Inauguration of the Grandlito Railway project
The Governor of Cross River State, Senator Bassey Otu, recently officiated the commencement of a significant railway project aimed at linking the southern and northern regions of the state. This ambitious initiative, which spans 365 kilometers, is being developed through a Public-Private Partnership (PPP) model, with Messers Reinhoke LLC leading the collaboration alongside the state government.
The ceremonial event took place on August 13, 2024, at the Tinapa Free Zone Resort. During his address, Governor Otu pointed out that this railway project is a direct outcome of the Investment Summit that occurred in August 2023 at the Calabar International Convention Centre. At this summit, the state engaged in extensive discussions with various stakeholders in finance, infrastructure, and social investments to foster the economic development of Cross River.
Project Details and Economic Impact
The Grandlito Railway Project will stretch from Calabar to Obudu, covering an estimated 365 kilometers. It will feature main terminals in both Calabar and Obudu, along with three sub-stations located in Ugep, Ikom, and Ogoja. The total estimated cost of the project is around $350 million, with funding being sourced through a combination of equity investments and debt financing from financial institutions, significantly supported by the Cross River State government.
Governor Otu underscored the strategic significance of this railway for the economic advancement of the state, particularly given Cross River's proximity to Equatorial Guinea, Cameroon, and Sao Tome and Principe. Additionally, the state hosts Nigeria's largest export processing zone, the Calabar Free Trade Zone (CFTZ). The railway is anticipated to enhance intra-state transportation and serve as a vital corridor for the movement of goods and services across international borders, thereby boosting international trade and encouraging local entrepreneurship and economic development.
Community Engagement and Local Opportunities
In his remarks, Governor Otu urged Reinhoke Investment LLC to prioritize the timely completion of the project and called upon local communities along the railway route to fully cooperate with the construction efforts. He also encouraged residents to seek sub-contracting opportunities in accordance with local content requirements, leveraging their skills and capacities. The Governor reaffirmed his administration's dedication to improving the state's infrastructure through sustainable partnerships.
Stanley Orji from Reinhoke Investments LLC expressed optimism that the project would attract significant investments, create job opportunities, and promote growth in various sectors, including high-tech, tourism, manufacturing, and agriculture. He assured the public of his company's commitment to fulfilling contractual obligations and completing the project within the stipulated timeframe, thereby positioning Cross River as a prime destination for both local and international investors.
