Cross River State Governor, Senator Bassey Otu, has sealed a strategic partnership agreement with Pana Holdings to unlock the state’s vast gas reserves and solid mineral deposits in a move aimed at driving industrialisation, creating jobs, and fostering sustainable economic growth.
The pact, signed on Monday at the State Executive Council Chamber in Calabar, is designed to position Cross River as a leading regional hub for energy, mining, and industrial development through strong public-private collaboration.
Speaking at the signing ceremony, Governor Otu said the agreement was a bold step towards harnessing the state’s abundant natural resources to address developmental gaps and uplift the living standards of citizens.
“The partnership reflects my administration’s resolve to harness the state’s abundant natural resources in a sustainable way to close developmental gaps and ensure prosperity for the people,” Otu stated.
“Government alone cannot deliver development. There has to be strong private sector participation, and this pact is one of the bold steps we are taking to ensure energy security, food security, and a more productive economy,” he added.
The Governor assured Pana Holdings of his administration’s full cooperation, pledging that transparency, accountability, and visible outcomes would remain the guiding principles of the agreement’s implementation.
Delivering a presentation titled Unlocking Cross River State’s Gas & Solid Minerals Potential, the Group Chief Executive Officer of Pana Holdings, Dr. Daere Akobo, revealed that Cross River holds two of Nigeria’s greatest untapped opportunities: an estimated 35 trillion cubic feet of gas reserves and rich deposits of solid minerals including limestone, barite, gold, granite, quartz, manganese, and rare earth metals such as cerium and lanthanum.
“These resources can power industries, create jobs, and transform Cross River into a regional hub for energy and mining,” Akobo said. “Through data acquisition, reserve certification, and phased field development, the state can unlock these frontiers responsibly.”
He explained that the strategic partnership would expand access to affordable and cleaner energy, boost public-private partnerships for infrastructure delivery, generate massive employment, and develop indigenous skills to support the local economy.
Dr. Akobo also made a series of recommendations to accelerate implementation. These include the creation of a Joint Venture Company with CALA Infra for gas infrastructure and solid minerals development, forming a joint working group to liaise with regulatory bodies, securing a presidential visit, and embarking on an international roadshow to attract foreign funding and partnerships.
He further called for the establishment of a stage-gate indigenous skill acquisition programme and the activation of a Nigerian digital wingspan tailored to Cross River State.
With the signing of this agreement, Cross River is set on a new trajectory to unlock its natural endowments and reposition itself as a powerhouse of energy and industrial growth in Nigeria.
