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Sino-Nigerian free trade zone set to bolster investment

The Sino-Nigerian Lekki Free Trade Zone (FTZ) set in the Atlantic Ocean coast some 60 km away from Nigeria's commercial capital of Lagos, has been considered as a symbol of the Chinese businessmen's substantial step to carry out a "go abroad" development strategy in Africa.

In an interview with Xinhua, Chen Xiaoxing, head of the Chinese side of the Lekki FTZ, said on Friday that the Lekki FTZ is a Chinese-Nigerian joint venture project with China's CCECC-Beyond International Investment & Development Co., Ltd. holding 60 percent of shares and Nigeria's Lekki Global Investment Co., Ltd., the remaining 40 percent of shares.

Chen, also board chairman of the Lekki FTZ Development Company, said, the project aims to "build up a modern Chinese-type industrial city in Lagos under the leadership of the Lagos state government while helping first-rate Chinese enterprises to develop themselves abroad."

Lekki FTZ project, being the first of its kind the Chinese government has ever built abroad, will be carried out in three phases. The first-phase will covers an area of 15 sq. km with the Chinese side investing 200 million U.S. dollars and the Nigerian side 67 million dollars. Upon its completion in 2009, the phase-I project will see an industrial park highlighted by light industry, textiles, building materials, household electric appliances, communications, machine processing and building as well as real estate and gardening building.

The phase-II and Phase-III projects, will cover 150 sq. km with a total investment of 5 billion dollars, focusing on heavy industry manufacturing, chemicals, petroleum processing, pharmaceuticals, automobiles, logistics, import/export businesses, deep-water port, tourism, real estate, education, banking and finance, among others.

"Our goal is to turn the Lekki FTZ into a new, vigorous and multiple-functional international satellite town of Lagos," Chen said.

He said China, the largest country in Asia and Nigeria, the largest country in Africa, can learn each other and help each other, adding that China owns fairly advanced technology and professional skills which are most suitable for Nigeria while Nigeria is rich natural resources which Nigeria hopes China to help it tap and develop locally into semi-finished or finished products for export.

According to Chen, the Lekki FTZ, when completed and put into operation eventually, will offer more than 300,000 jobs, further enlivening economic activities of Nigeria's economic enter of Lagos.

The Lekki Free Trade Zone was officially launched on Thursday.
This is what I am talking about!! I think people are aware of this but I fiured it deserves its thread!!
 

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hmm. this is interesting. we need more things like this atleast 2 in the niger delta and 2 in the north to create more jobs in the country. I like the direction in which the country is going.
 

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Skye Bank partners Chinese investors on Lekki Free Zone

Thursday, July 12, 2007

Skye Bank Plc is leading a partnership with Chinese investors to actualise the Lekki Free Zone initiative developed by the Lagos State government.

According to a statement signed by the Public Relation Officer of the bank, Mr. Cookery Prince, Skye Bank was the official banker of the Lekki Free Zone.

He said as part of the partnership, a business delegation from the Peoples Republic of China visited Skye Bank recently to discuss issues of mutual interest between the bank and the investors.

Vice Chairman of Nanjing Beyond Investment Group Company Limited and leader of the Chinese delegation, Mr. Zhang Jingchun, said they were in Nigeria to seek areas of possible business collaboration with local partners at the free zone through the auspices of Skye Bank.

Jingchun explained the that investors needed the assistance of Skye Bank to set up businesses at the Lekki Free Zone facility and to engender collaboration between Lekki and Nanjing Free Zone in China.

He said the delegation came to Nigeria on a fact-finding mission which would last for ten days.

He expressed satisfaction with the level of assistance received from Skye Bank on mission to the country.

Acording to the statement, the collaboration with the Chinese investors was for the bank to take advantage of the expanding Chinese economic interest and investment in Africa.
 

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Location of the FTZ



Lekki Export Processing Zone


 

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The Processing Zone, was proposed in 2002, but will be built now as part of the Petrochemical Sector of the FTZ.

This is great news, because the Nigerian economy which is predominantly a Primary sector economy, can now utilize it's Petroleum, and Manufacture products, that it used to import. Products, such as Plastic Ware, Cell Phones, etc can be manufactured and exported to Neighboring Countries.

This is how developing countries become Developed. Countries like Taiwan, South Korea and Japan have transformed their economies into Tertiary based economies. Nigeria is now doing the same.:banana2:
 

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Look at all the developments in the Billboard!



When completed the Lekki FTZ will definitely be Nigeria's financial centre. :cucumber: :banana: :pepper: banana2: :carrot:​
 

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Dar Group to develop Lekki Corridor

Lagos, foreign firm seal pact on N300m Lekki development project
THE Lagos State government has signed a N300-million agreement with a foreign company, Dar Al-Handash, for the development of a masterplan for the Lekki corridor.

The government on behalf of the stakeholders signed the agreement, which will entail a comprehensive infrastructure masterplan. The project, to be financed by stakeholders, is expected to be completed within five months.

Speaking on the occasion, Governor Babatunde Fashola, expressed gratitude to the stakeholders for financing the project and said the government would ensure that the money was well utilised.

He said the government resolved to partner with the stakeholders to ensure the production of the masterplan.

According to him, the lekki axis is the fastest growing corridor, as it has the largest concentration of private estates under development.

Fashola said in spite of the fast growing rate, the state of the environment ``was becoming increasingly worrisome due to haphazardly arranged physical developments, poor linkages between private layouts and government schemes.''

He listed others reasons that necessitated the masterplan as the lack of proper linkages between sewer lines, roads and drainage lines.

Fashola said that there was also unapproved diversion of natural watercourses and water bodies, uncoordinated sand-filling and flagrant disregard of town planning laws and regulations by developers.

The governor said the project handling company had a good track. Mr. Francisco Abosede, the commissioner for Physical Planning and Urban Development, said the ministry suspended approval of private layout plans along the Lekki corridor to make way for the preparation of the masterplan.

He said a six-man technical sub committee had been constituted to negotiate with the consultants on professional fees and look into the issue of cost recovery.

Mr. Opuiyo Oforiokuma, managing director of Lekki Concession Company Ltd., remarked that the successful conclusion of the agreement posed a critical demand on the government to create an enabling environment for public-private partnership to thrive.
 

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Lekki Concession Company Ltd



Scope Description

The Lekki Toll Road Concession Agreement, which underpins the "Lagos Infrastructure Project", will include upgrading and creating new Road Infrastructure along the first 49.4km of the Lekki-Epe Expressway (Phase I). Furthermore, additional private sector finance will be deployed towards developing the first 20km of the Coastal Road with an option to do the Southern Bypass as well (Phase II). In keeping with the already globally established BOT model of infrastructure delivery, the Concessionaire will be required to operate and maintain the road for the full 30-year term of the Concession, and then to hand over the assets to Lagos State in good condition at the end of the Concession term. In this way, not only will Lagos State enjoy new World Class infrastructure as a direct consequence of this Agreement, users of the road will also positively experience the service-based approach that will be adopted by the Concessionaire to deliver the following key benefits at affordable prices.


Key benefits at affordable prices


Convenience - traffic decongestion, easier access to and from the Lekki-Epe corridor, breakdown and recovery assistance, ambulance service, Customer Call Centre, etc


Journey times - shorter journey times, reduced wear and tear on motor vehicles, reduced fuel consumption by road users, etc.


Security - law enforcement, better street lighting, reduced risk of "go slow robbery", etc

In addition to those listed above, other foreseeable key benefits for the area include creation of employment, support for continued and new business growth, and the underpinning of real estate values. All of these benefits should have important positive impacts on economic growth in the area and for Lagos State as a whole.
 

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EPC Contractors,Hitech Construction Company undertaking early works phase, November, 2006

EPC Contractors,Hitech Construction Company undertaking early works phase, November, 2006


Laying foundation of the batching plant at Falomo site compound


Setting up Falomo site compound


Road resurfacing along Ozumba Mbadiwe Avenue


Road repairs in Ozumba Mbadiwe Avenue


Unblocking drainage system along Lekki express way
 

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Construction Activities from 0-2km along Lekki-Epe Expressway May, 2007

Construction Activities from 0-2km along Lekki-Epe Expressway May, 2007













 

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Construction Activities from 0-2km along Lekki-Epe Expressway June, 2007





















 

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Arthabitat, this is new year and I guess a new you. The prodigal son seem to have come back home, you are welcome back!!!
you are like a father to me...:)
 
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