Prince Bassey Edet Otu – Governor of Cross River State
Written by: Vodina Egbe – edited and published by Godwin Apple at Hintusmedia.com/Finland
Revitalizing the Economy of Cross River State, Nigeria
Ambassador Agim Godwin Apple – General Consultative Status on Economic and Social Council of the United Nations
Cross River State, Nigeria, with a total nominal GDP exceeding 2 billion Naira but falling short of the 3 billion mark, faces significant challenges in economic development. While the formal agriculture sector records output slightly above 1 billion Naira annually, the industrial output is just over 800 million Naira.
Despite previous successes in tourism, notably by Donald, the controversial Tinapa project has left the state burdened with debt and devoid of economic returns. The lack of a strong local economy and organization hinders growth in Cross River State.
Before embarking on grand projects such as a deep-sea port, it is imperative for the state to seek sound financial advice. The agriculture sector requires particular attention, focusing on sectors that are fully organized and integrated into the formal economy. The cocoa industry, for instance, lacks regulation, raising concerns about viability for export without a well-organized local market.
Rather than pursuing ambitious projects, the emphasis should be on enhancing existing infrastructure, policies, and investments to foster economic growth.
The potential value of the palm oil market in Cross River State remains untapped, with challenges such as exporting jobs to neighboring states due to the lack of organization and government intervention in the industry.
The service industry and local economy as a whole require better organization and support. Criticism is directed at projects like the rice processing plant and garment factory, which lack consideration for sustainability and job creation. It is argued that focusing on fundamental issues like improving business conditions, reducing energy costs, and supporting local farmers and industries should take precedence over grandiose plans like a deep-sea port.
The need for job creation, improved infrastructure, value-added policies, and scaling up agricultural production to meet market demands are highlighted as crucial steps towards revitalizing the economy of Cross River State. Stakeholders urge the government to prioritize practical initiatives that will benefit local farmers and entrepreneurs, rather than pursuing questionable projects.
By refocusing efforts on key sectors and strengthening the local economy, Cross River State can pave the way for sustainable growth and development without resorting to impractical ventures.