Capital is flowing into Aba (Abia State) at rapid rate. I predict that Aba will become a top-tier city within the next ten years in Nigeria. The Nigerian government has unlocked Aba by making Enyimba Economic City a free trade zone. This is the biggest deal in the land: the people of Nigeria will build Aba because private capital will flow into Aba.
The Federal Government and Abia State Government have signed Definitive Agreements for the project between the Enyimba City Economic Zone Limited. The signing took place at the Presidential Villa and the Federal Government was represented by Nigeria Special Economic Zone Company. President Muhammadu Buhari who witnessed the signing, commended the Governor of Abia State Okezie Ikpeazu for initiating the project, and thanked the host communities for their commitment to the project, saying that everyone should be more confident of the success of the project since the Minister of Trade and Investments, Okechukwu Enelamah, under whose portfolio it falls, hails from Abia State.
Aba will become one of the most important cities in West Africa within the next 15 years. Yes, when you think of Shenzhen China, think of Aba because we the citizens of Abia state got from the federal government one thing we wanted: a free trade zone. That status will galvanize trade and commerce in the heart of Nigerian makers. I made a case for this project design and it was a moment when Mr. President approved it. The governor believes that the output from Aba would seed massive expansion in the GDP of Nigeria.
My proposal to grow the electronics sector in Nigeria is to make Aba a special economic zone (SEZ) where all products produced therein would not be taxable, unlocking local and global capital to rival China’s Shenzhen within decades. I see makers but they are subsistence; to become entrepreneurs, a redesign in the hardware sector would be catalytic. In my model, a SEZ would make that happen.
A special economic zone (SEZ) is an area in which business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include: increased trade, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically regard investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing in a zone they are granted a period of lower taxation.
Aba is a latent opportunity in Nigeria, … As Aba blossoms, private capital would build seaport in either Calabar or Akwa Ibom state. I am extremely confident that within a decade of making Aba a SEZ, Nigeria would double its GDP as it would serve Africa through the evolving continental treaty.
Here are the contacts for EEC:
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Enyimba Economic City (EEC ) is in the heart of South East. The Industrial City is ideally positioned to offer holistic infrastructure. It will serve as the gateway to both regional and international trade.
You can find the project vision and components here.
Address: 1 Geometric Power Road, Osisioma, Abia State
+234 803 423 0455
Email: [email protected]
Website: www.eecdgroup.com
---
Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
