Chinese to invest in Olokola seaport- Daniel

Abeokuta—  More Chinese investors have indicated interest in the development of a deep seaport at Olokola Free Trade Zone in Ogun.
The indication emerged when Governor Gbenga Daniel of Ogun, who is currently on a visit to China, met with Mr Hu Zhirong, that country’s Vice-President for China-African Development Fund (CADF).

A statement by Mr Adegbenro Adebanjo, the Chief Press Secretary to the governor yesterday quoted Zhirong as informing Daniel of  increased Chinese interest in the project, because of its great potential.

Zhirong promised that CADF would work with the state government and other private sector partners to move the project forward.
Responding, Daniel said there were numerous business opportunities in the state, adding that government opted for the Private-Public-Partnership option in line with global realities.

He described the deep seaport development as “a flagship project” because of its strategic importance.

Daniel said on completion, the project would solve the problems of trans-shipment, occasioned by the inability of existing port facilities to take massive vessels.

He said the viability of the deep port project was further enhanced by the ongoing development of the Olokola Free Trade Zone jointly owned by the Federal, Ogun and Ondo States Governments.

The governor noted that the multi-billion dollar Ok LNG project being promoted by key players in the global oil industry, was also located within the free trade zone.

He re-stated the commitment of the state government to provide an enabling environment for local, foreign and institutional investors.