AGREEMENT WITH CCECC AS EPC CONTRACTORS FOR THE CONSTRUCTION OF INNER-CITY ROADS

Towards ensuring the timeline for the commencement of construction in the first quarter of 2019 in Enyimba Economic City is maintained, the management of Enyimba Economic City Development Company Ltd (EECD) on Friday, September 28, 2018 signed an agreement with CCECC as one of the EPC Contractors for the development of the Spine Roads within the Enyimba Economic City.

The first phase of the engagement is the construction of a 12.5 km Spine Road within the first phase of the Enyimba Economic City, this is a 6-lane road with a 3-meter median carrying service ducts, drainage pipelines, waste pipelines, power, communication, telecommunication and surveillance e.t.c.

CCECC Nigeria Limited provides construction and engineering services in Nigeria, it is a whole subsidiary of China Civil Engineering Construction Corporation established in 1979.CCECC has been listed among the world’s top 255 international contractors for many years and ranked consecutively among the first 70 in recent years by the Engineering News Record “ENR”. 

At the signing event were Mr Alex Wang who signed on behalf of CCECC and Mr C Darl Uzu, the Managing Director of EECD who signed for EECD.

FEDERAL EXECUTIVE COUNCIL APPROVES FREE ZONE LICENSE FOR ENYIMBA ECONOMIC CITY

The Federal Executive Council on September 12, 2018 approved the status of Enyimba Economic City as a Free Trade Zone.

Enyimba Economic City is also a Special Economic Zone (SEZ) under the Made in Nigeria for Export (MINE) programme of Federal Government of Nigeria. It is being developed through a Public-Private Partnership (PPP) of a successful entrepreneurial company represented by Crown Realties Plc, Abia State Government and Federal Government of Nigeria, with private sector providing leadership.

With the declaration of September 12, 2018, an investment within the city will automatically benefit from complete holiday from all federal, state and local government taxes, rates, and levies, duty free importation of capital goods, machinery/components, spare parts, raw materials and consumable items in the zones.

Others include 100% foreign ownership of investments, 100% repatriation of capital, profits and dividends, waiver of all imports and export licenses, waiver on all expatriate quotas for companies operating in the zones, 100% capital allowance in any year of assessment.

Furthermore, benefits such as up to 100% on export into the Nigerian customs territory of product produced, assembled or packaged within the Zones; Tax exemption on proceeds re-invested, tax exemption on gain arising from take-overs, absorption or merger, double taxation relief, tax exemptions on interest on bonds and short-term securities, and proceeds of the disposal of Government and corporate securities.

These benefits are in addition to those of Abia State Government which exempts any territory recognized as a Special Economic Zone in the State from all revenue drivers by State Ministries, Departments, Agencies and or Local Government or Agents.

With the above and various other attributes, Enyimba Economic City will soon become the most preferred investment destination in Nigeria for a long time.

VISIT OF ENYIMBA ECONOMIC CITY TEAM TO GERMANY

germany-visit

From left to right C Darl Uzu, Managing Director EEC, Dirk Hilbert, Mayor of Dresden, His Excellency Ambassador Yusuf Maitama Tuggar, Nigerian Ambassador to Germany, Abubakar Jidda, Minister for Economy and Commerce of Nigerian Embassy in Berlin

germany-visit

From left to right Dirk Hilbert, Major of Dresden, His Excellency Ambassador Yusuf Maitama Tuggar, Nigerian Ambassador to Germany, C Darl Uzu, Managing Director EEC, Barr Chibuzor Ekwekwuo, Company Secretary EEC

The preparatory visit of Enyimba Economic City Team to Germany to prospect for investors in manufacturing transfer included Trade Mission to Hamburg and visit to Mayor of Dresden.

His Excellency Ambassador Yusuf Maitama Tuggar introduced Enyimba Economic City (EEC) and the team to the Major of Dresden and solicited for an investment summit with German businesses at a later date from the Mayor.

FOCAC SUBMIT: CHINESE GROUP TO INVEST 2B USD IN NIGERIA

 

Chinese based Shandong Ruyi Technology Group is set to invest about $2,000,000,000 in Nigeria. This was the outcome of the meeting between President Muhammadu Buhari and the Executives of the Company, on the sidelines of the 7th Forum for China and African Cooperation in Beijing.

President Buhari alongside the Minister of Industries, Trade & Investments Dr. Okechukwu Enelamah and Minister of Foreign Affairs Mr Geoffrey Onyema met with Mr Yafu Qui, Chairman, Ruyi Group, Ms Aiying Li, President Ruyi Power Group and Mr Liming Sin, President Ruyi Textile Group.

The investments will facilitate the setting up of textiles and garments manufacturing establishments in the Enyimba Economic City, Abia State. An earlier Agreement has been executed between Enyimba Economic City Company Limited and Shandong Ruyi for 300 hectares of land for this purpose.

Ruyi has also indicated interest to invest in Lagos and Kano States as well as establish cotton farms in Funtua, in Katsina State.

The proposed $2,000,000,000 investment will cover the entire cotton value chain, farming, ginning, spinning, weaving and power generation to support the processes in Nigeria.

 

These investments are expected to catalyse activities in the textiles and garments segment of the Nigerian manufacturing sector.