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LASG, China Sign MOU On Friendship City, Industrial Park

Dec 11, 2008 - In furtherance of its campaign to make Lagos a destination for international investors, the Lagos State Government Thursday signed a Memorandum of Understanding (MoU) to enable the Chinese Government build a city and industrial park in the State.

The investment to be christened China City and Industrial Park will involve waste management, education, housing, infrastructure development and other areas that might interest the Chinese business community.

At a brief signing ceremony which took place at the Lagos House, Alausa Ikeja, the State Commissioner for Town Planning and Urban Development, Town Planner Francisco Abosede, who stood in for the State Governor, Mr. Babatunde Fashola (SAN), told the Chinese business delegation from Chongqing that with the global economic meltdown, Nigeria remained the best economic climate for investment in the world today.

While Town Planner Abosede and his counterpart in the Environment Ministry, Dr. Muiz Banire, signed on behalf of the Lagos State Government, Vice Chairman of the Chinese Parliament, Mr. Liu Longzhu, and the Consul General of the Chinese Embassy in Lagos, Mr. Guo Kunn, signed on behalf of the Chinese Government.

Abosede, who recalled that Merill Lynch, a global investment management outfit, recently rated Nigeria as the best economy for investment in the world, said the same organization gave Lagos an “A” rating ahead of other cities for any investment based on track records of management of funds from international organizations and investment climate.

The Commissioner, who made a brief presentation to the delegation detailing statistics which any business community would rely on for making any business decision, identified attractive areas of investment in the State to include waste management, housing, transportation, including ferry services and the 10-lane international Expressway from Eric More to Badagry incorporating light rails in the middle of the road.

Also speaking at the occasion, Vice Chairman of the Chinese Parliament, Mr. Liu Longzhu, said the Chongging business community would create wealth through investment in waste management, education, housing and infrastructures and many other areas that might interest members of the community.

Longzhu, who was also leader of the delegation, said Chongging, a city that boasts of 31 million people, plays a prominent role in the development of China, and invited the State Commissioners to visit the city in order for the Lagos State Government to appreciate its economic importance. “Seeing is believing”, he said.