Business News

FDI: Enugu state attracts N26 billion investment for ENTRACO, others

The Enugu State Government revealed that it has raised an investment size worth ₦26 billion from foreign and local investors through the concession and revival of the Enugu State Transport Company (ENTRACO).

This was disclosed by the Enugu State Commissioner for Transport, Obi Ozor, after the State Executive Council and Enugu State Executive Leadership Retreat, organized for senior government officials on Friday at the Nike Lake Resort, Enugu.

He added that the investment is expected to boost the transport sector to grow the economy of the state.

Investment

The Commissioner said the investment would lead to the concession and revival of the Enugu State Transport Company (ENTRACO) and create over 10,000 jobs in the state, adding that with the investment, the Enugu economy is expected to grow by an additional N26 billion through massive investments by investors who had already indicated interest.

CNG buses

The Transport chief also noted that the state plans to create diverse opportunities in the economy through intra-state and inter-state Compressed Natural Gas (CNG) -powered buses, citing that this would further attract assembly plants for buses and other vehicles which would enable efficient and affordable transportation system in the state.

  • “This monumental transaction by Gov. Peter Mbah will not only bring efficient transportation but will also move Enugu close to its industrialization goal,”.

Ozor added that the state expects the investments to create thousands of jobs for the residents and skills through the assembly plants, he also noted that it would “save over 3,700 tonnes of carbon dioxide per annum”.


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