odukpani and Ogoja, the Valuefronteira Limited Oil Palm Development Project in Yala, a 100MW Solar Power Project by Tee Pama Limited, the Calabar Fishing Port and Fisheries Development Project, the Odukpani Dairy, Livestock and Trawler Fishing Project, electric vehicle manufacturing facilities, statewide Compressed Natural Gas (CNG) infrastructure, a State Transport Company PPP, Creek Town Industrial Park, healthcare diagnostic centres, municipal waste management facilities, rehabilitation of the Adiabo Gas-Fired Power Plant and a lithium battery assembly plant.
The programme also includes a ₦60 billion investment in the Obudu Cattle Ranch, Utanga Lodge and Bebi Airstrip through Living Curation Real Estate Limited, reflecting the state's ambition to strengthen tourism, hospitality and supporting infrastructure.
Private Capital to Drive Industrialisation
Governor Otu said the investment programme is designed to build a production-driven economy capable of attracting sustained private capital while diversifying Cross River's economic base.
According to the governor, the projects were selected for their ability to stimulate manufacturing, agriculture, logistics, renewable energy and the blue economy, while generating thousands of direct and indirect jobs.
He added that expanding investment across these sectors would strengthen food security, increase Internally Generated Revenue (IGR) and create new opportunities for businesses and young people.
Governance Framework Introduced
To ensure accountability, the Executive Council approved a monitoring framework requiring each contracting Ministry, Department and Agency to establish Project Monitoring Committees through the Bureau of Public-Private Partnerships.
The committees will submit quarterly performance reports to the State PPP Council to monitor implementation and ensure projects deliver measurable public value.
The Executive Council also authorised the Ministry of Justice to negotiate and conclude all concession, joint venture and project agreements in accordance with the Cross River State Public-Private Partnership Law.
Implications for Housing and Real Estate
Although the investment programme extends well beyond housing, several approved projects could significantly influence the state's real estate market.
Major investments in transport infrastructure, renewable energy, industrial parks and power generation typically increase demand for residential, commercial and mixed-use developments around emerging economic corridors. Improved infrastructure also enhances land values, attracts developers and supports new housing construction.
The rehabilitation of key tourism assets, expansion of industrial facilities and development of logistics infrastructure could further stimulate demand for worker housing, hospitality developments and commercial property across the state.
If implemented successfully, the programme may encourage greater private sector participation in urban development while supporting future affordable housing initiatives linked to expanding economic activity.
Industry Significance
The approvals reflect a broader shift towards using Public-Private Partnerships to finance infrastructure and economic development at the sub-national level.
As fiscal pressures continue to constrain public spending, PPP models are increasingly becoming an important mechanism for delivering infrastructure without relying solely on government funding. For investors, the programme signals Cross River's intention to create a more investment-friendly environment backed by structured legal and governance frameworks.
Outlook
The success of the investment programme will depend on timely financial close, transparent procurement and effective project execution. If implemented as planned, the approved PPP projects could accelerate industrialisation, improve infrastructure delivery and strengthen Cross River's attractiveness for both domestic and international investors.
For Nigeria's housing and real estate sector, sustained infrastructure investment and industrial expansion in Cross River could create new opportunities for residential development, commercial real estate and long-term property investment.
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