The Enugu State Government has signed a landmark Memorandum of Understanding (MoU) with Lion Business Park Limited to establish a world-class industrial and commercial hub within the Enugu Industrial Park Free Trade Zone; a strategic step aimed at boosting the state’s GDP from $4.4 billion to $30 billion.
Governor Peter Mbah, speaking at a brief event on Tuesday at the Government House in Enugu, announced that the project would leverage the incentives of operating within a Free Trade Zone to attract foreign direct investments.
He added that the initiative would promote human capital development, stimulate innovation and technological advancement, and create employment opportunities, contributing to shared economic prosperity for Enugu State, the South-East region, and Nigeria as a whole.
Governor Mbah emphasized that the industrial hub aligns with his administration’s economic blueprint, which aims to expand the state’s economy and position Enugu as Nigeria’s leading destination for investors.
Government’s commitment to infrastructure
He further said that the state’s proposed exponential growth could only be possible with investment deals, such as the one executed with the Lion Business Park.
“The Enugu State Government has committed to increasing its stake in this going concern by providing all the necessary infrastructure that is required in order for this business park to be fully functional,” he said.
Strategic location for logistics and trade
The governor highlighted that the location of the park was carefully chosen based on strategy, innovation, and due diligence by a team of economic experts in the administration.
“The business park is strategically located three hours from Onne Sea Port in Rivers, less than two hours to Asaba in Delta, and less than 25 minutes to Akanu Ibiam International Airport, Enugu, “Mbah explained.
Creating an investor-friendly climate
Governor Mbah assured that his administration will continue to make Enugu attractive for investors by offering key incentives such as reliable electricity, paved roads, and other critical infrastructure.
- He also appreciated the support of the host communities and urged them to continue cooperating with investors to ensure the project’s success.
- Earlier, the Chairman of the firm, Dr. Okechukwu Mbonu, commended Governor Peter Mbah for his visionary leadership, remarkable developmental strides, and the notable achievements of his administration within a short time in office.
Speaking on the objective of the partnership, Mbonu stated that the company is committed to developing an industrial and commercial hub that will stimulate trade and industry, drive economic growth, and generate employment opportunities for the youth.
“This strategic collaboration aligns with Your Excellency’s bold economic agenda to grow Enugu State’s GDP from $4.4 billion to $30 billion, ultimately benefiting the people of Enugu and Nigeria as a whole,” he said.
Mbonu also urged the business community, private sector leaders, and global investors to seize the unique opportunities the park aims to offer and become part of Enugu’s unfolding economic revolution.
