INDONESIA AND NIGERIA TO START MANUFACTURING TRANSFER WITH ENYIMBA ECONOMIC CITY FREE TRADE ZONE
Enyimba Economic City Development (EECD) recently visited Indonesia from October 23-27th, 2022, to explore investment opportunities and partnerships with Indonesian manufacturing companies. During their visit, they attended the Trade Expo Indonesia (TEI) 2022, where they were able to showcase the unique features and benefits of Enyimba Economic City (EEC) to potential investors. EECD was able to meet with several prospective manufacturing companies, including Mayora, and had an official visit to Mayora’s office in Tangerang BANTEN, where they held a closed-door meeting.
The meeting with Mayora opened up a huge opportunity for the company, as they expressed interest in setting up a manufacturing plant in Nigeria soon. EECD goals in Indonesia are to transfer manufacturing companies from Indonesia to Nigeria and leverage on Indonesian companies seeking manufacturing transfer to Nigeria and Africa as a whole. By showcasing the unique features and benefits of EEC, EECD hopes to attract manufacturing companies to invest in the city, which will help to boost economic growth and development in Nigeria and Indonesia.
EECD also participated in a panel session on restructuring Nigeria-Indonesia bilateral trade and investment relations in the post-pandemic era. The session was attended by the Minister of State and Industry, Ambassador Mariam Yahwaji Katagum, His Excellency H.E Usman Ogah Nigeria Ambassador to Indonesia, and Ambassador Usra Hendra Harapap Indonesia Ambassador to Nigeria. The panel session provided an opportunity to discuss the benefits of investing in EEC and attract potential investors from Indonesia. The session also served as a platform for discussing bilateral trade between Nigeria and Indonesia.
EECD’s visit to Indonesia was part of its effort to attract manufacturing companies to invest in Enyimba Economic City. The project is fully conceptualized, and the first phase is fully designed and shovel-ready. The project has received various approvals and certificates, including declaration of EECD as Special Economic Zone by NEPZA, certificate of occupancy for the land from Abia State Government, Free Trade Zone License Approval from The President, Federal Republic of Nigeria, full origin and destination inland port approval from The President, Federal Republic of Nigeria, approval to jointly develop rail connection of EECD Inland Port to Onne Sea Port with Nigerian Railway Corporation, Nigeria Ports Authority, and Shippers Council of Nigeria, city regulation approval by NEPZA and Federal Ministry of Justice and Gazette by the Federal Republic of Nigeria.
EECD has signed definitive agreements with Abia State Government and Federal Government for 6% and 20% equity in the project respectively, at N50b capitalization. EECD has also signed agreements with AFREXIM as Mandated Lead Arranger for First Phase Financing, African Development Bank as co-debt Financier, International Finance Corporation (IFC) on Advisory for global manufacturing transfers to the city, and Geometric Power for initial 94MW power supply from Osisioma, Aba IPP, and discussion ongoing on 504MW Oma as dedicated power to the city. Additionally, a consortium for external fence infrastructure that includes Insta – Toll RSA, Escher Silverman Global UK, CCECC Nigeria, Afreximbank won the bid for concession of 200km 4 lane Port-Harcourt – Enugu and 161km Onitsha-Owerri-Aba highways. Marketing/DFI’s companies have been appointed for China, India, and Europe to attract manufacturing transfers to the city.
Overall, the visit to Indonesia was a success, and EECD is moving forward with its plans to attract manufacturing companies to invest in Enyimba Economic City. The city offers several benefits to manufacturing companies looking to set up operations abroad, including tax incentives, access to a large market, and state-of-the-art infrastructure. Additionally, the Nigerian government provides financial loans, land grants, and duty exemptions to support businesses looking to invest in the country. By providing excellent customer service to potential investors and making use of various communication channels, EECD hopes to successfully attract manufacturing companies from Indonesia to invest in the city, which will help to boost economic growth and development in Nigeria and Indonesia.
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