The Enugu State Government, in collaboration with Lion Business Park Limited, has finalised an investment agreement by signing a Novation Memorandum of Understanding (MOU) to create a state-of-the-art industrial and commercial hub within the Enugu Industrial Park Free Trade Zone.
This coincided with the state governor, Dr. Peter Mbah, emphasising his administration’s dedication to supporting businesses by providing essential infrastructure and fostering a conducive environment for ease of business. He also urged diaspora investors to channel their capital into Enugu State, highlighting the promise of high returns on investment (RoI).
Enugu State Governor Dr. Peter Mbah joined Lion Business Park representatives during the signing of the Novation Memorandum of Understanding to establish a world-class industrial hub.
During the signing of the MOU on Tuesday in Enugu, Dr. Okechukwu Mbonu, Chairman of Lion Business Park Ltd, praised the governor for his visionary leadership, remarkable developmental progress, and the significant achievements his administration had attained within a short period.
Emphasising the agreement’s purpose, Mbonu highlighted the company’s commitment to establishing an industrial and commercial hub designed to stimulate trade, boost economic growth, drive industrial development, and create job opportunities for the youth.
“This strategic collaboration aligns with Your Excellency’s visionary economic agenda to grow the GDP of Enugu State from $4.4 billion to $30 billion (US Dollars) for the overall benefit of the people of Enugu State and Nigeria as a whole.
“It is a watershed moment with this renewed partnership between Lion Business Park and Enugu State Government. It is indeed a case of a promise made and fulfilled, and I have no doubt that you will continue to fulfil your promises to the people of Enugu State,” the chairman added.
Mbonu, who expressed optimism about the investment, said the project would leverage the incentives associated with businesses in a Free Trade Zone to attract foreign direct investments, promote human capital, innovation, and technology development, and create jobs.
Mbonu added that the project had immense benefits extending beyond the state and the South East zone to Nigeria by calling on the business community, private sector leaders, and global investors to maximise the perfect opportunities the park presented to them to participate in the economic revolution.
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In his remarks, Governor Mbah reaffirmed his administration’s economic blueprint to drive economic growth and position the state as Nigeria’s premier investment destination. He emphasised that achieving such exponential growth relies on strategic investment deals like the partnership with Lion Business Park.
“The Enugu State Government has committed to increasing its stake in this going concern by providing all the necessary infrastructure required for this business park to be fully functional. We see the business park as food that is ready. Because if we are to start building a business park, we know what it will take. Procuring your licenses; getting the free trade license, getting the dry port license because we have an inland port also at the Lion Business Park,” he noted.
While harping that the park’s location was a product of strategy, innovation and due diligence conducted by a team of economic experts in the administration, the governor said, “The business park is strategically located. It is three hours from Onne Sea Port in Rivers State, less than two hours to Asaba in Delta State, and less than 25 minutes to Akanu Ibiam International Airport, Enugu. We couldn’t ask for a business park at a better location”.
He assured that the administration would continue to make the state attractive to investors to set up their industries by providing the right incentives, such as electricity, paved roads, and other infrastructure.
While appreciating host communities in the state for their support, the governor enjoined them to continue cooperating with investors.
