By ONWUKWE EZERU
A member of the Abia Economic Enhancement Team, Mr. Chinenye Nwaogu has disclosed that the state government has signed a Memorandum of Understanding with two firms for the development of Enyimba Economic City.
Nwaogu, who is also the Special Adviser to Gov. Okezie Ikpeazu on Social Investment and Empowerment, said this when he briefed newsmen in Umuahia on the project, along with the Commissioner for Information, Chief John Okiyi.
He said that the firms included a Nigerian property developer, known as Crown Realities, and Chinese-based RUYI Group.
He said that Crown Realities had already completed the design of the project at the cost of 1.3 million US dollars, adding that RUYI Group had also committed 2.5 billion US dollars into it.
Nwaogu said that the 2.5 billion dollars was invested into power generation, saying that the firm was talking with Geometric Power Plant in Aba on how to provide a dedicated, uninterrupted power to the city.
He said that the project, which is sited on 9,800 hectares of land, spread through Ukwa East, Ukwa West and Ugwunagbo Local Government Areas of the state.
He described the area as most suitable for the project because of its proximity to Onne and Port Harcourt seaports, the Port Harcourt and Imo Airports as well as the huge gas deposit in Ukwa West.
Nwaogu said that government’s interest was to have the project completely driven by the private sector, hence it had not committed state fund into it.
He said that the companies had commenced claims survey to confirm the proportion of land belonging to each of the landowners.
He said that the survey would help in determining the appropriate compensation to be paid by the companies.
Nwaogu and Okiyi expressed joy that Federal Government had also shown tremendous interest in the project and had set aside N10 billion to be invested in it.
He also said that the state was waiting for federal government’s approval to the proposal to make the city a Free Trade Zone.
They said that the state House of Assembly had passed a legislation on the project, known as Enyimba Economic Development Law “in order to ensure its realization, even after the present administration.”
They said that the project would become the biggest economic hub in the South east, when completed, adding that the first phase would commence in the last quarter of this year.
They said that RUYI Group, which is a conglomerate, would set up the city with over 22 of its subsidiaries.
“The project will help to redefine the economic landscape of Abia with abundant job creation,” Okiyi said.
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