Chinese Firm Longrich has built a USD 50 Mn manufacturing hub in Lekki Free Zone Lagos that will create employment for at least 1000 Nigeria citizens.
Lagos State Governor, Mr Akinwunmi Ambode, recently performed a pre-launch of the facility. He expressed confidence that the facility would go a long way to create jobs and boost the nation’s foreign exchange earnings. He reiterated that the success of the facility is of key importance to Nigeria’s economy.
The governor revealed that a total of 25 companies were setting up manufacturing plants within the zone adding that he was impressed to see efforts put to drive investments were bearing fruits.
“It gives me immense satisfaction to be here today to witness this Pre-Launching Ceremony of Longrich Nigeria Manufacturing Plant to be located in the Lekki Free Zone in Lagos State, Nigeria.”
“I have been informed that this Lekki Longrich facility, upon completion, would not only be the hub for the distribution of the products to the African sub-region but would provide employment for at least 1,000 new workers in our State and boost the nation’s foreign exchange earnings from exportation of manufactured products to other African Countries.”
“If we go by the success story of Longrich in China and the company’s track record, there is no doubt that Longrich Nigeria would be modeled after the world-class Longliqi Bio-Industrial Park in China which covers an area of more than 133 hectares and serves as location of Longliqi Bio-Science Co., Ltd,” Governor Ambode added.
According to a report by the National Bureau of Statistics (NBS) Nigeria’s unemployment rate increased from 18.8 per cent in the third quarter of 2017 to 23.1 per cent in in the third quarter of 2018.
Lack jobs has worsened poverty level in the resource-endowed country. It is reported that 87 million Nigerians, that is almost half the population, live in poverty. A report by a Washington-based Brookings Institution last year revealed that Nigeria has overtaken India as having the largest number of people living in extreme.
This is despite the enormous oil reserves available in the country. In order to reverse this negative trend, Nigeria needs to create four million new jobs per year.
The current situation has forced many Nigerians to leave the country in search of better life elsewhere. A report released recently disclosed that nearly half (45 percent) of adults say they plan to move to another country within five years with some of them already making moves to leave the country.
Featured Image Courtesy: The Nation Online
Editor’s Desk: From the fall of East Africa’s beloved NAKUMATT to the rise of the pseudo Japanese brand MINISO. Check out the must read journeys of 2 giant retail chains in Africa!
9500+ subscribers are getting our free newsletter on African technology, startups and innovators bi-weekly.
Made with ❤ in Africa