The much-needed investment that will spore activities in the maritime sector that stakeholders have been yearning for is set to materialize as promoters of the Tomaro Industrial Park, which was last year granted Free Trade Zone, has commenced work in the free zone.

The entire project, which is estimated at $450 million (N162 billion) includes a ship fabrication yard, a modular refinery, access slipway, oil storage tank farms, water treatment plant, power generation plant, container lay down/transit, and crude oil distillation unit.

The promoter of the project and Chairman of Integrated Oil and Gas Company Limited, Capt Emmanuel Iheanacho disclosed this in a chat with journalists in Lagos.

 Taking officials of the Nigeria Customs Service (NCS) led by Mr. Darki Hadia Yakubu and journalists around the facility, Iheanacho identified a number of businesses that are being planned at the free trade zone which will add a lot of value to the national economy in terms of industrialization, employment and revenue generation.

Other projects lined up in the free zone, he stated, include a hanger for helicopters to operate from there and a five-star hotel.

Iheanacho said in the next few months, the company will have some particular projects among those lined up to the commission, adding that all hands were on deck to deliver on the mission of the free trade zone.

He said that so far a lot of investors have shown interest in investing in the project. According to him, some Chinese and British investors have shown interest in investing in the free trade zone project.

Iheanacho said what triggered off the attraction of investors was the level of seriousness demonstrated so far and the $800,000 grant received from the United State Government through the United States Trade and Development Agency (USTDA) to support the project.

Specifically, he explained that the grant was to finance the detailed analysis of supporting technologies and engineering for the implementation of the 20,000bpd crude oil refinery.

The free port zone is 75 hectares of land in between the Snake Island and the Lagos Deep Offshore Logistics Base (LADOL) which are also enjoying free trade zone status.

Iheanacho explained that the plan for the shipyard is to start with ships of smaller sizes and later develop into a capacity to build bigger vessels.

Already, there is an ongoing construction work at the site which is for the oil storage tank farms.

President Muhammadu Buhari had last year officially announced Tomaro Industrial Park as part of the efforts to ensure the industrialization of the nation’s economy.

The Managing Director of the Nigerian Export Processing Zones Authority (NEPZA), Mr. Emmanuel Jime while announcing the President’s approval said it was the way forward, adding that the structure of FTZ was a model for development.

He said that there were a number of incentives to have businesses sited in the Free Trade Zone.
According to him, “We want to make Nigeria an attractive and preferred destination for business. And the mandate of NEPZA is to create an enabling environment for businesses so that they can find Nigeria a sure destination.”

SOURCE: https://brandspurng.com/investor-stakes-450-million-on-new-free-trade-zone-to-build-ships-in-nigeria/

Good,fear Yoruba's,others are busy chanting shithole while the motherfuckers are busy working at night

nice

good news and hope this to create some jobs for the unemployed

I hope 450M will not be "Dasukified"

Ipob miscreants will avoid this thread.... Because it is not negative news about Buhari or Nigeria.

Any smart and intelligent Nigerian will know this is the time to acquire a plot of land around the free trade zone as e dey hot.



We sell land there too.

East nko? Wetin dey happen for Igboland?

Lagos go suffocate Igboland, who go leave Lagos go invest for Bush?

Wey Anambrason1?

I hope the will start soon , and not
We will
We are to
We shall
And 4 years go finish

naija on d grow

I don't know if this sounds appropriate, but can we have Free Trade "Zones" for education in this country?

How many Authorities and Agencies do we have in this country?

Plus what happened to Hyundai Heavy Industry?

Capt Iheanacho should be from Imo state. Why are Imo people so rich?

Election period is around the corner, different stories will be extract

No pictures?

Capt Iheanacho well done

cool

Igbologun (Snake Island) Ilu mi.....

Happy to hear this

Please build that in South south or South east because very soon we will divide this shithole.

GavelSlam:


Iheanacho knows better.

Shut the hell parasite, which better.

GavelSlam:


Will you shut the front door brainless hog.

The man with money knows your type of people would only create more and more problems for his industry.

That's why you are in perjury and he's the man with the bucks.

Just swallow your daily Garri and allow the industrialists plan.

Who is this AfonjaArawanistan trying to associate with us...

for real? so we go get shiyard here. who will be the market?

Awesome news.

Anyone who has a piece of Land at ibeju Lekki axis is guaranteed massive returns on investment once the Lekki Free Trade zone and other developments becomes fully functional.

Secure your future today.

GavelSlam:


I'm a full-blooded itsekiri man not your type that screams parasite up and down yet the only thing you produce is palm oil.

You wan kill am? Na nuclear weapon you just throw am.....Kai! Biafrans!

It seems the island is shaping up for serious industrialization. Dangote industrial landscape has shown them the way.

GavelSlam:


I'm a full-blooded itsekiri man not your type that screams parasite up and down yet the only thing you produce is palm oil.

Which Itsekiri? the same animals that came to South South claiming to be one among us,better go back to your ancestral land in Osogbo because you have no right across the Niger and we don't consider your 1 percent population. Just imagine the idiot, as if your mother don't cook with it,mention one state your tribe are the majority ODE yoruba boy,come and take our oil jealous fool. Illigal immigrant.

Now take what your forefathers are good at.

kuuljay:
Good,fear Yoruba's,others are busy chanting shithole while the motherfuckers are busy working at night

which Yoruba ? who owns the company is the main deal

kuuljay:
Good,fear Yoruba's,others are busy chanting shithole while the motherfuckers are busy working at night

Its as if u are blind abidoes that sound like a yourbas man name??


The promoter of the project and Chairman of Integrated Oil and Gas Company Limited, Capt Emmanuel Iheanacho disclosed this in a chat with journalists in Lagos.