In a bid to drive industrialization, create jobs, and sustain economic growth, Governor Bassey Otu of Cross River State has signed a Memorandum of Understanding with Pana Holdings, to explore the vast gas and solid minerals deposits in the State.
The pact is designed to position the State as a regional hub for energy, mining, and industrial development through public-private partnerships.
During the signing ceremony held in the State Executive Council Chamber in Calabar, the Governor 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 cannot deliver development. There has to be a strong private sector participation, and this pact is one of the bold steps we are taking to ensure energy security, food security, and a more productive economy,” Governor Otu stated.
While endorsing the partnership, Governor Otu pledged his government’s full cooperation to ensure implementation of the agreement, stressing that transparency, accountability, and visible outcomes would remain the guiding principles of the pact.
He assured Pana Holdings and other prospective investors of a peaceful, business-friendly environment in the State.
The Governor expressed appreciation to President Bola Tinubu for providing the enabling policy environment under the Renewed Hope Agenda, which he described as a courageous departure from years of “freeloading” that weakened the nation’s economy.
In a presentation entitled, “Unlocking Cross River State’s Gas & Solid Minerals Potential,” the Group Chief Executive Officer of Pana Holdings, Dr. Daere Akobo, said Cross River State 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, and rare earth metals such as cerium and lanthanum.
He further explained: “These resources can power industries, create jobs, and transform Cross River into a regional hub for energy and mining.”
Dr Akobo said through data acquisition, reserve certification, and phased field development, the State could unlock these frontiers responsibly.
He also stated that the strategic partnership would expand access to affordable and cleaner energy, drive public-private partnerships for infrastructure delivery, generate employment, and develop indigenous skills.
The Group Chief Executive Officer urged the government to sign a Joint Venture Company (JVC) with CALA Infra for gas infrastructure and solid minerals development, form 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.
He also called for support in facilitating a stage-gate indigenous skill acquisition programme and activating a Nigerian digital wingspan for the State.
