The Ogun State government and investors from China have signed a Memorandum of Understanding for the establishment of $1 billion hi-tech pharmaceutical park, hospital and a drug manufacturing industry for in the Free Trade Zone (FTZ) of Ogun State.
The Chief operation manager of a firm from China known as Shaaxi Pharmaceutical Industry Limited, John Xue briefed the press, stating the large investment is an infrastructure that will be built on 100 hectares. 4,500 Nigerian workers will be employed for the project and up to 30 manufacturing industries will be built in the park.
Xue added that foreign experts from China and Lebanon have been attracted to the zone and have invested over $400 million in the business platform. He further revealed the commitment of German’s BOSCH in localizing a German technological company in the area as their services are highly needed in the development of the FTZ in terms of quality roofing and other construction services.