No going back on Oyo FTZ – Ajimobi to Chinese investors

By; BAYO AKAMO, Ibadan.
Governor Abiola Ajimobi has declared that there will be no going back in the recently started industrial revolution in Oyo State with the $2.5billion Polaris – Pace Setter Free Trade Zone (FTZ).
The governor stated this at the Great Hall of the People in China while addressing about 1000 Chinese investors on the need to participate in the Polaris-Pacesetter Free Trade Zone Development Limited in Oyo state
He maintained that the FTZ was a significant departure from previous experiments in Nigeria as it was being anchored on the China-Africa Industrial Capacity assistance and cooperation model,adding that the project has its bilateral as well as functional sister relationship with the Guye-Tangshan Free Trade Zone in China to form a ‘sister’ Free Trade Zone platform.
The governor disclosed that the Ibadan FTZ would further the deepening of the bilateral relationship between China and Nigeria,saying,“Oyo state is genuinely and sufficiently interested in the Chinese industrialisation model”.
“The Government of Oyo State is on a mission to improve the quality of lives of its people by bringing development to the state that will leap frog the economy. We are conscious of the fact that this can be better achieved in conjunction with proven and tested investment partners,” he said.
Governor Ajimobi told the Chinese investors that “a ready local and national market awaits the investing partners with a largely youthful state population of approximately 10 million people and a national population of over 180 million, there are huge potentials for manufacturers and service providers in this barrier free business environment.
“The state’s economy is an emerging one. This presents no limits for the investing public as the economy can be expanded and stretched without limitations” and that the future of the market and economy will therefore be controlled by the activities of today providing enormous opportunities to our investing partners.
Assuring the investing public of their individual safety and that of their valuable assets,the governor noted that Oyo state government “is on a mission to improve the quality of lives of its people by bringing development to the state that would leap frog the economy”.
“Investors are also assured of up to 100% foreign ownership of businesses in a Zone where foreign capital investment can be repatriated at any time, with capital appreciation thereon. Profits and dividends are also allowed to be remitted offshore in this ready export market that serves as a platform for strong international competitiveness”.