Cross River State is making bold moves to reclaim its position as a leading tourism destination and attract significant investment. The recent announcement of a N4 billion entertainment centre at Tortugal Island, Calabar, signals a new chapter in the state’s development strategy.
“This project is not just about infrastructure; it’s about reclaiming our identity as a state known for its hospitality,” says Ojoi Ekpenyong, Managing Director of the Cross River Tourism Bureau. [Source: The Sun]
This entertainment centre, featuring lounges, a children’s arcade, and water sports facilities, promises to attract both domestic and international tourists, creating a vibrant hub for entertainment and leisure.
Beyond Entertainment: A Multi-faceted Strategy
The entertainment centre is just one piece of a larger puzzle. The government is also:
- Concessioning the Qua Falls resort: This move aims to revitalize the eco-tourism attraction by partnering with a private operator, maximizing its economic potential.
- Investing in infrastructure: The 700-kilometer Lagos-Calabar Coastal Highway, now under construction, will significantly improve connectivity and boost the state’s attractiveness to businesses and investors.
Opportunities for Investors:
These initiatives present attractive opportunities for investors seeking to capitalize on Cross River State’s burgeoning tourism and hospitality sector. Consider:
- Real Estate: The increased tourism and infrastructure development will likely drive demand for hotels, resorts, and commercial properties in key locations.
- Tourism Services: Opportunities abound in supporting tourism activities, including restaurants, transportation services, tour operators, and local crafts vendors.
- Infrastructure Development: Investing in supporting infrastructure, like transportation, logistics, and utilities, can help facilitate the growth of the tourism sector.
- Hospitality and Entertainment: Capitalizing on the new entertainment centre and the state’s natural attractions through restaurants, bars, and event spaces can be profitable ventures.
Beyond the Buzz:
While the state’s initiatives are promising, investors need to:
- Conduct Thorough Due Diligence: Thoroughly research the market, regulations, and local partnerships to mitigate risks and maximize returns.
- Focus on Sustainability: Sustainable tourism practices and responsible development are crucial to ensure long-term success and protect the state’s natural resources.
- Collaborate with Local Stakeholders: Engaging with local communities and businesses is essential for creating a mutually beneficial environment for investment.
Cross River State’s commitment to reviving its tourism industry and investing in infrastructure is a positive sign for investors. By understanding the opportunities and challenges, investors can position themselves to benefit from the state’s growth and contribute to its transformation into a thriving tourist destination.
