Business
Hon. Minister of State for Industry Flags Off Ikom-Etomi-Agbokim Waterfalls Road Project
Ikom, Cross River State – In a landmark event held on January 8, 2025, the Honourable Minister of State for Industry, Senator John Owan Enoh, officially flagged off the construction of the much-anticipated Ikom-Etomi-Agbokim Waterfalls road. The project, initiated under the leadership of President Bola Ahmed Tinubu, is set to address decades of challenges faced by the region, enhancing connectivity, tourism, and economic growth.
During his speech at the flag-off ceremony, Senator Enoh highlighted the historical and economic importance of the route, which links the four government-owned cocoa estates established during the late Michael Okpara administration. He emphasized that this project is not just about building a road but about addressing longstanding issues and fostering development for the people of Cross River State.
“The importance of this route cannot be overstated,” the Minister remarked. “From boosting tourism at Agbokim Waterfalls to improving the livelihoods of cocoa farmers and local traders, this project will transform the region.”
The Minister expressed profound gratitude to President Tinubu for his unwavering support and transformational leadership. He lauded the President’s initiative in naming the Lagos-Calabar Coastal Highway, which includes this road, as a critical federal project, thereby cementing Cross River State’s inclusion in national infrastructure plans.
Senator Enoh also thanked the Niger Delta Development Commission (NDDC), led by its Managing Director, Dr. Samuel Ogbuku, for taking decisive steps to redeem the region’s infrastructure legacy. He acknowledged the initial setbacks faced by the project, including poor contractor selection in 2012, and praised
the current leadership of the NDDC for ensuring a fresh start with competent contractors and a renewed commitment to quality and timely delivery.
Reflecting on the personal significance of the project, Senator Enoh shared his emotional connection to the road, which has been a subject of controversy and delays for years. “For me, public service is about delivering happiness and excitement to the people,” he stated, adding that the successful commencement of this project marks the end of a longstanding jinx.
The road is expected to significantly boost tourism in the region by improving access to the renowned Agbokim Waterfalls, one of Nigeria’s most famous natural attractions. Additionally, the project is poised to enhance economic activities, particularly in agriculture and trade, benefiting local communities along the route.
The ceremony witnessed a large turnout of community members, stakeholders, and government officials, all united in their excitement and optimism for the positive impact the road will bring.
As the construction begins, the people of Cross River State look forward to the fulfillment of this transformative vision, one that promises to strengthen infrastructure, foster economic development, and create a lasting legacy for the region.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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