The governor of Cross River State, Bassey Otu has identified various leakages in international border trade between Nigeria and Cameroon as a result of losses above $15 million, Otu lamented that the burgeoning trade at the Mfum International Border does not bring any meaningful revenues to the state, calling on the government at the center to closely monitor substantial trans-African trade through the border.
The governor stated this while playing host to a team from the World Bank in Calabar, The State Capital.
The World Bank team was in Cross River State on a fact-finding mission to federal government agencies in the state, as well as to examine factors militating against trans-African free trade.
READ ALSO: Niger Delta Youths in Solidarity March for Tinubu, Otuaro in Yenagoa
Governor Bassey Otu implored The World Bank and other multilateral agencies to help in narrowing the socio-economic gap between Africa and the rest of the world, describing the team’s visit as timely, he stated that it has become imperative to reduce the barriers inhibiting free trade, especially in the African region.
“My call to the World Bank is to strive to balance the world’s economy. We still have a lot of migrant pressure across the world. This is because the global economy is not stable. Once the economy is unbalanced, there is always going to be that pressure.
“It is time for things to be relaxed for other regions to grow at their own pace. International organizations like the World Bank and United Nations should make efforts to ensure that things are balanced.
READ ALSO: JONAPWD Urges Gov Otu, Wife to Intervene in Crisis
“In Cross River, we have all it takes in terms of resources and productivity. But there is still some variance. You are coming at a more auspicious time when windows of economic development have to be open. We happen to be quite a blessed state with three corridors of wealth – water, land, and air. “There is no excuse whatsoever for Cross River not to move up the socioeconomic ladder. Those times have passed. We want to truly move forward.” The governor stated.
Governor Otu is of the position that the state is comparatively advantageous in the Gulf of Guinea, both in terms of proximity and cultural affinity, he called on investors to take advantage of the ample opportunities and invest in the zone.
“We are putting things in place to address such leaks for the benefit of the people and government of Cross River State.”
The World Bank team was led by Aleksandar Stojorov who thanked the governor for his support and cooperation, which made it possible for them to visit the Mfum border in Etung Local Government Area and the Nigeria Ports Authority, Calabar, Storjorov said that the fact-finding mission will help his team in its engagement with The Federal Government of Nigeria’s Ministry of Trade and Investment and other related agencies, with the main aim of making Trans-African trade less cumbersome while enhancing its export competitiveness for the overall benefit of the state and nation at large.
Mr. David Etim, The President of the Calabar Chamber of Commerce, Industry, Mines, and Agriculture (CALCIMA) in his reaction expressed his commitment to enhancing a hitch free business environment in Cross River State.
