Oyo, China firm establish $2b Free Trade zone

The Oyo State Government in conjunction with a Chinese company, China Polaris Group have entered in to partnership to establish a free trade zone which will cost the partners $2b with the initial take off of $500m.

The Trade Zone which is sitting on a 1,000 hectare parcel of land provided by Oyo State Government already has 175 manufacturing and assembly plants enlisted to set up within the zone upon the completion of the first phase.

The project tagged Polaris-Pacesetter Free Trade Zone Development Limited would be in three phases which was expected to span over two years.

According to Governor, Abiola Ajimobi “The entire project is estimated at $2 billion and the first phase, is expected to be completed within 18 months. Speaking at the groundbreaking event on Tuesday Ajimobi said that the free trade zone represented a significant departure from previous experiences in Nigeria as it was being anchored on the China-Africa Industrial Capacity assistance and cooperation model, saying that the project has its bilateral as well as functional sister relationship with the Guye-Tangshan Free Trade Zone in China to form a ‘sister’ Free Trade Zone platform.

Governor Ajimobi stated that the state government has received firm assurances from the representatives of the Chinese Government and the investing partners that about 175 manufacturing and assembly plants have enlisted to set up within the zone upon the completion of the first phase

Governor Ajimobi further explained “there is therefore no gainsaying the fact that this is a game changing project which will have a lot of multiplier effects in repositioning the state and indeed, Ibadan its capital city, which is the gateway to the North and East of Nigeria, as the industrial hub of our country and West Africa with tremendous potentials for employment generation, wealth creation and technological advancement”.

In his address at the event, the Chairman/President of China Polaris Group, Zhang Wendong stated that the project would promote the economic values of the state as the activities at the trade zone would be supported by a sister free trade zone based in China.

He said that the project would carve a better future for the nation, Nigeria, saying that so many initiatives would be brought to the state which would enable the state to have a speedy growth process in its economy, technology and infrastructure.

Wendong assured that after the completion of the project, families based in the state would enjoy solar energy promising that they would start work on the project in due course and would try to complete same within the time frame agreed with the Oyo State Government.

Speaking at the event, the leader of the Chinese delegation, Zhang Xuemei noted that the project would lead to the economic development of the two countries, Nigeria-China which would lead to solid bilateral relations between the two countries.

She posited that the Polaris-Pacesetter Free Trade Zone Development Limited would boost the economy of Oyo State as well as create wealth and employment which would be beneficial to the entire citizens of the state.

The Olubadan of Ibadan Land, Oba Saliu Adetunji, represented by the Balogun of Ibadan Land, High Chief Owolabi Olakuleyin said that with the free trade zone being established, most of the problems especially unemployment facing the youths in the state would be solved.