The Cross River State Government has concessioned the Obudu Ranch Resort to Living Curation Real Estate Limited for a period of 25 years.
The News Agency of Nigeria reports that the agreement was signed between the state government and the concessionaire on Friday in Calabar.
The State’s Attorney-General and Commissioner for Justice, Ededem Ani, who signed on behalf of the government, said the agreement covered the comprehensive rehabilitation and development of the resort.
Mr Ani described the deal as a milestone in the implementation of Governor Bassey Otu’s tourism development agenda.
He said it reflected the administration’s commitment to attracting strategic private sector investment to unlock the full potential of the state’s tourism assets.
According to him, the concession will facilitate the comprehensive redevelopment of the Obudu Cattle Ranch Resort, Utanga Safari Lodge and the Bebi Airstrip into globally competitive tourism and hospitality destinations capable of attracting both local and international visitors.
Mr Ani said the project would stimulate economic activities in host communities through investments, job creation, empowerment programmes and increased business activities.
He added that women in the host communities would be among the major beneficiaries, underscoring the government’s commitment to inclusive economic growth.
“The concession is expected to transform these iconic tourism assets into a world-class tourism, hospitality, scientific, eco-tourism and conservation destination, in line with the governor’s vision to restore the state’s position as Nigeria’s leading tourism destination
“Under the terms of the agreement, the concession will run for 25 years, after which the rehabilitated facilities will revert to the state government,” he said.
Mr Ani expressed confidence that the partnership would reposition the state’s tourism industry while promoting environmental conservation, scientific eco-tourism and sustainable socio-economic development.
In his remarks, a representative of the concessionaire, Amit Ghosh, thanked Governor Otu for the confidence reposed in the company and pledged to deliver a “world-class” tourism and hospitality destination in line with the administration’s vision.
(NAN)