Abia State Governor, Dr. Okezie Ikpeazu has concluded a strategic one day meeting in Cairo, the Egyptian capital with a view to giving a major boost to his plans to push the agenda of industrialization in Abia State.
The Governor held key talks with the management of the Africa Import Export Bank ( The Afrexim bank) at their headquarters in Cairo with a view to solidifying Abia industrialization plans.
The meeting involved two key investors in Abia State – Prof Barth Nnaji of Geometric Power Ltd, promoters of the Aba Independent Power Project and Mr. Darl Uzu of Crown Realties Ltd, promoters of the Aba Free Trade Zone and Industrial Park project.
These two projects are designed to turn around the economic fortunes of Aba by respectively providing steady and reliable power supply and an industrial park complete with all key amenities for the promotion of business.
The AFREXIM bank is interested in being part of these two projects by providing financing to support the projects.
Dr. Ikpeazu restated the commitment of his government to the realization of the industrial goals of Aba and indeed, the entire state and gave an assurance that his administration is prepared to partner with any willing investor in the state , promising that owing to the entrepreneurial prowess of the people of Abia State, investors are guaranteed a decent return on their investments.
AFREXIM bank President, Nigeria’s Dr. Okey Orama stated that these two projects fall within the core mandates of the international financial institution and gave an assurance that the bank will play leading roles in the realization of these two projects.
Both Prof Nnaji and Mr. Darl Uzu also assured of their deep commitment to ensuring that their projects are executed satisfactorily.
The Geometric Power Project is fundamental to the economic development of Aba and Abia State. It had reached 95% completion before contractual differences between the federal government, Geometric Power and the EEDC stalled the project. However, owing to the economic diplomatic shuttles embarked upon by Governor Ikpeazu, the federal government has been able to substantially resolve this contractual imbroglio. The next major assignment now is to get institutional investors to key into the project. This is one of the reasons for the Cairo meeting.
Dr. Paschal Dozie of Diamond Bank Plc, one of the key investors in the Geometric Power Project was also at the meeting.
Governor Ikpeazu has also returned to the country after the meeting.
October 28, 2023
