Cross River State Governor, Senator Liyel Imoke, said on Thursday that the net worth of Foreign Direct Investment in the state had reached $1.5bn (N232.5bn).
Imoke, who said this when he presented the 2013 budget proposal of N151.37bn to the state House of Assembly in Calabar, said the FDI portfolio was expanded from $750m to $1.5bn in 2012.
The bulk of the FDI, according to the governor, is centred on agricultural produce, adding that Wilmar Palm Plantation had commenced the development of 25,000 hectares of palm oil plantation with associated oil palm milling and refinery operations valued at over $200m in the state.
“The Investment Promotion Bureau had a stellar performance in 2012, attracting substantial long-term investors, whose activities will considerably impact on the growth of our economy,” he said.
The governor said as a result of the dwindling revenue from the Federation Account, the state had had to step up its Internally Generated Revenue drive.
Imoke said, “In the face of dwindling inflows from the Federation Account, the most viable option for us is to ensure sustainability and consistency in our drive to enhance our IGR.
“Fortunately, we are now exploring revenue sources, which, hitherto, had remained untapped. This is in no small part due to the collaboration of the House in prompt passage of relevant bills.”
The governor said at the end of the third quarter of 2012, the state raked in N9.6bn out of the projected N24.4bn for the year, adding that the achievement was the highest in the history of Cross River.
While giving details of the 2013 budget bill, which he presented to members of the state House of Assembly for consideration and approval, Imoke said 70 per cent of the budget was for capital expenditure, while the balance was for recurrent.
He said the budget was anchored on four cycles, including creating conducive environment for local and foreign direct investment.
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C’ River FDI hits N232bn, proposes N151.37bn for 2013