The Akwa Ibom State government has attracted more foreign investors in the state in its bid to boost its industrialization agenda. This it has done by signing a Memorandum of Understanding (MoU) with a leading global oil and gas giant, Magma Group for partnership and collaboration in different sectors of the economy including agriculture and electricity, among others.

Speaker on behalf of the State Governor, Mr. Udom Emmanuel, Secretary to the State Government (SSG), Dr Emmanuel Ekuwem, described the development as a manifestation of the efforts of the State Governor, Mr Udom Emmanuel to woo investors into the state, adding that it was in line with the industrialization drive of the state governor to move the people of the state out of poverty and create job opportunities for the teeming youth.

He thanked the group for its interest to partner Akwa Ibom State government in the ‘rapid socio-economic development of the state and described Magma Group as a veritable partner in the progress of the state.

While urging the investors to take their Corporate Social Responsibility (CSR) seriously, the SSG enjoined them to hit the ground running in each of the projects, hinting that failure to do that, the state government would not hesitate to revoke the contract.

Earlier in his remarks, the Chairman, Foreign Direct Investment (FDI), Mr Gabriel Ukpeh listed various projects the company will invest in the state to include methanol and power plants in Ikot Abasi local government area, a 25,000 Naira palm oil refinery and a 2 billion Naira fertilizer plant in Ibeno local government area, Tractors Assembling Plant in Onna local government area and rice plantation across the three senatorial districts of the state, among others.

The signing of the MoU was witnessed by the Secretary to the State Government (SSG), Dr Emmanuel Ekuwem, at the Government House, Uyo, the State Attorney General and Commissioner for Justice, Barr Uwemedimo Nwoko, Commissioner for Lands and Water Resources, Arc. Ime Ekpo and the Commissioner for Trade and Investment. In attendance also were Prince Ukpong Akpabio as well as the Chairman, Foreign Direct Investment, Mr. Gabriel Ukpeh signing on behalf of the state government, while the Founder and Executive Chairman of Magma Group, Alhaji Awwal Garba and other management staff of the company signed for Magma Group.