19th September 2008
Contact: Usoro I. Usoro
Phone: 08038463456
Email: uusoro@yahoo.com
PRESS RELEASE
AKWA IBOM ECONOMIC STABILISATION FUND GETS N70B BOOST
The First Akwa Ibom Infrastructure Summit that opened yesterday has got a
boost of N70 billion contributed by two investors and a bank to its
proposed Economic Stabilisation Fund.
The summit with a theme “Positioning Akwa Ibom State Infrastructure for
Sustainability and Competitiveness in the Gulf of Guinea” attracted
bankers, economic experts and development planners.
The Commissioner for Economic Development, Mr. Lawrence Udosen who did not
name the investors said the state would draw from the fund to finance its
projects on the basis of equity participation, noting that more partners
have indicated interest to be part of the fund.
Mr Udosen said over the years, the government had invested enormous
resources on viable infrastructure, regretting that the investments have
almost faded away due to government’s direct involvement in their
management.
He stated that the summit was aimed at establishing a collaborative
framework for private partnership taking to cognisance of the position of
the state in the Gulf of Guinea, identifying the infrastructural need with
a view to upgrading such and showing a commitment to attract investment
through public-private partnership arrangement.
Governor Godswill Akpabio who presented a 15-page lead paper said the
summit was to attract investors to partner with the government through
Public-Private Partnership (PPP), Build, Operate and Transfer (BOT)
arrangement and others.
On power supply, governor Akpabio said the Ibom Independent Power Plant
(IPP) is 95 percent completed at may be signed into action before the end
of the year, disclosing that the government is building a 45km, 132kv “
Donble Circuit” power evacuation line from Ikot Abasi to Eket to service
the state.
On transportation, he said the government has built 550 kilometres of road
while contract has been awarded for the construction and re-construction
of 230 kilometres of road.
Speaking on environment, Chief Akpabio revealed that the government has
completed drainage, erosion and flood control projects, but appealed to
potential investors to provide amusement park in such satellite towns as
Ikot Ekpene, Oron, Eket and Ikot Abasi.
Dr Barth Ebong, Group Managing Director/Chief Executive Officer of Union
Bank PLC presented a paper entitled “Financing Infrastructure in a
Emerging Economy” while Paul Usoro, SAN presented a paper on “The PPP
Approach to Infrastructural Development”.
Government House Press Centre
Uyo.