By Obinna Uballa
Cross River State holds vast untapped natural resources, including an estimated 35 trillion cubic feet (TCF) of gas and extensive solid mineral deposits, the Group Chief Executive Officer of Pana Holdings, Dr. Daere Akobo, has disclosed.
Akobo made the revelation during the signing of a strategic partnership agreement between the Cross River State Government and Pana Holdings in Calabar on Monday.
The pact, he said, aims to unlock the state’s natural resource potential and drive industrialisation, job creation, and sustainable economic growth through public-private partnerships.
In his presentation titled “Unlocking Cross River State’s Gas & Solid Minerals Potential,” Akobo said the state’s gas reserves represent one of Nigeria’s greatest untapped opportunities, alongside rich deposits of 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,” he stated. “Through data acquisition, reserve certification, and phased field development, the state can unlock these frontiers responsibly.”
Akobo explained that the strategic partnership will expand access to affordable and cleaner energy, develop infrastructure through public-private collaboration, and build local capacity.
He urged the state government to establish a Joint Venture Company (JVC) with CALA Infra for gas infrastructure and solid minerals development, form a joint working group to interface with regulatory and ministerial bodies, and initiate an international road show to attract funding and partnerships.
He also called for a presidential visit to Cross River and support for a stage-gate indigenous skill acquisition programme as part of a long-term plan to activate a Nigerian digital wingspan for the state.
Governor Bassey Otu, who signed the agreement on behalf of the state government, assured Pana Holdings and other prospective investors of a peaceful and business-friendly environment. He said the partnership reflects his administration’s determination to harness Cross River’s abundant resources to close developmental gaps and ensure shared prosperity.
“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,” Otu stated.
The governor commended President Bola Ahmed Tinubu for creating a conducive policy environment under the Renewed Hope Agenda, which he described as a courageous departure from years of freeloading that weakened the nation’s economy.
