Adewale Sanyaolu

Nigeria’s quest to build special economic zones across the country received the desired boost recently with the commencement of work on the Enyimba Economic City in Abia State.

The move to kick-start work on the project was part of plans by major Development Finance Institutions (DFIs) to commit funding towards the development of special economic zones.

Managing Director of Bank of Industry (Bol), Mr.Kayode Pitan, said the DFI agreed to be part of the project because it was long-overdue, adding that the bank was confident  that the project will succeed.

For his part, Abia State Governor, Okezie Ikpeazu and the communities that denoted land, said it was hope kept alive as the management of Nigeria SEZ Investment Company Limited (NZESCO) and the Chief Executive Officers of Afreximbank, Bank of Industry and Nigeria Sovereign Investment Authority (NSIA) signed the deal at an event presided over by President Muhammadu Buhari, in the Council Chambers of Aso Rock.

According to Dr. Okechukwu Enelamah, whose Industry, Trade and Investment Minstry is implementing the development of the special economic zones under the direct supervision of President Muhammadu Buhari,  “the initial projects such as the Enyimba Economic City, are underway and feasibility studies are going on in eight states.”

The three DFIs are among the five to partner with NSEZCO and the Ministry of Finance. NSEZCO intends to raise at least $500million in equity over the first five years to develop special economic zones in the country. The other investment partners are African Development Bank (AfDB) and Africa Finance Corporation (AFC).

Related News

The President described the ceremony as another landmark in the journey to industrialise Nigeria and create jobs for people while thanking the DFIs for their strong demonstration of support for the important project.

“This project will blossom and create 200,000 jobs because of the enormity of the positive effects on my people. I see the concomitant impact on the life of my people and area.

I know my people are people who want to create things, so all you need to do is to make them neighbours to people who are actively manufacturing.”

The Enyimba Economic City project believed to be capable of sparking industrial revolution in the South-East is a 9, 803 hectares of land, spanning three local government areas of Ukwa East, Ukwa West and Ugwunagbo,’’.

It is located at the centre of the five South-east and four South-south states and it is to be designed to drive massive economic expansion of the region and by extension Nigeria.

The agreement for Economic City is a public- private partnership of NSEZCO, which holds 20 per cent stake, with the Abia State Government and Crown Realities Plc.