Governor Bassey Otu of Cross River State has highlighted significant financial losses due to various leakages in international border trade between Nigeria and Cameroon, estimating these losses to exceed $15 million annually. This revelation underscores the inefficiencies and regulatory lapses at the Mfum International Border, where burgeoning trade fails to contribute meaningfully to the state’s revenue. Otu emphasized the need for stringent monitoring and regulation of the substantial trans-African trade that passes through this border to curb these financial leakages and ensure that the state tax net captures the economic benefits.
During a meeting in Calabar, the state capital, Governor Otu hosted a delegation from the World Bank. The team visited Cross River State on a fact-finding mission, aiming to evaluate federal government agencies within the state and identify obstacles hindering the trans-African free trade. This mission is part of a broader initiative to understand and mitigate factors that impede economic integration and trade across African borders.
Governor Otu seized this opportunity to appeal to the World Bank and other multilateral organizations for support in narrowing the socioeconomic disparities between Africa and the rest of the world. He described the visit as opportune, stressing the urgency of dismantling barriers that stifle free trade in the African region. Otu’s appeal underscores a larger vision of economic balance and stability, which he believes is crucial for mitigating migrant pressures and fostering global economic stability.
“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.”
Governor Otu’s remarks highlight the broader implications of economic disparity, advocating for a more relaxed international economic policy that allows regions to develop at their own pace. He urged international organizations such as the World Bank and the United Nations to play a pivotal role in ensuring global economic equilibrium.
“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.”
The governor’s optimistic vision for Cross River State is grounded in its strategic advantages within the Gulf of Guinea, which include proximity to major trade routes and rich cultural ties. He called on investors to capitalize on these opportunities, reiterating the state’s readiness to ascend the socioeconomic ladder.
“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.”
Otu’s administration is committed to addressing the regulatory leaks to benefit both the populace and the government of Cross River State. This commitment is part of a broader strategy to harness the state’s wealth corridors and drive economic growth.
The World Bank team lead, Aleksandar Stojorov, acknowledged the governor’s cooperation and support, which facilitated their visit to the Mfum border in Etung Local Government Area and the Nigeria Ports Authority in Calabar. Stojorov emphasized that the fact-finding mission would enhance the team’s engagement with Nigeria’s Ministry of Trade and Investment and other relevant agencies, aiming to streamline trans-African trade and boost export competitiveness for the benefit of both the state and the nation.
In addition, the President of the Calabar Chamber of Commerce, Industry, Mines, and Agriculture (CALCIMA), Mr. David Etim, reaffirmed his commitment to advancing the Ease of Doing Business initiative in Cross River State. This initiative is crucial for creating a conducive business environment, attracting investments, and fostering sustainable economic development in the region.
