This is what I am talking about!! I think people are aware of this but I fiured it deserves its thread!!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.