Cross River State is set for a new wave of industrial and economic growth following a landmark partnership agreement between the state government and Pana Holdings.
Governor Bassey Otu, who formalized the pact at the State Executive Council Chamber in Calabar, said the deal is designed to unlock the state’s huge deposits of gas and solid minerals, transforming them into drivers of industry, jobs, and long-term prosperity.
According to the governor, the initiative reflects his administration’s determination to close development gaps through private sector participation, stressing that government alone cannot deliver the scale of progress needed. He assured investors of a transparent and business-friendly environment, adding that accountability will guide the partnership.
The Group Chief Executive Officer of Pana Holdings, Dr. Daere Akobo, revealed that Cross River sits on an estimated 35 trillion cubic feet of gas reserves as well as vast deposits of valuable minerals including barite, gold, limestone, and rare earth metals. He noted that with proper development, these resources could power industries, create jobs, and position the state as a regional hub for mining and energy.
Akobo further outlined steps such as data acquisition, reserve certification, and international investment roadshows to attract funding, while also emphasizing indigenous skill development to ensure local communities benefit directly from the project.
Governor Otu also commended President Bola Tinubu’s economic reforms, saying they have opened the space for partnerships that will secure energy and food supply while creating sustainable opportunities for Nigerians.
With this agreement, Cross River is betting big on its natural resources to build a future of industrial strength, energy security, and inclusive growth.
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