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Economy Special Report

IKPEAZU SECURES $430M DEAL FOR ENYIMBA ECONOMIC CITY

Afnews Editor

Nov 18, 2019

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Abia Governor, Dr. Okezie Ikpeazu, has secured the approval of the African Development Bank (AfDB), private investors and other multilateral financial institutions for a $430 million investment in the development of Enyimba Economic City (EEC).

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The EEC is a proposed free-trade zone located on over 9,500 hectares of land between Aba and Port Harcourt.

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The governor, who spoke in Lagos during an interaction with journalists, said he presented the programme to investors at the Africa Investment Forum (AIF) in Johannesburg, South Africa.

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Governor Ikpeazu said participants at the forum agreed that the ECC was a project worthy of their investment.

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The governor said while other African countries had benefitted from the funding opportunity provided by the AIF, Nigeria was yet to benefit.

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Governor Ikpeazu said Nigeria presented four projects at the 2019 AIF, among them, the Enyimba Economic City and Lagos Chemical.

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AIF is a market place for project developers, investors, borrowers, lenders, policy makers and public- and private-sector investors to encourage investment in Africa.

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The governor said the EEC would boost Nigeria's participation in the Continental Free Trade Agreement (AfCFTA) and lauded the Federal Government for supporting the project which would create about 700,0000 jobs within 10 years.

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