The Managing Director of Crescendo Worldwide, a diverse FDI consultancy firm based in India, Mr. Vishal Jhadav, foresees that the Enyimba Economic City in Abia State will significantly elevate the trade volume between Nigeria and India, reaching $20 billion.
Jhadav shared this outlook during a dinner event organized by the Enyimba Economic Development Company in Abuja.
He expressed, “Today India and Nigeria do about $11 billion volume of trade and it is fluctuating between $11 to $15 billion,” adding, “So with this new Economic City, we are targeting towards increasing this trade between the two countries to $20 billion.”
Jhadav emphasized that collaborative efforts with stakeholders and private sector companies would result in creating 2000 to 3000 new jobs in Enyimba Economic City.
These initiatives are expected to generate approximately $400 million in trade and investments, extending their reach to markets across the entire African continent from Nigeria. The EEC is positioned to offer unparalleled investment opportunities for companies from India and around the world.
Enyimba Economic City, situated on a 9,803-hectare greenfield special economic zone in Abia State, operates as a Public Private Partnership project involving Crown Realties Plc, Abia Government, and the Federal Government.
Executed under the Made in Nigeria for Export programme of the Federal Government, the project has received validation as the single largest urban development project in Africa.
As a special economic zone, it aims to connect the nine States in the South-East and South-South zones of Nigeria, encompassing a captive population of about 60 million, transforming it into a global business hub.
AfreximBank commits a total investment of $150 million in the proposed EEC project, while the Federal Government entrusts the management of its 20% equity holding in the project to the Sovereign Wealth Fund.
