Nigeria, India trade volume may hit $20bn over Eyimba Economic City, says Indian investor
quicknews-africa.netMar 3, 2024 2:50 PM
Nigeria, India trade volume may hit $20bn over Eyimba Economic City, says Indian investor
Nigeria, India trade volume may hit $20bn over Eyimba Economic City, says Indian investor
Mr.Vishal Jhadav, Managing Director, Crescendo Worldwide, an Indian multi-sectorial FDI consulting firm, says Enyimba Economic City (ECC) is expected to increase Nigeria and India’s trade volume to 20 billion dollars.


Jhadav told the News Agency of Nigeria (NAN) in Abuja on the sidelines of a dinner organised in his honour by Enyimba Economic Development Company (EEDC), the developers of ECC.


ECC, which is situated on a 9,803-hectare greenfield special economic zone in Abia State, is a public-private partnership (PPP) project of Crown Realties Plc, the Abia Government, and the Federal Government.

The project is being executed under the Made in Nigeria for Export (MINE) programme of the Federal Government and has currently won validation as the single largest urban development project in Africa.

ECC is a recipient of the first prize of the Global New Cities Business Plan Contest of the Chartered Cities Institute in Washington, DC, in 2019, having been adjudged to have the capacity to transform the economy of Nigeria.

“Today, India and Nigeria do about 11 billion dollars in trade, and it is fluctuating between $11 and $15 billion.

“So with this new economic city, we are targeting increasing this trade between the two countries to $20 billion.

“And we are proud to say that there are more than 76 Indian companies that have registered their interest in setting up their manufacturing facilities inside Enyimba, and these companies are from diverse sectors.


“We are speaking about companies in manufacturing, pharmaceuticals, automobiles, aerospace, and medical devices.

“All mixed sizes of companies are coming together and setting up their factories there, and this will not just be for the Nigerian market but for the whole African market, driving it from Nigeria.

“Our role as Enyimba Economic City and Chriscendo World Wide is that we want to drive this growth and this vision so that these 76 Indian companies, when they are functional and set up their factories, will create about 2000 to 3000 new jobs.

“They will have about 400 million dollars of trade and investments; they will extend to the whole African continent market from Nigeria.”

Jhadav said the promoters of ECC were looking towards using the city as a place and a gateway to do business with a fantastic African and world-class infrastructure.

EEC is being positioned as the place and hub to do business in Africa, with world-class infrastructure, including steady power, an intermodal logistics hub, and a destination inland port connected to two seaports by rail.

He said the EEC would provide unique investment opportunities for Indian companies and other businesses around the world.

Mr. Darl Uzu, the private sector lead for the project, also told NAN that he was committed to the project, which started seven years ago.

Uzu, who is also the Chief Executive Officer of Crown Realties Plc, said EEC had the capacity to transform the economy of Nigeria with impacts across Africa and the globe, noting that ECC had growth sectors not only in manufacturing.

”It is a self-sustaining live, work, and play modern city with growth sectors in manufacturing, logistics, healthcare, entertainment, education, innovation and technology hubs, commercial, lifestyle, residential, and aviation.”

Uzu said that in addition to India, EECDC had other FDI consultants manning other territories.

He said Brilliance Co. Limited in China had raised 84 prospective companies, and the Commodity Development Initiative (CDI) in Nigeria had raised over 26 companies.

Uzu said that the $288.7 million required for the first phase of the project had been raised both in equity and debt.

“African Export Import Bank (Afreximbank) syndicated the debt of $201.7 million, which received its board approval on Nov. 14, 2023, and currently the legal documentation of the loan is ongoing.

“EECDC also intervened on improving connectivity in the project catchment area by leading a consortium that included CCECC Nigeria Limited, Escher Silverman Global, UK, Insta-Toll of South Africa, and Afrinvest (WA) Limited to win the concessions for the two main highways.

The highways connect Enugu-Port Harcourt (200km) and Onitsha-Owerri-Aba (16 km) for a value-added concession that includes design, construction, financing, maintenance, operation, management, and tolling of the highways under the Highway Development and Management Initiative (HDMI) of the Federal Government.”

According to him, Jhadav, a key partner in the EEC project, is in Nigeria to witness the commissioning of the Geometric Aba IPP, a 188 MW plant.

Geometric Power is the official power partner of the EEC, and the two projects are financed by Afreximbank, which has signed a power purchase agreement (PPA) for 90 MW of Geometric’s electricity for the first phase of the EEC.(NAN)

https://quicknews-africa.net/nigeria-india-trade-volume-may-hit-20bn-over-eyimba-economic-city-says-indian-investor/

Source??


Modified

Some people will start hyperventilating now...abeg use the lagoon and save Nigeria from the menace of bitterness.

Aba is next Singapore according chestbeaters and developers of the world

I saw this write up in business day , I was too afraid to post it because the enemies of progress are louder than the friends of progress.

Any igbo man who doesn't relocate or buy a piece of land or landed property in Aba should save us the stress of listening to tales of his or her woes in the next few years

Let's the development spread all over the country

I will add it now

Cindypresh:


Source??

kettykin:
I saw this write up in business day , I was too afraid to post it because the enemies of progress are louder than the friends of progress.

Any igbo man who doesn't relocate or buy a piece of land or landed property in Aba should save us the stress of listening to tales of his or her woes in the next few years

Aba is on Lagos’s industrial level to be frank.
7years from now Aba industrial sector will overpower neighbouring Port Harcourt. Port Harcourt’s sole wealth is in god-given oil while Aba is in manufacturing.

Aba is on massive industrialization. Aba is phasing from Imu Oru (learning handwork such as shoes and tailoring under someone ), into commercialisation and industrialisation.

After Lagos, the next foreign investment location in Abia state.

And we are proud to say that there are more than 76 Indian companies that have registered their interest in setting up their manufacturing facilities inside Enyimba, and these companies are from diverse sectors.

Igbos should make plans. This ongoing industrial revolution in the East is an opportunity to end this Lagos insult once and for all. Anyone who appeals to emotions when his company gets destroyed outside Igboland will not only have himself to blame but will answer to us for dragging Igbos to his personal problems.

This is opportunity for Igbo business men to reposition their businesses to the east

Ojukwu will not witness it
Mr Ibu will not witness it
Sisi Quadri will not witness it
Akeredolu will not witness it
Alhaji Ayuba Abdullahi will not witness it
Saint Obi will not witness it
Mohbad will not witness it
Dr Chukwuemeka Ezeife will not witness it
Pa Akintola Williams, will not witness it


This better Nigeria they keep promising
Will any One of us witness it?

You do not want a influx of these people into your african city unless you want to learn why Idi Amin deported them all in his time. Why not upgrade the thousands of micro factories in Aba?

Good news!!!

Abia State continues to win against all odds.

Ofodirinwa:
You do not want a influx of these people into your african city unless you want to learn why Idi Amin deported them all in his time. Why not upgrade the thousands of micro factories in Aba?

that one will still happen..if they want to come let them come..it is left for you to make laws to curtail whatever is their excesses..

asha80:
that one will still happen..if they want to come let them come..it is left for you to make laws to curtail whatever is their excesses..

not a bad point, but be aware that they are coming to insult you constantly. If it were chinese, that is ok.

kettykin:
I saw this write up in business day , I was too afraid to post it because the enemies of progress are louder than the friends of progress.

Any igbo man who doesn't relocate or buy a piece of land or landed property in Aba should save us the stress of listening to tales of his or her woes in the next few years

Anywhere between Port Harcourt and Aba is a goldmine........Tinubu is invested in the Onne port thru Intels , his Hitech company is doing the calabar Lagos coatal road that will go thru Onne, they can also do a spur to Hit EEC thru Afam/ Obigbo axis.............Every Nigerian should key into the project........The EEC is the closest thing Ndigbo will have to Lekki residential/duty free zone!

Ebubu2:


Aba is on Lagos’s industrial level to be frank.
7years from now Aba industrial sector will overpower neighbouring Port Harcourt. Port Harcourt’s sole wealth is in god-given oil while Aba is in manufacturing.

Aba is on massive industrialization. Aba is phasing from Imu Oru (learning handwork such as shoes and tailoring under someone ), into commercialisation and industrialisation.

After Lagos, the next foreign investment location in Abia state.

Aba's production level dwarfs port harcourt even now.......unless you are talking of oil and gas? abi you no know Aba!

Ofodirinwa:


not a bad point, but be aware that they are coming to insult you constantly. If it were chinese, that is ok.

I actually see no difference between them and chinese..indians are more vocal ( well we are igbos aren't we and we are known for not taking shit ) while chinese more of action( ask people that work in chinese outfits in nigeris and hear stories) ...so it still boils down to what your government allows

Ofodirinwa:


not a bad point, but be aware that they are coming to insult you constantly. If it were chinese, that is ok.

The chinese are already in Aba.......as they are in Anambra! Problem has always been power issues!

Good news

afube:



Anywhere between Port Harcourt and Aba is a goldmine........Tinubu is invested in the Onne port thru Intels , his Hitech company is doing the calabar Lagos coatal road that will go thru Onne, they can also do a spur to Hit EEC thru Afam/ Obigbo axis.............Every Nigerian should key into the project........The EEC is the closest thing Ndigbo will have to Lekki residential/duty free zone!

tinubu took intels from atiku?

If that is attained, just 2% tax is $400 million for Abia

Ofodirinwa:
You do not want a influx of these people into your african city unless you want to learn why Idi Amin deported them all in his time. Why not upgrade the thousands of micro factories in Aba?

Same thing I’m wondering, my brother.

We set up something like this, and the first thing we think of is to fill it up with foreigners.

What about our own people?

How will they grow?

When the Chinese and Indians set up these facilities in their countries, they don’t look for foreigners to fill up the place. It’s for their own local industries and business people.

Tellmeastory:


Same thing I’m wondering, my brother.

We set up something like this, and the first thing we think of is to fill it up with foreigners.

What about our own people?

How will they grow?

When the Chinese and Indians set up these facilities in their countries, they don’t look for foreigners to fill up the place. It’s for their own local industries and business people.

do you want to grow the the economy of abia or not? If indians and Chinese show interest in setting up business there does it stop indigenous people from setting up theres? I thought igbos prided themselves as people who aren't afraid of competition?

Ofodirinwa:
You do not want a influx of these people into your african city unless you want to learn why Idi Amin deported them all in his time. Why not upgrade the thousands of micro factories in Aba?

what did they do in congo ? Indians ?

asha80:
do you want to grow the the economy of abia or not? If indians and Chinese show interest in setting up business there does it stop indigenous people from setting up theres? I thought igbos prided themselves as people who aren't afraid of competition?

Chinese and Indians don’t allow such ‘competition’ in their own facilities. They prioritise local firms and industries, and foreigners get 20% space, max.

Unlike you people, they don’t see why they should spend big money on such a project, only to fill it up with foreigners.

Ofodirinwa:


not a bad point, but be aware that they are coming to insult you constantly. If it were chinese, that is ok.

not in Igboland. Competition will put them in check.

Tellmeastory:


Chinese and Indians don’t allow such ‘competition’ in their own facilities. They prioritise local firms and industries, and foreigners get 20% space, max.

then you set up laws to curtail there excesses..doesn't mean you miss or ignore the potential money they will bring in

Ebubu2:
what did they do in congo ? Indians ?

Uganda

Tellmeastory:


Chinese and Indians don’t allow such ‘competition’ in their own facilities. They prioritise local firms and industries, and foreigners get 20% space, max.

Unlike you people, they don’t see why they should spend big money on such a project, only to fill it up with foreigners.

there is no law or rule stopping indigenous people setting up outfits..if the local people do not want to for whatever reason let foreigners come ..just set up a law to guide them

asha80:
tinubu took intels from atiku?

Good morning

Bulldozer90:
not in Igboland. Competition will put them in check.

I'm not talking about competition, they're unbelievably racist and will use any opportunity to make life difficult or annoying for the africans around them. If you knew how invested in selling africans expired drugs these people are for example, you would understand. Ask any of your family in India make otu ha na eme. You will not start seeing 'no black allowed' buildings in Aba lol. Watch

So, this one is not propaganda, i didn't see them call it propaganda or say anything negative about it but let it be a similar news from FG, you'd see enemies of the state wailing. Na India got the contract to develop Eyimba Economic City and about 76 india companies already got the rights of first refusal to set up there...make i no talk wetin dey my mind.