Cross River To Get 36 Billion Naira Investment From Indian Firms
Great news for the people of Cross-River.
The state’s economy has received a boost in foreign direct investment in its energy sector as a consortium of Indian firms have voted to invest 100 million dollars, about 36 billion naira into the economy of the state.
Speaking to reporters in Calabar during a visit, Mr Rahul Mehndiratta, a representative of Avaada Concept said: “We are bringing in about $100 million to invest in Cross River to build and evacuate two sets of solar plants that will provide each local government headquarters in the state with 100-megawatt electricity to support the industrialization initiative of the state.”
According to Mehndiratta, “because of the critical role power plays in any economy, we are here to complement the effort of the state government in promoting industrialisation by leveraging on the abundant resources to supply solar powered electricity to the state.”
Another investor who represents the Simba Group, manufacturers of tricycles, Ravi Kumar, disclosed the decision of his firm to put up a training school in the state on repairs of tricycles.
“We are putting up a training school in Calabar to train mechanics and drivers on how to drive their tricycles safely with the view to reducing the rate of accidents.
“For the first phase, we are training and also empowering after training, 200 artisans that will be selected across the 18 local government areas with plans to expand for more people as we go on.”
Receiving them, Governor Ben Ayade commended the investors and stated that “the good thing with their investment is that they are not coming as a people who are looking for purchase, but they are here with a concept to invest, bringing in Indian equity to invest and reap in the process”.