Nigeria's Cross River signs 25-year tourism concession for Obudu Ranch Resort
The Cross River State Government has awarded a 25-year public-private concession to Living Curation Real Estate to rehabilitate the Obudu Ranch Resort, signaling a renewed push to attract private capital into Nigeria's deteriorating tourism infrastructure.
Cross River State officials executed a 25-year concession agreement in Calabar on Friday with Living Curation Real Estate Limited. The public-private partnership mandates the developer to rehabilitate the Obudu Ranch Resort, Utanga Safari Lodge, and the Bebi Airstrip.
This deal represents a critical test for subnational infrastructure financing in Nigeria, as regional governments increasingly rely on private capital to maintain decaying public assets without straining state budgets. For institutional investors, the agreement offers a long-term operational window to monetize a historically significant but underperforming mountain destination through a structured public-private partnership.
Cross River State Attorney General Ededem Ani framed the deal as central to Governor Bassey Otu’s strategy to revive the regional economy. “The concession is expected to transform these iconic tourism assets into a world-class tourism, hospitality, scientific eco-tourism and conservation destination, in line with the governor’s vision to restore the state’s position as Nigeria’s leading tourism destination,” Ani stated.
The contractual structure grants Living Curation Real Estate a quarter-century operational lease before the upgraded facilities revert to state ownership. “Under the terms of the agreement, the concession will run for 25 years, after which the rehabilitated facilities will revert to the state government,” Ani confirmed.
Beyond direct hospitality revenues, the state anticipates the redevelopment will generate localized economic multipliers across the region. The project is designed to create sustained employment across both the initial construction phase and long-term operational stages, with a specific mandate to integrate women from host communities into the new workforce.
The agreement follows a high-profile contract termination in March 2025 involving the previous concessionaire, CIBA Construction Company Limited. State authorities revoked the 2017 pact after alleging the firm failed to execute mandatory hotel renovations and critical infrastructure upgrades despite repeated warnings.
Reviving the asset requires reversing decades of physical and financial decline. Originally established as a cattle ranch in 1951 by Scottish rancher M. McCaughley, the site reached its peak prominence under former Governor Donald Duke before suffering from chronic underinvestment and deferred maintenance.
Living Curation Real Estate has committed to delivering a premier hospitality environment aligned with the state's broader economic objectives. The success of this latest intervention will likely dictate future investor appetite for similar subnational tourism concessions across Nigeria.
