Enugu State free Trade Zone Attracts $500million (N240bn) Foreign Direct Investment
No less than 5, 000 Global Manufacturing Companies have indicated interest to invest $500 Million (N240 billion) in the Enugu State Free Trade Zone.
The proposed Empower Enugu Free Trade Zone will see an inflow of about $500 Million of Foreign Direct Investments (FDI).
The investment groups arrived Enugu for the ground-breaking ceremony of the FTZ on Thursday.
This is in response to the federal government’s economic diversification programme and the conducive environment provided by the Enugu state government.
Addressing journalists at the Government House, Enugu, the CEO of Empower Free Trade Zone Management Company, Mr. Emeka Eneh and the Enugu State Commissioner for Commerce and Industry, Barr. Sam Ogbu Nwobodo said activities of the industrial clusters hosted in the free trade zone are expected to create over 30, 000 jobs.
According to them, the Empower FTZ is a public-private initiative with Enugu state government which was licensed by the federal government to operate as a free trade zone in December 2015.
The Enugu State Free Trade Zone offers international and domestic investors the benefits of connecting to business opportunities from the south-eastern cluster.
It is expected to be the second largest economic cluster in the country outside of Lagos State.
They also disclosed that the zone was designed to accommodate at least 500 companies located in two free zone areas.
Enugu State Free Trade Zone To Create 30,000 Jobs
One at the 9th Mile industrial area and the other at the Akanu-Ibiam International Airport axis.
They added that the state government was positioning the zone project as the biggest private sector investment support to the government’s economic recovery efforts.
The specialized industrial clusters to be developed within the area, according to them include the Manufacturing Centre and Wholesale market.
Also included are the Aviation and Aero-Space Cluster, the Power, Utilities and Light Manufacturing Cluster, the Health Care Park.
Other areas include the Business and Hospitality Park, Technology and Digital Media Park and the Chemical and Agro-Business Cluster.
The Enugu FTZ management disclosed that:
“We intend to provide uninterrupted power supply via an embedded power arrangement.
“Certify the free zone’s infrastructure and operations to globally accepted standards.
“Operate the zone as a one-stop investment destination by integrating all free zone operations with the documentation and cargo handling, customs, immigration administration processes to achieve ease of doing business rating equivalent to that of Dubai.
“Besides, the Empower FTZ is to host Africa’s first ever Nigeria-China “Dragon Market”, the second manufacturing and wholesale centre after the famous Dubai Dragon Market.”