Chinese, European Investors to Invest $450m in Industrial Park

Nigeria investment
  • Chinese, European Investors to Invest $450m in Industrial Park

Some foreigners are planning to invest $450million in the Tomaro Industrial Park in Lagos, The Nation learnt at the weekend.

The investors, mostly from Asia and Europe, are leveraging the trade between Nigeria and some countries.

Sources said the investors were coming from the oil and gas, maritime and allied sectors.

Integrated Oil and Gas Limited Chairman, Capt Emmanuel Ihenacho said the firm was looking for investors that understood the market dynamics and were ready to achieve some growth.

In a telephone interview, he confirmed the development, saying that a group of investors from the Diaspora had visited the Island to do business.

He said: ‘’Integrated Oil and Gas Limited is building two tank farms worth several millions of dollars on Lagos Island. These tanks would help in storing petroleum products and further aid distribution of the product in Nigeria.”

Ihenacho said some companies’ executives from China and Europe had been making enquires about how they could be part of the project.

He however said the company has not responded to the enquiries because it wanted to complete the preliminary works, adding that response would be given to those who requested for partnership, and this would be followed by a presentation to highlight areas for investment participation.

He said the company intends to build what he called a ‘sleep way’ for ship building and repairs, stressing that the firms intend to start with the construction of between 6,000 and 10,000 dead weight flat bottom vessels that can sail through some of the shallow waterways, especially in the Escravos and Forcados areas of the Niger Delta where the draft is about 6.5 metres.

He said the entire project will include the 20,000 capacity modular refinery, the ship building/ship repair yard, which also houses a fabrication facility, a helipad for helicopter services, accommodation facilities, strategic storage facility and others.

For the modular refinery, he noted that the $116 million facility, with 15 and 18 months’ completion timeline, would produce diesel, kerosene and Naphtha for a start, but the other component for production of petrol could be added in the future.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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