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Chinese investors, under the aegis of Overseas Investment Union of China and Investment Association of China, have indicated interest in investing $250 million on Expo Abuja Convention City.
The Expo Abuja Convention City, which is facilitated by Abuja Chamber of Commerce and Industry, will serve as international expo centre for business exhibitions. It will comprise of a five-star hotel, ICT and entertainment hubs, industrial parks and high rising multi-purpose structure.
Already, a memorandum of understanding (MoU) has been signed between Abuja Chamber of Commerce and Industry (ACCI) and Pancy Liu, chairman, Investment Association of China, with focus on the development of the project currently put at $250 million.
Adetokunbo Kayode, vice president 1 of ACCI, while briefing newsmen on the Chinese investors’ plans, said, “We have 27 hectare of land for this investment. We want to set up solar manufacturing plants and the garments factories, which would help us, address huge importation of garments and save Nigeria huge foreign exchange.
“The focus is a model trade fair centre and a digital convention centre, which attracts investments with hotels and other infrastructural facilities embedded in it. If this project takes off, it would take a minimum of 3,000 direct labour jobs, and indirectly 2,000 jobs.”
Speaking further on the MoU, Kayode said, “The content is that all our members, 2,000 of them, are committed to these Chinese Group and they are also committed to working with us to help us to develop businesses in various areas, including property development, with focus on the Expo Abuja Convention City.”
In her submission, Pancy Liu said at the meeting that they would work closely with the ACCI in ensuring business expansion in Nigeria.
Also, Emeka Offor, a director with Nigeria Investment Promotion Commission, said the commission would facilitate the investments of the Chinese investors by ensuring that bureaucracy constraints would be addressed, and incentives and tax holiday offered to assist their investments.
