Gerald Ada Leads CR’s $2 Billion Investment Drive

CRS logoInvestigations by show that the Gerald Ada led-Cross River State Investment Bureau may have attracted to CRS, a potential investment portfolio in excess of $2 billion over a period of four years. Additionally, the state government is believed to have heavily invested in the development of benchmark infrastructure, the environment and security to encourage investment.

A breakdown of the figure shows that General Electric is investing more than $1 billion in a multi-modal manufacturing and training facility at the Calabar Free Trade Zone. That investment comprises of a $250 million assembly and manufacturing facility which will on completion support Nigeria’s power sector and serve too as a regional technology centre for the oil and gas industry on the continent.
The company will source locally for goods, labour, staff welfare and training at a cost put at around $800 million over a 5-year period, just like an approximated 2,300 jobs in technical skills and related engineering disciplines will be on offer.
UNICEM’s 2.5 million metric tons per annum Cement Manufacturing plant in Mfamosing, Akamkpa is currently the leading supplier of cement in Nigeria with a portfolio in excess of $800 million. Her current employment generation is over 2000 direct and 3000 indirect jobs.

Brentex Petroleum Services Ltd is investing in a 300, 000 per annum Pipe Mill Manufacturing Plant at an estimated cost of $150 million. Her employment generation prospect is in the region of 1500.

Perhaps to demonstrate the commitment of government to reviving plantation agriculture in the state, it has lent support to the Bureau’s investment drive, netting in the process Wilmar’s 50, 000 hectre palm plantation and processing facility. The company has commenced the planting of high yielding palm species in an investment that sources say is in excess of $4000 million.
Flour Mills with a N25 million in milling infrastructure over the last seven years, Essar Power, setting up a 660 megawatts gas fired power plant for $700 million and Artee Group/Spar, investing in the development of a world class shopping mall and retail academy in Calabar will bring in an investment portfolio of $40 million with 400 and 2500 direct and indirect jobs attached.
The CRS Investment Promotion Bureau was established at the inception of the Imoke administration to help increase the level of investment inflow into the state. It is responsible for encouraging, promoting and coordinating investment in the CR economy.

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