Home Business China-Nigeria free trade zone boosts Nigeria’s industrial potential

China-Nigeria free trade zone boosts Nigeria’s industrial potential

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Ogun-Guangdong Free Trade Zone (FTZ), an outcome of the commercial partnership between China’s Guangdong province and Ogun state, southwestern Nigeria, celebrated here on Tuesday its 10 years of continuous operation and growth.

   The celebration demonstrated the 10-year achievements and future prospects of the 100 square km industrial park and witnessed the signing of agreements and memorandum of understanding of new tenant enterprises.

   Adeniyi Adebayo, special representative of Nigeria’s Vice President Yemi Osinbajo and minister of industry, trade and investment, said that Nigeria’s investment potential has been increased thanks to the free trade zone.

   “The Ogun-Guangdong Free Trade Zone demonstrates what special economic zones can do to help Nigeria realize its industrial potential,” Adebayo said.

   He said the zone generates an average output value of over 234 million U.S. dollars per annum and has exceeded 2 billion dollars in total investment with over 6000 people from the local community directly employed.

   He said he believed that the Ogun-Guangdong FTZ will help Nigeria to achieve the goals of manufacturing and development, and further strengthen bilateral economic and trade cooperation.

XINHUA 

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