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Welcome to Nigeria's new investment hub.
Calabar – 16th June, 2013.
The Government and people of Cross River State heartily welcome His Excellency, The President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, to Cross River State, Nigeria's new investment hub, to the ground breaking ceremony of GE's $1bn manufacturing plant on Tuesday, 18th June, 2013.
In 2009, General Electric signed a landmark country-to-company agreement with the Federal Government aimed at forging a strategic partnership that will see the two parties working together on high growth opportunities and investments in support of vision 2020 and In January, 2013, the federal government and General Electric Company of the United States sealed a $1bn (N158bn) investment for the establishment of a new manufacturing and assembly facility in Calabar.
Faith played itself out when the initiative of the Governor, then serving Minister of Power and Steel was instrumental to the setting up of a framework where an MOU was signed between GE and FGN mandating GE to setup a plant in Nigeria way back in 2004. GE settled for Calabar, Cross River State without any influence from the State Government.
In the words of His Excellency, Senator Liyel Imoke," Cross River Sate has remained at the fore-front of Tourism and Hospitality Development. Over the years we have consistently invested in the development of policies that accelerate the development of the State's economy. This no doubt has further positioned the State as a first choice for investore.GE which is the 3rd biggest company in the world is joining other investors in tapping into an economy that is ready for the future. Ours is a natural fit"
According to Mr. Nzan Ogbe, Special Adviser, Governors Office, the state was chosen because of its exceptional enabling business climate for investment as well as supporting infrastructure such as functional sea and airports, free trade zone and a well articulated investment policy.
Cross River State is also the most secure state in Nigeria with a crime rate of less than 2% and a fully integrated emergency response centre that is fully operational.
The plant would be designed for the manufacture of generator turbines for power plants, coaches for trains, engines for aircrafts as well as hospital equipment, among others.
Also with General Electric setting up in Calabar, it would attract a lot of other investment from allied companies who typically follow GE's lead as their risk assessment and endorsement of Calabar mitigates any risk hitherto envisaged by potential investors as Cross Rivers due diligence mechanism is world class.
In consonance with GE setting up a manufacturing plant in the state other multinationals in the last one year have done same viz; Wilmar group, Songhai Farms, Dansa, UPDC investing in housing development (Golf Estate) and ARM investing in the hotel and hospitality sector (CICC hotel).
The Special adviser, Investment promotions, Mr. Gerald Ada also stated that about 300 Nigerian professional engineers and technicians would be employed in the GE factory in Calabar and that provision would be made for the training of young Nigerians through the company's technology transfer programme
Cross river state which was rebranded on the platform of 'Destination CrossRiver' by Senator Liyel Imoke as soon as he assumed office in 2007 and initiated various programmes and policies that have boosted the economic climate of the state especially in tourism, business and leisure.
More information can be found on all the social networks and the Cross River Sate Government website.
Facebook.com/crossriverstate
Twitter.com/crossriverstate
www.crossriverstate,gov.ng
Cross River – Nigeria's new investment hub
Via: Cross River State Government - Official Press Release
Cross River State has room for a lot of improvement. I tip their governor to do well in his current tenure. Very good one.