Investors revive Ibom Science Park plan
Investors propose to transform Ibom Science Park into Uyo World Trade Centre.
Former Akwa Ibom Governor Victor Attah and a consortium of local and international investors have unveiled plans to revive the multi-billion-naira Ibom Science Park project, months after Governor Umo Eno declared that his administration would not continue with the state-owned initiative. The promoters said they intend to integrate the abandoned Ibom Science Park into a privately driven technology ecosystem to be known as Uyo Silicon Valley, with the World Trade Centre Uyo serving as one of its flagship components.
The announcement was in a communiqué issued on Thursday by The Silicon Valley Science Park (Nigeria) Limited, the company developing the project. Businessman Iboro Otu, who is the company’s CEO, said Mr Attah chairs the company’s board. The company said it has initiated discussions with the Akwa Ibom State Government to take over and develop the Ibom Science Park following Governor Eno’s public position that the government was willing to relinquish the project to a capable private investor.
The company projected that, when fully operational, the project would generate over 100,000 direct and indirect jobs and annual gross revenues exceeding N190 billion. It estimated the total investment value of the development at $411 million. A Florida-based family investment fund has expressed commitment to provide a $250 million mezzanine financing facility, subject to due diligence.
The revival of the Ibom Science Park is a significant development for Akwa Ibom. The project has been abandoned for years, and the private sector takeover could finally bring it to life. The scale of the investment and the projected job creation are ambitious. The success of the project will depend on the government’s willingness to hand over the park and on the investors’ ability to deliver.
This echoes the 2018 revival of abandoned projects in other states, which also involved private sector partnerships. The mechanism then was different, but the result was the same: a focus on private sector-led development.
The winners: Akwa Ibom residents, who may benefit from the project; and the investors, who have an opportunity to build a major technology hub. The losers: the state government, which has ceded control; and the Nigerian public, who must hope the project is delivered.
Bottom Line: Investors are reviving the Ibom Science Park plan. Uyo Silicon Valley could be a reality. The question is whether the project will finally be built or remain on paper.