The Cross River State government has entered into a strategic mineral development agreement with Pana Holdings, granting the company rights to explore the state’s vast natural gas and solid mineral deposits.
Governor Bassey Otu, who announced the deal in Calabar on Tuesday, said the partnership would help transform Cross River into a regional hub for mining and industrial growth.
He noted that his administration is committed to collaborating with investors to harness the state’s abundant natural wealth for sustainable development.
“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 and food security as well as a more productive economy,” Otu said.
Gas and minerals potential
Pana Holdings CEO Daere Akobo described Cross River as home to two of Nigeria’s most significant untapped opportunities: natural gas and limestone.
He highlighted that the state holds an estimated 35 trillion cubic feet (Tcf) of gas reserves alongside deposits of limestone, sybarite, gold, granite, quartz, manganese, and rare earth metals including cerium and lanthanum.
“This strategic partnership will expand access to affordable and cleaner energy, drive public-private partnerships for infrastructure delivery, generate employment, and develop indigenous skills,” Akobo said.
He further advised the state to establish a Joint Venture Company with CALA Infra for gas infrastructure and solid mineral development, while also creating a joint working group to liaise with regulatory and ministerial agencies.
Regional energy momentum
The Cross River deal comes just days after neighboring Akwa Ibom State signed a $3.5bn gas development agreement with NNPC and the Gas Aggregator Company of Nigeria (GACN) to boost gas utilization and energy security.
Cross River already plays a role in Nigeria’s growing gas economy. The state hosts the largest CNG conversion centre in the country, with the capacity to convert up to 18 vehicles simultaneously.
In October 2024, it launched the federal government’s Presidential Autogas Initiative, the same month the programme was rolled out in Akwa Ibom.
Around that time, Nsik Group, a major Akwa Ibom transport company, inaugurated the construction of a 10 mmcf/d CNG Mother Station in Esit Eket.
Once completed, the plant will supply CNG to Akwa Ibom, Cross River, and other neighbouring states.