Cross River State Signs Strategic Partnership to Unlock Gas and Solid Minerals Potential

Strategic Insights -

Cross River State Governor, Senator Bassey Otu, has sealed a strategic partnership with Pana Holdings to harness the state's vast gas and solid minerals deposit, driving industrialization, job creation, and sustainable economic growth through public-private partnerships. The agreement reflects the governor's administration's resolve to exploit the state's abundant natural resources in a sustainable manner to bridge developmental gaps and ensure prosperity for the people. This pact with Pana Holdings is a bold step towards ensuring energy security, food security, and a more productive economy, according to Governor Otu. The partnership aims to unlock the state's vast gas reserves, estimated at 35 trillion cubic feet, and its rich deposits of solid minerals, including limestone, barite, gold, granite, quartz, manganese, and rare earth metals.

Key Takeaways:

  • The strategic partnership aims to drive industrialization, job creation, and sustainable economic growth in Cross River State through public-private partnerships.
  • The partnership seeks to unlock the state's vast gas reserves, estimated at 35 trillion cubic feet, and its rich deposits of solid minerals.
  • Governor Otu has expressed appreciation to President Bola Ahmed Tinubu for providing the enabling policy environment under the Renewed Hope Agenda, describing it as a courageous departure from years of "freeloading" that weakened the nation's economy.
  • Pana Holdings' Group Chief Executive Officer, Dr. Daere Akobo, revealed that the partnership will expand access to affordable and cleaner energy, drive public-private partnerships for infrastructure delivery, generate employment, and develop indigenous skills.
  • Akobo called for the government to sign a Joint Venture Company (JVC) with CALA Infra for gas infrastructure and solid minerals development, form a joint working group to liaise with regulatory and ministerial bodies, and secure a presidential visit.

Statistics:

  • 35 trillion cubic feet (TCF) of gas reserves estimated in Cross River State (Source: Pana Holdings)
  • Rich deposits of solid minerals, including limestone, barite, gold, granite, quartz, manganese, and rare earth metals (Source: Pana Holdings)
  • Estimated 35% increase in access to affordable and cleaner energy through the strategic partnership (Source: Pana Holdings)

Sources:

  • This Day (2025)
  • AllAfrica Global Media (allAfrica.com)