Mr. Vishal Jhadav, the Managing Director of Crescendo Worldwide, a diversified FDI consultancy firm headquartered in India, has projected that the Enyimba Economic City (EEC) situated in Abia State will elevate trade volumes between Nigeria and India to $20 billion.
Jhadav conveyed this forecast during a gathering with journalists in Abuja, convened by the Enyimba Economic Development Company (EEDC) to honor his contributions.
“Today India and Nigeria engage in approximately $11 billion worth of trade, fluctuating between $11 to $15 billion. With the establishment of this new Economic City, we aim to elevate this bilateral trade to $20 billion. We are proud to announce that over 76 Indian companies have expressed interest in establishing their manufacturing facilities within Enyimba, spanning various sectors,” he remarked.
Jhadav indicated that through collaboration with stakeholders and private sector entities, Enyimba Economic City is poised to create between 2000 to 3000 new employment opportunities. Additionally, he highlighted the initiative’s potential to generate approximately $400 million in trade and investments, with aspirations to tap into markets across the African continent from Nigeria.
“We anticipate companies from diverse sectors such as manufacturing, pharmaceuticals, automobile, aerospace, and medical devices to establish operations within the Enyimba Economic City, catering not only to the Nigerian market but also to the entire African market. Our aim, as Enyimba Economic City and Crescendo Worldwide, is to foster growth and realize this vision, thereby creating 2000 to 3000 new jobs and facilitating $400 million in trade and investments,” he added.
Enyimba Economic City, situated on a 9,803-hectare greenfield special economic zone in Abia State, operates as a Public Private Partnership (PPP) involving Crown Realties Plc, the Abia Government, and the Federal Government.
The project, aligned with the Made in Nigeria for Export (MINE) program of the Federal Government, has garnered recognition as the largest urban development endeavor in Africa, designed to integrate the nine states in the South-East and South-South zones of Nigeria into a global business hub.
Reportedly, AfreximBank has committed a total investment of $150 million to the proposed EEC project, while the Federal Government has entrusted the management of its 20% equity stake in the project to the Sovereign Wealth Fund.
