Nigerian Investment Promotion Commission (NIPC), has signed a one year partnership agreement with the Enyimba Economic City Development (EECD) Company to profile and showcase the EEC project.
Speaking at the signing, which took place at the Commission’s Headquarters in Abuja, the Acting Executive Secretary/CEO, Emeka Offor, expressed the NIPC’s readiness to jointly work with EECD to generate leads and engage prospective investors for the project.
The EEC is a 9,464 hectares Special Economic Zone that is planned to connect 11 states of South-East and South-Southern Nigeria including Edo, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River, Ebonyi, Enugu, Anambra, Imo and Abia.
The incentives include a complete holiday from all Federal, State and Local Government taxes, rates, and levies, duty free importation of capital goods, machinery/components, spare parts, raw materials and consumable items in the zones.
Also speaking, CEO, EECD, Darl Uzu, who signed on behalf of EECD, disclosed that the project will leverage its world class infrastructure to become a global business hub in the region.
Speaking further, Uzu said the EECD offers generous incentives from Local, State and Federal Government to investors doing business in the city.
The incentives include a complete holiday from all Federal, State and Local Government taxes, rates, and levies, duty free importation of capital goods, machinery/components, spare parts, raw materials and consumable items in the zones.
Others are a 100% foreign ownership of investments, 100% repatriation of capital, profits and dividends, a waiver of all imports and export licenses and a waiver on all expatriate quotas for companies operating in the zones, amongst others.
Recall that in January this year, as a follow up to this signing, NIPC Intelligence reported that EECD Ltd. paid a visit to the Commission with a team from EZDA, a global economic zone advisory, where they both expressed interest in partnering with Commission to further promote the project which is estimated to cost over $430million.
