Cross River State in Nigeria has secured $1 billion in Foreign Direct Investment (FDI), as announced by State Governor, Senator Bassey Otu. The investment follows the recently concluded International Cooperation and Investment Summit hosted by the state.
Investment Details and Impact on Employment
In a media briefing marking his first 100 days in office, Governor Otu revealed that an additional private sector investment of $15 million has been successfully attracted to the Ayip Eku Oil Palm Estate. This investment is expected to significantly impact employment opportunities and contribute to the growth of the State's Gross Domestic Product (GDP).
Addressing Pension Liabilities
Governor Otu also touched upon the State's financial obligations, specifically mentioning the inherited debt of 24 billion naira in gratuities owed to retirees. The Governor acknowledged the contributions of retirees to the State's development and stated that his administration is planning to introduce a contributory pension scheme. This scheme aims to address the longstanding issue of unpaid pensions and gratuities.
Restructuring State Debt
In terms of the State's overall debt portfolio, the administration has successfully restructured its debt repayment plans to make room for further development projects.
Allocating Palliative Funds
Governor Otu also discussed the 2 billion naira received by the State for palliative measures. To ensure the funds reach the intended recipients, the Governor has set up a committee headed by the Secretary to the State Government, Professor Anthony Owan Enoh. This committee will be responsible for overseeing the proper distribution of these funds.
These investment initiatives and financial restructuring plans aim to stimulate economic growth, reduce unemployment, and improve the overall financial health of Cross River State.