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.
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The announcement was in a communiqué issued on Thursday by The Silicon Valley Science Park (Nigeria) Limited, the company developing the project.
Businessman and the African Action Congress governorship candidate in the 2023 Akwa Ibom election, Iboro Otu, who is the company’s CEO, said Mr Attah chairs the company’s board.
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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.
“We have formally expressed interest in partnering with the state government to take over and develop the Ibom Science Park,” the company said.
It argued that integrating the abandoned state project with the proposed Uyo Silicon Valley would create one of Africa’s largest science, technology and innovation districts.
Background
PREMIUM TIMES reported earlier that Mr Eno ruled out reviving the Ibom Science Park project despite earlier assurances that his administration would assess the investment.
The governor instead indicated that the government was prepared to hand over the facility to private investors capable of completing and operating it.
The science park was initiated during Mr Attah’s administration as part of efforts to position Akwa Ibom as a technology and knowledge-driven economy. However, the project has remained largely undeveloped throughout successive administrations.
Investment commitments
The promoters said the proposed Uyo Silicon Valley would occupy 35 hectares in Uyo and comprise nine specialised technology clusters, premium commercial offices, serviced residences, a 20-megawatt data centre, an international conference centre and facilities for software development, artificial intelligence, biotechnology, clean technology, advanced manufacturing, aviation and aerospace, digital media and enterprise solutions.
According to the company, a Florida-based family investment fund has expressed commitment to provide a $250 million mezzanine financing facility, subject to the completion of commercial, legal, financial and technical due diligence.
It also said Nigerian construction and consulting firms indicated willingness to support aspects of the project through deferred payment arrangements valued at over N85 billion.
The company added that it had attracted expressions of interest from international technology firms, including data centre developers affiliated with Microsoft, drone manufacturers, aviation training institutions, electric vehicle companies and partners operating digital economic zones.
It also disclosed that it signed a memorandum of understanding in 2024 with the Russia/BRICS Science Park Association.
World Trade Centre plan
A major component of the proposed development is the planned World Trade Centre Uyo, for which the company said it had qualified to obtain an operational licence.
According to the promoters, the facility would provide business services, international networking opportunities and support exports from Nigeria’s South-south and South-east regions while attracting foreign direct investment.
The company said the World Trade Centre would also house business advisory services, training programmes and facilities designed to connect local innovators and entrepreneurs with international markets.
Appeal to government
Beyond seeking control of the Ibom Science Park, the developers appealed to the Akwa Ibom government to address the drainage infrastructure affecting the project site.
They said stormwater discharged from a state drainage system had delayed development activities for about one year and urged the government to complete agreed engineering works to divert floodwater from the proposed site.
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.
Mr Attah, according to the company, continues to provide strategic leadership for the initiative as chairman, with the goal of positioning Akwa Ibom as Nigeria’s technology and innovation hub.
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