Hong Kong conglomerate Gatoson, has signed a Memorandum of Understanding (MoU) with two Nigerian based companies; Multitech Concepts, a construction firm and Huntergreen Investicorp Limited, to invest and develop a new ECOWAS International Market to cost $10 billion (about N1.5 trillion).
Oswald Wong, President, Gatoson Europe, Middle East and Africa, Abraham Olu, President, Huntergreen and Adesina Oyebanjo, signed the agreement for their respective companies.
The proposed market, according to the parties is to be built on 30.12 hectares of land in Lagos, and will be the first of its kind on the African continent with world class infrastructure, international financial centre, manufacturers’ direct sales commercial trade centre, five- star hotel, Customs bonded warehouse, jetty and fuel station, among other world class facilities.
In line with the Central Bank of Nigeria financial system strategy 2020, the market will house a regional financial centre to cater for the West African financial services. Under the arrangement, Gatoson will invest and establish the ECOWAS regional financial market on the site, an onshore free zone, in strict compliance with the international financial and commercial laws and regulations. The ECOWAS regional financial market will include the development of securities market, bond market, derivate market, Islamic finance products market, real estate trade market, foreign currency market, and a free zone area with global reputation like Hong Kong, Singapore, Dubai International Financial Centre
Apart from the development of ECOWAS regional market and commercial trade centre, all parties will invest and develop a 5- star hotel with Africa’s largest casino in term of gambling table, night club and pubs, and the required infrastructure, including independent power supply, jetty and warehouse.
In addition to the development of the financial sector, all parties intend to develop the ECOWAS commercial trade market in the site, while Gatoson will introduce various qualified Chinese manufacturers and licensed re-sellers in all sectors, to sell the products in Nigeria with the aim to serve all the communities in the ECOWAS member countries. The aim of this commercial trade market is to make sure buyers get the right products at the right price, and no more duplicate or fake products to be sold from this commercial trade market.
The project is to be completed in a period of three years, counting from the date of getting the government approval, and will serve as a trade and manufacturing haven for distributors, manufacturers, wholesalers, importers and exporters at the same time bring about the enhancement of the implementation of the ECOWAS protocol of free movement of goods and persons.