31/10/2012 (NIgeria Observer) - Akwa Ibom Government said that it would not take haphazard measures in resuscitating moribund industries in the state.

Dr Senas Ukpanah, the Special Adviser to the governor on Investment and Industrialisation, told newsmen that rushing to reactivate the ailing industries would be counter-productive.

Ukpanah said that the government would be thorough in the resuscitation process of abandoned industries.

“Government is taking into serious consideration certain parameters and requirements that will catalyse the reactivation of some of the ailing industries penciled down for revival.

“I can mention the ailing industries in Akwa Ibom, Sunshine Battery factory, Quality Ceramics, Peacock Paints, Qua Steel Mill and Akwa Palm.

“Their liabilities are enormous, running into billions of naira, they failed because they were managed and run by government.

“We are now trying to privatise, thus we are looking for private investors,’’ Ukpanah said.

He said that Akwa Palm industry with a huge palm estate of about 1,500 hectares had outstanding liabilities running into billions of naira.

“It failed because it was managed by government. We are now trying to privatise, thus, we are looking for private investors.

“In fact, I am meeting with an Italian group from Rome who want to acquire the palm estate and take ownership. We are still discussing with them,’’ he said.

ukpanah also disclosed that some group of people from Imo had also indicated interest in acquiring Akwa Palm.

“Discussion is ongoing because we want an investor that will add value to our economy.

“By adding value I mean, for instance, the Italian group wants to use the crude palm oil and ship to Italy for their own industry but that will not add value to our economy.

“If the investor comes and says the harvest, that is the palm fruits will be processed into palm oil and refined into other products like the baby oil and so on, then, that will add value,’’ Ukpanah explained.

In the case of Peacock Paints, he said that the industry was close to reactivation.

“Peacock paints borrowed a loan of about N30 million from First Bank some years back and that loan has grown to almost a N100 million, so we have to pay back.