...Governor says foundation laid for strong economy


Gov Bassey Otu


By Ben Eguzozie  



Cross River State Governor Bassey Otu, in a ‘State of the State’ address, said his administration has laid the foundation for a strong economic growth in the State. The veracity of that claim will soon be proven when the next quarter’s (Q3 2024) unemployment rates are released by the nation’s data agency, National Bureau of Statistics (NBS).


In just the first year under Gov. Otu, Cross River State has seen an uptick in its internally generated revenue (IGR) of N36 billion or 60.6 percent as of May this year up from N22.6 billion in June last year.


Additionally, N16.3 billion was recorded between January and May 2024 from the initial N10.5 billion during the same period in 2023, representing a 55 percent growth.


Initially, the littoral State’s IGR went up 50.2 percent to N30.8 billion in 2023 from N20.5 billion in 2022.


“During the same period, (our) State moved from its permanent 28th position to being among the first 10 States in accountability index, through its timely delivery of records to relevant authorities,” the governor said in Calabar while taking stock of his administration’s one year in office.


He reflected on his administration’s achievement in sectors including education, infrastructure, digital innovation, agriculture, health, and economic development, noting that efforts are ongoing to revitalise the state’s economy, improve infrastructure, enhance security, promote agriculture, and strengthen healthcare services.


For him, the importance of continuity in governance and the need for sustainable development initiatives were uppermost to the government under his watch.


“Efforts were made (by our administration in the last one year) to regain lost assets of the state such as Tinapa, Oban Palm Plantation and Akamkpa Rubber Plantation, among others. Efforts are geared to enhance digital infrastructure for economic growth and efficiency in governance,” the governor said. 


Energy security

The government is bidding for the Odukpani Power Plant, and desires joint ownership of the UNIDO Power Plant in Obudu. The Odukpani power station is a 565-megawatts plant with multiple units, some of which are not currently operating.


The governor noted that the immediate impact of all these innovations is the growth of the state’s IGR by more than 50 percent.  He also mentioned that Cross River is currently only second to Lagos State in the prospective advancement index, which considers the State’s potential resources and organisational plans.


 

credit: Businessamlive.com