Enyimba Economic City to Boost Nigeria-India Trade to $20 Billion

GovernMend Nigeria March 3, 2024 0

Vishal Jhadav, Managing Director of Crescendo Worldwide, has highlighted the potential of Enyimba Economic City (EEC) in Abia State, Nigeria, to significantly increase trade between Nigeria and India to $20 billion. Speaking at a dinner organized by the Enyimba Economic Development Company (EEDC), Jhadav expressed optimism about the impact of EEC on trade and investment between the two countries.

Situated on a 9,803-hectare greenfield special economic zone, EEC is a Public Private Partnership (PPP) project involving Crown Realties Plc, the Abia Government, and the Federal Government of Nigeria. The project, part of the Made In Nigeria for Export (MINE) programme, has been hailed as the largest urban development project in Africa and has received international recognition for its potential to transform Nigeria’s economy.

Jhadav highlighted the interest of over 76 Indian companies in setting up manufacturing facilities in EEC, spanning sectors such as manufacturing, pharmaceuticals, automobile, aerospace, and medical devices. These companies are expected to create thousands of new jobs and contribute significantly to trade and investments in Nigeria and across Africa.

The EEC is positioned as a hub for business in Africa, offering world-class infrastructure including reliable power supply and a logistics hub connected to seaports by rail. The project aims to provide unique investment opportunities for Indian companies and businesses worldwide, leveraging Nigeria’s strategic location and abundant resources.

Darl Uzu, the private sector lead for EEC, emphasized the project’s transformative potential, noting its growth sectors in manufacturing, logistics, healthcare, entertainment, education, innovation, and technology. With the first phase of the project fully funded and ongoing, EEC is set to play a crucial role in driving economic growth and development in Nigeria and beyond.

TheGuardian News

More Stories

Tinubu Forced To Take Jet Charter Flight To Saudi Arabia After Presidential Jet Develops Fault In Netherlands

Tinubu Forced To Take Jet Charter Flight To Saudi Arabia After Presidential Jet Develops Fault In Netherlands

GovernMend Nigeria April 29, 2024 0
The Nigerian Civil Aviation Authority has suspended the Air Operators Certificate of Dana Air.

The Nigerian Civil Aviation Authority has suspended the Air Operators Certificate of Dana Air.

GovernMend Nigeria April 25, 2024 0
Oyo Clamps Down on Advertising Practitioners, Third-party Agents, Laments Over N650Million Debt

Oyo Clamps Down on Advertising Practitioners, Third-party Agents, Laments Over N650Million Debt

GovernMend Nigeria April 25, 2024 0

Leave a Reply

Your email address will not be published. Required fields are marked *

You may have missed

High Court Stops Nigerian Electricity Commission, NERC From Implementing New Tariffs

High Court Stops Nigerian Electricity Commission, NERC From Implementing New Tariffs

GovernMend Nigeria May 4, 2024 0
Court Restrains Police From Arresting APC Executives Who Suspended National Chairman, Ganduje

Court Restrains Police From Arresting APC Executives Who Suspended National Chairman, Ganduje

GovernMend Nigeria May 4, 2024 0
BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.<br><br>This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.<br><br>In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.<br><br>Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.<br><br>Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.<br><br>In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.<br><br>In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

GovernMend Nigeria May 4, 2024 0
Nigerian Government Vows To Fish Out, Dismiss Workers In Public, Private Organisation Using Fake Certificates

Nigerian Government Vows To Fish Out, Dismiss Workers In Public, Private Organisation Using Fake Certificates

GovernMend Nigeria May 4, 2024 0
Kogi Ex-Governor Yahaya Bello Is Just Stubborn; His Govt Was Rough And Corrupt — Edwin Clark

Kogi Ex-Governor Yahaya Bello Is Just Stubborn; His Govt Was Rough And Corrupt — Edwin Clark

GovernMend Nigeria May 3, 2024 0
Social media & sharing icons powered by UltimatelySocial