Business
Ikom cocoa factory poised to generate $600m annually, Akwa Ibom eyes tourism boom
Published
5 months agoon
By
akonitv
Ikom Cocoa Factory could generate up to $600m yearly, while Akwa Ibom strengthens partnerships to become a top tourism destination
Nigeria’s economic potential continues to shine through its rich agricultural resources and growing tourism sector.
The Ikom Cocoa Processing Factory in Cross River State has revealed its capacity to generate between $400 million and $600 million annually for the Federal Government — a move that could revolutionise the nation’s cocoa industry.
Chris Agara, Chairman of AA Universal Bean & Co Ltd, which manages the factory, disclosed this during a press briefing in Calabar.
He stressed that with the right support and a conducive business environment, the factory could quickly break even and achieve its ambitious goals.
“Our aim is to stop exporting raw cocoa beans and instead process them into value-added products like cocoa butter, cocoa liquor, cocoa powder, and possibly chocolate,” Agara stated.
This shift from raw material export to local processing aligns with Nigeria’s drive for industrialisation and economic diversification.
With the global demand for cocoa products rising, the Ikom Cocoa Factory’s potential positions it as a major player in the international market — offering job creation, increased foreign exchange earnings, and a strengthened agricultural value chain.
**Akwa Ibom Strengthens Tourism Drive**
Meanwhile, Akwa Ibom State is taking strategic steps to become a leading tourism destination in Nigeria. At a stakeholders’ meeting held at the Hotels and Tourism Board in Uyo, the Permanent Secretary of the Ministry of Culture and Tourism, Mrs Grace Akpan, called for greater collaboration to achieve a viable and sustainable tourism industry.
Akpan praised industry operators for their dedication to private sector growth and reaffirmed the ministry’s commitment to building strong partnerships for a thriving tourism sector.
“A synergy between the government and stakeholders will yield significant mutual benefits and accelerate the state’s tourism growth,” she said, urging participants to embrace teamwork and cooperation.
Akpan also emphasised the state’s mission to position Akwa Ibom as a leading tourism hub, leveraging strategic alliances to drive sustainable development and economic impact.
In response, tourism stakeholders pledged their support for the “Arise Agenda” of Governor Umo Bassey Eno, applauding the ministry’s efforts to create an enabling environment for the sector’s growth. They expressed readiness to work together as a united team to advance Akwa Ibom’s tourism ambitions.
**A Bright Future for Nigerian Economy**
The parallel growth of the Ikom Cocoa Factory and Akwa Ibom’s tourism sector highlights Nigeria’s diverse economic potential.
With strategic investment, stakeholder collaboration, and supportive policies, these sectors could significantly contribute to job creation, foreign exchange, and national development.
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Business
Lagos Agritourism Development Initiative Sparks Unforgettable Cultural Growth
Published
6 days agoon
July 8, 2025By
akonitv
Lagos agritourism development initiative aims to boost tourism, preserve heritage, empower rural communities, and strengthen sustainable cultural experiences
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CREDICORP kicks off nationwide cultural reorientation campaign in Kano
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May 22, 2025
CREDICORP has launched its nationwide Cultural Reorientation Programme in Kano, aiming to democratize consumer credit access and shift public perceptions of credit as a tool for economic growth
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Lagos unveils ambitious 20-year plan to transform Ibeju-Lekki
Published
3 months agoon
April 14, 2025By
akonitv
Lagos State has launched a 20-year development plan (2024-2044) to transform Ibeju-Lekki into a global urban hub, focusing on key sectors
Lagos State has officially unveiled a comprehensive 20-year development plan spanning from 2024 to 2044, with the ambitious goal of transforming the Ibeju-Lekki area into a dynamic and globally competitive urban centre.
Also read: Igbo celebrate cultural fest, coronate Eze Ohazurume Ibeju Lekki
The newly launched plan strategically focuses on bolstering tourism, expanding housing options, enhancing agricultural practices, and driving industrial development.
These key areas are targeted to stimulate significant economic growth within the region and tangibly improve the overall quality of life for its residents.
The Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, formally announced the groundbreaking plan during the final stakeholders’ meeting. This crucial session was held at the Lekki Local Council Development Area (LCDA) Secretariat.
Dr Olumide explained that the primary objective of this final meeting was to formally ratify the provisions outlined in the newly proposed Ibeju-Lekki Model City Plan, signifying a pivotal moment in the area’s future development.
He emphasised that the 20-year plan represents a significant leap forward in the growth trajectory of Ibeju-Lekki, an area that has been strategically identified as a burgeoning economic powerhouse within Lagos State.
“The 20-year plan is designed to create a sustainable, flexible, and dynamic global community,” Dr Olumide stated. “It seeks to harness the area’s potential in agriculture, tourism, the blue economy, and marine activities.”
He further noted that the government initiated a comprehensive review of the existing Lekki Comprehensive Master Plan in response to the region’s rapid expansion and its increasing strategic importance within the state.
“This led to the development of a standalone Ibeju-Lekki Model City Plan specifically tailored to address the unique challenges and capitalise on the distinct opportunities present within the area,” he explained.
Dr Olumide highlighted that the overarching goal of the plan is to establish Ibeju-Lekki as a vibrant and thriving place where residents can seamlessly live, work, engage in leisure activities, and prosper within a secure, inclusive, and meticulously planned urban environment.
He further elaborated that the plan effectively incorporates key elements of Governor Babajide Sanwo-Olu’s T.H.E.M.E.S + Agenda, which has a core objective of positioning Lagos as a 21st-century economy.
“And this aligns with major infrastructural projects in the area, such as the Dangote Refinery and Petrochemical Plant, Lekki Free Trade Zone, Lekki Deep Seaport, and Alaro City,” Dr Olumide pointed out.
He also highlighted other transformative projects underway within the axis, including the proposed Lekki International Airport, the Green-Line Rail Project, and the ambitious Lagos-Calabar Coastal Highway.
“To fully unlock the area’s potential, the Model City Plan prioritises the provision of mass transit systems, youth empowerment initiatives, social inclusion, technology integration, and holistic community development,” Dr Olumide affirmed.
The Commissioner urged all stakeholders to actively support and contribute to the successful implementation of the plan, emphasising that it reflects the government’s overarching vision for sustainable, economically vibrant, and inclusive urban growth within Lagos State.
The Permanent Secretary of the Office of Physical Planning, Mr Oluwole Sotire, also delivered a detailed presentation on the plan.
He explained that the document was presented for final ratification following its official approval by the ministry and the successful completion of previous phases submitted by the project consultants, MOA Planners Ltd.
Mr Sotire outlined the structured process followed in developing the plan, which included an inception report, a comprehensive baseline study, a draft final plan, and a 28-day public inspection period held between February 26 and April 1, 2024, across five key locations: the Ibeju-Lekki and Lekki LCDA Secretariats, the Epe Local Government Secretariat, the LASPPPPA Headquarters, and the Ministry of Physical Planning and Urban Development.
The Chairmen of Ibeju-Lekki LCDA, Mr Abdulahi Oluwa, and Lekki LCDA, Mr Rasak Kasali, both expressed their satisfaction with the boundary delineations outlined in the plan.
They also jointly requested a one-month extension to allow for the submission of additional inputs that could further enrich the comprehensive document.
The stakeholders’ meeting witnessed significant and active participation from a diverse range of community representatives, including traditional rulers, former council chairmen, community leaders, market representatives, and other key stakeholders.
Attendees actively contributed valuable feedback and suggestions, which will be carefully considered for incorporation into the final plan to ensure it genuinely reflects the aspirations and needs of the people of Ibeju-Lekki.
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