Ajimobi

GBENRO ADESINA/IBADAN

In conjunction with a Chinese company, China Polaris Group, the Oyo State Government has performed the ground breaking ceremony of a free trade zone in Ibadan, the State capital. The project will cost the partners the sum of $2b with the initial take off of $500m.

Speaking at the event, the state governor, Senator Abiola Ajimobi said that the free trade zone tagged “Polaris-Pacesetter Free Trade Zone Development Limited” represented a significant departure from previous experiments in Nigeria as it was being anchored on the China-Africa Industrial Capacity assistance and cooperation model, pointing out that the project has its bilateral as well as functional sister relationship with the Guye-Tangshan Free Trade Zone in China to form a ‘sister’ Free Trade Zone platform.

The governor stated that the state government has received firm assurances from the representatives of the Chinese Government and the investing partners that about 175 manufacturing and assembly plants have enlisted to set up within the zone upon the completion of the first phase.

He expatiated that the proposed Free Trade Zone was being established on a 1,000 hectare parcel of land contributed by Oyo State Government, adding that the project development would be in three (3) phases which was expected to span over two (2) years.

He said. “The entirety of the project is estimated at 2 billion US Dollars and the first phase, which is expected to be completed within 18 months of thereabout, is estimated at well over 500 million US Dollars. There is therefore no gainsaying the fact that this is a game changing project which will have a lot of multiplier effects in repositioning the State and indeed, Ibadan its capital city, which is the gateway to the North and East of Nigeria, as the industrial hub of our country and West Africa with tremendous potentials for employment generation, wealth creation and technological advancement”.

In his address, the Chairman and President of China Polaris Group, Zhang Wendong stated that the project would promote the economic values of the state as the activities at the Trade zone would be supported by a sister free trade zone based in China.
He said that the project would carve a better future for Nigeria, saying that so many initiatives would be brought to the state which will enable the state to have a speedy growth process in its economy, technology and infrastructure.

Wendong assured that after the completion of the project, families based in the state would enjoy solar energy promising that they would start work on the project in due course and would try to complete same within the time frame agreed with the Oyo State Government.

Also speaking, the leader of the Chinese delegation, Ms Zhang Xuemei noted that the project would lead to the economic development of the two countries, Nigeria-China which would lead to solid bilateral relations between them.

She posited that the Polaris-Pacesetter Free Trade Zone Development Limited would boost the economy of Oyo State as well as create wealth and employment which would be beneficial to the entire citizens of the state.

The Olubadan of Ibadan Land, Oba Saliu Adetunji, represented by the Balogun of Ibadan Land, High Chief Owolabi Olakuleyin said that with the free trade zone being established, most of the problems especially unemployment facing the youths in the state would be solved.

Among the guests that witnessed the epoch making event were the Olubadan in Council, Eleruwa of Eruwa, Oba Samuel Adegbola, Aseyin of Iseyin, Oba AbdulGaniy Adekunle, many traditional rulers, state All Progressive Congress (APC) Chairman, chief Akin Oke, House of Assembly members, State Executive Council members, Local Government Caretaker Chairmen, APC party chieftains and other top government functionaries as well as thousands of citizens and residents.
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