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Download Our Project Information ENYIMBA ECONOMIC CITY (EEC) A Global Business Hub In The Southeast Nigeria A Free Trade Zone Information Memorandum INTRODUCTION 1 INTRODUCTION 1 • THE OPPORTUNITY………………………….............................. 1 • THE CHALLENGES…………………………………………………2 • THE PROJECT……………………………………………………….3 • 7 KEY PILLARS OF THE VISION OF ENYIMBA ECONOMIC CITY…………………………………………………………………4 • EEC VISION AND NATIONAL ECONOMIC & INDUSTRIAL POLICY……………………........................................................5 THE OPPORTUNITY There is window of opportunity to capture quick This will create massive opportunity for developing commercial and economic wins through attracting countries to collaborate on developing infrastructure, light, labour intensive local and export oriented which is one of the hindrances to industrialization. manufacturing to relocate production to Enyimba Economic City (EEC). While, Middle Income Countries (MIC) like India, Brazil, Indonesia etc. will continue their current pace of Two mega trends are creating this opportunity. First, development, Nigeria is attractive to manufacturing. It comparative advantage in manufacturing is shifting has large local market, raw materials, young globally. In the 70’s and 80’s manufacturing shifted to educated population, low wages etc. China. China was the World’s factory floor with over 85 Million light manufacturing jobs. Nigeria, through centres such as Aba, which has dynamic local manufacturing base is well positioned As it was the case with industrialized countries, China is to drive new economy. Experience has shown that entering and upgrading to higher/heavy industries. any country that captures the window of opportunity With rising labour cost, China is no longer competitive of global relocation of light manufacturing can grow in labour intensive manufacturing. This is leaving huge dynamically and in one or two generations graduate space for developing countries, Nigeria being one, to into middle/ high income economy. enter first phase of labour intensive industrialization. This is the opportunity Enyimba Economic City seek to The second trend is the State policy of China create for Nigeria. especially the “One Belt and One Road” (OBOR) and China–African Industrialization Cooperation Initiative. 1 THE CHALLENGES This opportunity has challenges. First, is that of infrastructure, power, road connectivity, logistics (seaport, airport and rail), communication etc. Second, skill/technical know-how to produce high quality goods at global competitive price and third, is enabling environment for industry, trade and investment. In developing Enyimba Economic City, these challenges have been recognized and taken into consideration in choosing the site, designing the city and developing an implementation framework that will make Enyimba Economic City a preferred destination for global and domestic manufacturing transfer in Nigeria. 2 THE PROJECT Enyimba Economic City (EEC) is a 9464 Hectares of Hence, the business plan, management, regulatory Work, Live, Learn and Play City designed to have framework, commercial and economic viability are economics of agglomeration, environmentally modelled to be market driven strategies that will conscious, efficient and sustainable centre of South- mitigate potential risks, with resilient management South/South-East of Nigeria. model to implement the project in timely manner. It is an investment destination created to leverage on It is proposed that Enyimba Economic City the opportunities Nigeria offers to bring about job developmentwillbethebenchmarkforsettingupand creation and regional development through operating other similar SEZs in Nigeria. industrialization. It is a Special Economic Zone (SEZ) under the Made In Nigeria for Export (MINE) programme of Federal Government of Nigeria. The project is developed through a Public-Private Partnership (PPP) of a successful entrepreneurial companies represented by Crown Realties Plc, Abia State Government and Federal Government of Nigeria, with private sector providing leadership. 3 7 KEY PILLARS OF THE VISION OF ENYIMBA ECONOMIC CITY Create Global Business Hub with critical mass that will: Connect five (5) Have first class Attract Have Promote the Provide Create Model for Southeast and infrastructure proactively long- administrative integration of generous Global best four (4) including term local and regime as a Free Nigeria incentives from practice in Southsouth dedicated 24/7 foreign Trade Zone that businesses Local, State and provision of hard States of Nigeria power, driven by investments. will create best (manufacturing Federal and soft with captive manufacturing practices and an and services) Government for infrastructure population of and supported enabling into regional and companies and the over 60 Million by enabler uses, environment for global value doing business in enabling locally, 192 Logistic, Medical, Industry, Trade chains. the city. environment for Million nationally Entertainment, and Investment. Industry, Trade and 300 Million Education, and Investment, regionally (West Lifestyle in Free Trade Africa). Residential and Zone in Nigeria. Aviation. Inclusive Growth, Diversified Economy with Growing Export and Thriving Business & Investment Environment 4 EEC VISION AND NATIONAL ECONOMIC & INDUSTRIAL POLICY Enyimba Economic City • Absence of any operational large scale organized industrial infrastructure in the region signifies opportunity to generate employment, promote domestic & foreign GOVERNMENT’S VISION TOWARDS investments, etc. INDUSTRIALIZATION • Industrial city envisaged to enhance Economic Growth, Government’s Policies whereby there is seamless integration into the country’s • Economic Recovery and Growth Plan development and acts as a catalyst for realizing the (ERGP) – Increased focus towards government’s vision. diversification of the economy. • Requirement to provide the region with a significant edge in attracting investments across both existing as • National Industrial Revolution Plan (NIRP) – well as new industrial clusters. Accelerating the build-up of industrial capacity within Nigeria. • Need to attract value-added manufacturing across upstream, midstream as well as downstream activities, • ExecutiveOrderE01:EaseofDoingBusiness while leveraging on natural resources (such as oil & gas, 2017. minerals, etc.) which are currently highly untapped. • Realization of long term objectives to facilitate • Nigeria Vision 20; 2020 – Increasing transformation from a resource based economy to a production of processed and manufactured manufacturing/processing led region, gradually goods for export. gaining recognition as a regional industrial hub. Enhanced Trade, Industry Diversification, Employment, Enhanced Infrastructure 5 CONTINENTAL, NATIONAL & REGIONAL CONTEXT OF ENYIMBA ECONOMIC CITY 2 CONTINENTAL, NATIONAL & REGIONAL CONTEXT OF ENYIMBA ECONOMIC CITY 2 MACRO LEVEL ASSESSMENT • NIGERIA FAVOURABLE DEMOGRAPHY……………………20 AFRICA OVERVIEW……………………...………………………. 6 • NIGERIA INFRASTRUCTURE – AIRPORTS……………………21 • NIGERIA / AFRICA………………...………………….............7 • SEAPORTS……………………………………………………….22 • AFRICA ECONOMIC POWERHOUSE (KENS)………………8 • RAILWAY………………………………………………………..23 • ECOWAS REGION……………………………………… 9 • ROAD……………………………………………………………24 • NIGERIA RESILIENT PRESENCE IN THE REGION…………….10 SOUTHSOUTH SOUTHEAST OVERVIEW…………………………..25 NIGERIA OVERVIEW………………………...…………………….11 • LOCATION MAP………………………………………...........25 • GDP GROWTH IN NIGERIA……………………………………11 • OPPORTUNITY SNAPSHOT……………………………………26 • CHANGE IN THE GDP COMPOSITION OVER THE • DEMOGRAPHICS………………………………………………27 YEARS……………………………………………………………12 • EDUCATION………………………………………..................28 • SECTORAL CONTRIBUTION TO GDP…………………………13 • ECONOMY……………………………………………………..29 • ASSESSMENT OF DIRECT FOREIGN INVESTMENT………….14 • INVESTMENTS…………………………………………............30 • NIGERIA’S TOP IMPORT-EXPORT PARTNERS IN • MINERALS & RESERVES……………………………………….31 AFRICA…………………………………………………………. 15 • INDUSTRIAL SNAPSHOT……………………………………… 32 • NIGERIA’S TOP GLOBAL EXPORT PARTNERS…….............. 16 • SITE SUPERIOR CONNECTIVITY…………………………….. 33-34 • NIGERIA’S TOP GLOBAL IMPORT PARTNERS……………… 17 GROWTH INDUSTRIES ASSESSMENT…………………………….. 35 • NIGERIA DECLINING TRENDS OF IMPORT……….............. 18 AFRICA, NIGERIA, SOUTHSOUTH SOUTHEAST REGION........35 • NIGERIA TRANSITION TO A NON-OIL DIVERSE INDUSTRY MIX ACROSS THE VALUE CHAIN…........36 ECONOMY…………………………………………………….. 19 SITE ADVANTAGES AND KEY CONSIDERATIONS…….…..…37 MACRO LEVEL ASSESSMENT Northern AFRICA OVERVIEW Africa • Primarily natural resource driven export economies ~ high vulnerability to global commodity prices Central Africa owing to dependence on exports. • Sustained growth witnessed over the past decade Western Africa ~ led by factors such as macro-economic stability, improved private sector development policies and transparent governance. • Growth in the continent dominated by select industrially developed economies ~ South Africa, Egypt, Kenya, Nigeria, etc. Southern • Nigeria ~ currently accounting for approximately Africa 19% of the African GDP. • Reduced dependence of economy on natural resources witnessed ~ Non resource rich countries Key Economies - Africa among the fastest growing economies in 2015. Northern Africa Egypt, Morocco, Tunisia, etc. Central Africa Cameroon, Angola, Congo, etc. • Emerging markets characterized by unguarded economic growth and structural changes ~ Western Africa Nigeria, Ghana, etc. investment focus shifting towards secondary sector Eastern Africa Kenya, Ethiopia, Mozambique, etc. activities.
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