Akwa State Govt. Set to Borrow

Akwa Ibom state government has perfected plans to approach the capital market to borrow funds for some capital projects in the state. The Akwa Ibom state governor, Chief Godswill Obot Akpabio dropped the hint at the weekend at the maiden retreat of the Security and Exchange Commission, that ended in Uyo Sunday, December 18, 2011. Delivering a key-note address on the occasion, on the topic, “Transformational Leadership in the Actualization of the Vision 2020: the Case of Akwa Ibom state”, the governor said the fund would be used to actualize some very important projects of government aimed at transforming the state into the economic hub of not just Nigeria, but the Gulf of Guinea. 
Governor Akpabio, who called on Nigerians to change from transactional leadership to transformational leadership if the country would grow, said the fund would be used to increase the capacity of the Ibom Power Plant from its current 195 mega watts to 500 MW, also enumerated other projects to benefit from the enhanced capital market funding to include, the Ibom Industrial City Ibaka. The governor stated that the dream of Ibaka was to irrevocably transform the state to a fully developed industrial state. Component of the Ibaka city project that would receive priority attention include a refinery, petrochemical industry, dockyard, a power plant to service the city, among other industries.
Talks for the loan will commence between government and the capital market operators, to fine tune and ensure that all relevant details are completed and the objective achieved. The Akwa Ibom state chief executive told the delegates that Nigeria has one of the fastest growing economies in the world today, noting however, that Nigerians may not appreciate where they are going because of the observable hardship in the country. He charged SEC to become the compass that would direct the way on Nigeria’s march to the elite class of the world’s first twenty economically advanced countries in the world.
To achieve the desired transformation in the Nigerian economy the governor called for a strong leadership, one that would carry on with reforms that are germane to the growth of the economy, irrespective of criticism and temporal hardship. He further stated that a strong leadership would be able to destroy anti-economic policies and erect strong economic pillars that would support the match towards economic self-sufficiency in 2020.
Governor Akpabio was of the view that a sound management of resources, proper implementation of budgets as well as transparency, accountability and openness, which he said had been the driving force of his administration, were the only things that could help Nigeria transform by the year 20:20 to the top twenty economies in the world.
Earlier in her address of welcome, the Director General of Securities and Exchange Commission, Mrs. Arunma Oteh, had praised the government of Akwa Ibom state for the state of infrastructure in the state, describing them as magical. She stated that no country can develop without the capital market, and maintained that a strong capital market was a necessity for the
economic development of any nation, adding that SEC was prepared to provide more medium and long-term financing to boost economic growth in the country.
The DG encouraged governments willing to source funds from the capital market for long-term projects to do so as the market has the mechanism for transparency and scrutiny in fund application.