Abia secures $1.5b shoe factory deal from China

Abia State Governor, Dr. Okezie Ikpeazu has brokered a $1.5B project for the establishment of a Shoe Industry in Aba, the commercial nerve Centre of Abia State from Huajian Shoe Industry in Dongguan, Guangzhou, China.

Governor Ikpeazu, according to a press release by his Chief Press Secretary, Enyinnaya Appolos, secured the agreement during a meeting with Mr. Zhang Huarong, Group Chairman of the Huajian Group in the course of his official visit to China for the 1st Nigeria-China Governors Investment Forum.

The Abia-Huajian Shoe Industrial City, which will be located in Aba will have capacity to produce 5,000 shoes per day and employ about 10,000 people directly and indirectly.

Abia State Government will provide the land and other investment incentives for the project while the Huajian Group will fund the entire project.

Mr. Huarong, who noted that Governor Ikpeazu was the 1st Nigerian Leader to visit him, disclosed that the Huajian Group was already employing 6,000 staff and is currently developing a 250 Acre Industrial City in Ethiopia and expressed his eagerness to come to Nigeria.

Huajian Group currently employs about 20,000 staff in China and operates a 10,000 shoes per day Factory in Dongguan valued at $2B.

Mr. Huarong assured that he will visit the Governor in Abia before the end of April 2017 for further discussion on the project.

Enyinnaya Appolos
Chief Press Secretary to the Governor
16/04/2017

This Ikpeazụ of a Governor really means business

No be by agreement or mou, build the factory first before celebrating

Throwing figures up and down like they dealing with dimwits.Of course some Nigerians av accepted to be dimwits.
$1.5b=N600b and a factory with such investment is expected to produce just 5000 shoes per day!
I bet the $1.5b is only in the hallucinations of Ikpeazu or his propaganda office because every politician in Nigeria now sees lying and propaganda as part of the policy framework of their govts.Bet d Chinese investment is not worth more than $1.5m with the state govt contributing up to 70%!!

Nice one!

But Aba have been producing standard shoes already nao?........

Ndi Abia ndi oma ndi oma.

weld one Igbo

I like the drive for you investment, but I don't like misinformation.

The Governor is doing a great job with his Made in Aba initiative and I'm impressed at his push.

However, we should stop telling lies with figures. Do you know what $1.5 billion is?

A 5000 shoes per day factory for $1.5billion?

If each shoe is approximately $10, then it will take 200 million shoes to generate revenue equal to the cost of the facility. That means at 5000 shoes per day, it will take 40,000 days which is 109 years for the factory to generate $2billion in revenue.

The misinformation should stop already.

PapaBrowne:
I like the drive for you investment, but I don't like misinformation.

The Governor is doing a great job with his Made in Aba initiative and I'm impressed at his push.

However, we should stop telling lies with figures. Do you know what $1.5 billion is?

A 5000 shoes per day factory for $1.5billion?

If each shoe is approximately $10, then it will take 200 million shoes to generate revenue equal to the cost of the facility. That means at 5000 shoes per day, it will take 40,000 days which is 109 years for the factory to generate $2billion in revenue.

The misinformation should stop already.

You took the words out of my mouth bro. I really wanted to blast the hell of that guy called Enyinnaya appollos. Do these people take us for fools? By releasing the statistics of shoes produced daily... They never knew they were shooting themselves in the foot!

Imagine 1.5 billion dollars! Nigerian budget come be how much?

Same applies to my state Governor Obiano. That one is also good at mentioning inflated amounts so that Anambrarians can marstubate on it.

doctokwus:
Throwing figures up and down like they dealing with dimwits.Of course some Nigerians av accepted to be dimwits.
$1.5b=N600b and a factory with such investment is expected to produce just 5000 shoes per day!
I bet the $1.5b is only in the hallucinations of Ikpeazu or his propaganda office because every politician in Nigeria now sees lying and propaganda as part of the policy framework of their govts.Bet d Chinese investment is not worth more than $1.5m with the state govt contributing up to 70%!!

I absolutely believe your opinion about the possibility of the figures being over-inflated and over-bloated.

Based on the statistics offered in the post, let us do a very liberal calculation

If the average profit on each shoe is 10usd,

multiplying that by 5,000pairs produced daily would imply a profit of 50,000usd daily

That is 20million naira (0.003% of the 600billion naira capital)

In a month, it will be 0.1%, then in a year it will be just 1.2%

That means, it will take 83years of "perfect" business operations to recoup 100% of the start up capital of 600billion naira!

This project should be probed before money is allocated.