Cross River secures stable financial rating, investors confidence surge

Cross River State has announced a major economic rebound, securing a stable financial rating and recording a surge in investor confidence two years into Governor Bassey Otu’s administration.

In an exclusive interview, Commissioner for Finance, Dr Mike Odere, said the state earned a stable rating from international agency FISH, a milestone that signals renewed economic credibility after years of record-low foreign investment.

“This rating shows Cross River is back on track and open for business,” Odere stated, citing new hotels in Ogoja and the multi-billion-naira rehabilitation of Obudu Ranch Resort as proof of renewed investor faith.

He credited the turnaround to sweeping reforms, including the automation of 60 per cent of key government processes to boost transparency, reduce leakages and restore public trust.

According to him, the administration prioritised low-hanging projects such as road rehabilitation, improved street lighting and enhanced security communications to create an enabling environment for investment.

On agriculture, Odere said the state has introduced soil mapping, a cassava development framework and a Special Agro-Processing Zone that will host factories to process cassava, rice, cocoa, yams and plantain. “This farm-to-factory shift will create jobs, improve revenue and attract more investors,” he added.

The commissioner reaffirmed the government’s commitment to transformational projects like the Bakassi Deep Seaport and Cargo Airport, describing them as strategic assets for Nigeria and West Africa.

Odere also disclosed that the state achieved about 80 per cent budget performance in its first fiscal year, automated its tax system, and completed the outright purchase of two aircraft as part of efforts to strengthen state assets.

“Overall, Cross River is witnessing real growth and tangible progress on multiple fronts,” he concluded.

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