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A few days ago, the multi-billion Naira integrated business resort, christened Tinapa, was commissioned in Calabar, the Cross River State capital, by President Olusegun Obasanjo. Located on the Calabar River and contiguous to the Calabar Free Trade Zone [Calabar FTZ], Tinapa, a world-class integrated business resort, is the realisation of an audacious dream. It is the first integrated business and leisure resort in Nigeria with the potential to be Africa’s best.
It is established in a mixed-use business and resort development, which has been designated a free-trade zone and is adjacent to the free port to capitalise on wholesale/retail/ manufacturing, import and export opportunities. It covers a vast area exceeding 80,000 square metres and at completion will cost N45 billion ($320 million).
Designed to play a catalytic role in establishing Calabar as a trade distributive hub in West Africa, the project is also expected to provide a unique tourism experience that will inform the growth and establishment of the tourism sector in Cross River State and Nigeria in the fashion of other international free zones like Hong Kong, Singapore, Dubai, Bombay and Bangkok.
Tinapa, just as it provides an exciting place for retail and wholesale commercial activities, will also enable the ECOWAS sub-region to take full advantage of the international agreement on free movement.
One of the special attractions of the project is that it will incorporate a special purpose vehicle for investment opportunities, which will be granted FTZ status.
The implication of this for investors is expected to include, among others, exemption from all taxes, levies and rates; custom duty-free for any capital goods, consumer goods, raw materials, components and articles intended to be used with an approval activity; repatriation of foreign capital on investments in the zone at any time; unrestricted remittance of profits earned by investors; no import or export license, etc.
We, indeed, identify with this initiative. The Cross River State government, under the administration of Mr. Donald Duke, has by this, practically demonstrated, not only the power of vision and visioning, but also the will and commitment to bring them to reality.
At once, this is a big challenge to other state governments who should begin to think and act creatively in the area of economic development for their states and economic empowerment for their citizens. And the best place to start from is where they have comparative advantage.
An obvious advantage here is that the Nigerian economy will witness expansion and diversification. It will also create economic development centres which take away concentration of economic activities and development from a few cities. One of the delightful results of this is that the phenomenon of centralisation of economic development in these few cities with the attendant human population and the problems associated with it, would have been dealt with.
The realisation of the Tinapa vision is gladdening also for its benefit in the area of job creation for the army of the unemployed. For example, the project is estimated to take care of about 15,000 direct and indirect job opportunities. In the main, a project of Tinapa’s stature will bring prosperity not only to the state government, but also and more directly, to the people. We also believe that if such economic impetus is replicated across the states of the federation, the effect on the prosperity for Nigeria and Nigerians can only be imagined.
A startling revelation shows that Nigerians spent a total of $30 million in 2003 alone to travel to Dubai and they spent $1billion on the purchase of goods and services, which they imported into Nigeria. Herein also lies the significance of Tinapa to the economy of not only Cross River State, but also that of Nigeria. Tinapa is expected to redirect a significant portion of this offshore expenditure back into the local economy.
Governor Duke has to be commended for this grand initiative. We share his vision and salute his determination. It is just as well that he has said that the state is targeting at least N300 billion annually from this project. The optimism is noble and realisable.
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Prince Charles Jiduwah
I am a person who want to bring about positive difference in this world. I want to lead a change over a campaign that will address most of the problems we face today globally.
I understand that to make any meaningful impact I will have to take the bull by the horn.
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