Two Nigerian companies – Multitech Concepts, a construction firm and Huntergreen Investicorp Limited – have signed an agreement with Hong Kong conglomerate Gatoson, to invest in, and develop a 1.5 trillion naira ($10 billion) ECOWAS International Market in Lagos.
According to BusinessDay, Huntergreen’s head Abraham Olu, Adesina Oyebanjo, and President, Gatoson Europe, Middle East and Africa, Oswald Wong signed the Memorandum of Understanding (MoU) for their respective companies.
The Ecowas International Market which will be built on 30.12 hectares of land, will be the first of its kind on the African continent with an international financial centre, manufacturers’ direct sales commercial trade centre, Customs bonded warehouse, jetty and fuel station, a five- star hotel housing Africa’s largest casino in terms of gambling table, night club and pubs, among other world class facilities.
Furthermore, the market will also house a regional financial centre to cater for the West African financial services. This is in line with Central Bank of Nigeria’s 2020 financial system strategy.
As lined out in the MoU, Gatoson, in strict compliance with the international financial and commercial laws and regulations, is expected to invest and establish the ECOWAS regional financial market on the site and an onshore free zone area with international reputation like the Hong Kong, Singapore and Dubai international financial centres.
In addition, the three partners plan to develop an ECOWAS commercial trade market on the Lagos site which will service all the communities in ECOWAS member states. The Hong Kong partner will introduce qualified Chinese manufacturers and licensed re-sellers from various sectors, as vendors in Nigeria to prevent the sale of fake or substandard products at the commercial trade market from unauthorized sources.
The project is an intentional strategy to geographically connect distributors, manufacturers, wholesalers, importers and exporters, thereby enhancing the implementation of ECOWAS’s policy for free movement of goods and persons.
According to the investors, the project has a 3-year duration which would begin counting from the date of government approval for the project.
Source: VenturesAfrica
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