- Lagos Woos Investors to Lekki FTZ
The Lagos State Government has reassured investors of its unflinching commitment toward providing adequate security and infrastructure for investors in the Lekki Free Trade Zone.
The Lagos State Governor, Akinwunmi Ambode, made the pledge recently at the foundation laying ceremony of the $20m Longrich Research Institute Factory at the Lekki Free Trade Zone, Lagos.
The governor, who was represented by the Commissioner for Commerce and Industry and Cooperatives, Mrs. Olayinka Oladunjoye, said the state government was highly elated by the investment of the company.
He said, “We appreciate you for choosing Nigeria and Lagos in particular as the first country in Africa to set up your factory. We will give you maximum support for everything you need to succeed.”
While applauding the long-standing relationship which China has with Lagos and the huge investment the country has made in the state over the years, Ambode assured stakeholders at the event of the government’s support in the area of infrastructure such as good roads and standard railway in order to facilitate better trade and commerce in the state.
According to him, Lagos is the fifth largest economic hub in Africa and the state government aspires to be the third in no distance time.
Ambode thanked the investors for seeing the vision the state government had for the Lekki Free Trade Zone.
Earlier, the Managing Director, Longrich International, Africa, Mr. Alex Jia, said that the company would build over 400,000 square metres of production factory in Lekki FTZ.
This, according to him, will enhance production of health care, cosmetics products and detergents.
Jia said this would provide a comprehensive supply chain and production guarantee service and customer clearance support in Nigeria and the whole of Africa market.
He disclosed that the first batch of investment of $20m from Longrich would be used to build production factory, offices, warehouse and accommodation.
According to Jia, the investment will generate employment for young people in the country, adding that by the year 2030, Longrich will build another five to 10 manufacturing plants in some major overseas markets.
Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico
Mexican Investors Explore Solid Minerals Opportunities in Nigeria
Nigeria Identifies $23 Billion Investment Opportunities in Energy Transition Plan
The Federal Government of Nigeria has pinpointed approximately $23 billion in investment opportunities in the nation’s Energy Transition Plan (ETP), according to Minister of Power, Adebayo Adelabu.
Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu emphasized the potential for these opportunities not only to bolster electric power for economic development but also to generate a substantial net job creation, reaching up to 340,000 jobs by 2030.
Adelabu outlined the broader impact of the ETP, projecting the creation of up to 840,000 jobs by 2060, predominantly driven by the power, cooking, and transport sectors.
Gas, identified as a crucial transition fuel in Nigeria’s net-zero pathway, plays a pivotal role, particularly in power and cooking.
“The ETP creates significant investment opportunities, such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles,” stated Adelabu.
He highlighted the financial commitment required to achieve Nigeria’s Net Zero target by 2060, emphasizing a $23 billion investment opportunity based on current in-country programs and projects linked to the Just Energy Transition.
Addressing the importance of gas as Nigeria’s transition fuel, Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, emphasized its potential to produce blue hydrogen. While not as clean as green hydrogen, it aligns with Nigeria’s pursuit of cleaner energy sources.
Orji acknowledged the need for efficient gas commercialization policies and transparent implementation to counter challenges such as gas flaring.
Ambassador of Germany to Nigeria, Annett Günther, affirmed the commitment of both nations to driving hydrogen production and use.
Markus Wagner, Country Director of GIZ Nigeria and ECOWAS, highlighted the transformative potential of green hydrogen in reducing carbon emissions, diversifying energy sources, and fostering economic growth, reinforcing the enduring partnership between Nigeria and Germany in the energy sector.
Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival
MicroStrategy Chairman Michael Saylor Bolsters Bitcoin Bet with $593.3 Million Purchase
Coinbase’s November Surge Sparks Investor Enthusiasm Amid Crypto Volatility
Finance4 weeks ago
Black Market Exchange Rate Today 6th November 2023
Business2 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News3 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex2 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 10th November 2023