Even as major development finance institutions were committing to funding the development of Nigeria’s special economic zones in Abuja, work had commenced on Enyimba Economic City in Abia State.
“We agreed to be part of the project because it has been long overdue. We have no doubt that it will succeed,” said Mr Kayode Pitan, managing director of the Bank of Industry.
The President described the ceremony as another landmark in the journey to industrialize Nigeria and create jobs for people; and thanked the DFIs for “their strong demonstration of support for this important.” PRESIDENT BUHARI PRESIDES OVER SIGN OF NSEZCOM AND ITS INVESTMENT PARTNERS A. R; President Muhammadu Buhari, SGF Mr. Boss Mustapha, chief of Staff Malla Abba Kyari, Minister of Industry, Trade and Investment, Mr.
The agreement for the Economic City is a public-private partnership of NSEZCO, which holds 20 per cent stake, with the Abia State Government and Crown Realities Plc. Mr Uzu, who is also the Managing Director of Enyimba Economic City Development Company Limited, noted that “the investment will facilitate the development of the economic city in line with government’s policy objectives and have a transformational impact in the entire South-Eastern and South-Southern area of the country.”
In Lekki, the Lagos State Government has allocated a parcel of 1,000 hectares of land in the North East Quadrant of the Lekki Free Zone to the project company to be owned jointly by its holding company, Lekki Worldwide Investments Limited and NSEZCO. Such countries, an official of the company explained, have used SEZs to overcome infrastructural disadvantages and constraints; mobilized substantial domestic and foreign direct investment; increased technology penetration; attracted new skills and technologies; integrated into global value chains; created large number of quality jobs; increased export earnings; and achieved structural transformation of their economies.
Promote the “cluster” effect to be gained by locating similar export-oriented manufacturing businesses within the same locality; At the signing ceremony, President Buhari said the Federal Government set up NSEZCO as a vehicle for participating in Public-Private Partnerships involving Federal and State governments and local and foreign private investors to develop new special economic zones all over the country, offering world-class infrastructure and facilities at competitive costs.
“Under my direct supervision, the Minister of Industry, Trade and Investment is implementing Project MINE as a Presidential special priority intervention using Special Economic Zones to achieve the objectives of: boosting manufacturing’s share of GDP to 20%, generating $30bn in annual export earnings; and creating 1.5 million new jobs all by 2025.”
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