Why $60b invested in Tinapa was not realisable- stakeholders

By Akinola Ajibade

The $60 billion investment in Tinapa Resort Centre, went down the drain due to inconsistencies in the policies of the Federal Government and poor infrastructure, stakeholders have said.

The stakeholders, which cut across various sectors of the Nigerian economy, said that the tourists haven located built by the Federal Government in Calabar, Cross Rivers state is as good as dead due to poor patronage.

They spoke at the maiden edition of the 

Federal Airports Authority of Nigeria (FAAN) National Aviation Conferences (FNAC) with the theme: ‘Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport,’ recently. 

According to them, Tinapa which would have boosted the Foreign Direct Investments (FDIs) into the country was unable to do so, because the government is not consistent with its policies on the resort.

The General Manager, Vicven Integrated Services, Mr Obinna Emeazo pointed out that there was massive rots in Tinapa, which the government is unable to curtail.  

He said the issue, coupled with decaying infrastructure of the project, led to the death of the investment.

Emeazo, also one of the panelists at the conference, noted that Tinapa was designed to flourish with the approval of $5,000 worth of goods for local consumers, but was later brought down to $330, thereby discouraging investors.

The frequent  change in the policies of the government, he said, negatively impacted on the fortunes of Tinapa and by extension the  Gross Domestic Product (GDP), accrued to Nigeria.

Emeazo said: " Tinapa Resort started well and so many investors were attracted by the benefits, but along the line, it was brought down to $330, which led to the dwindling of the growth of the resort.

“Everyone especially tourists go to Tinapa for shopping and enjoy their holidays. So, it is inconsistency on the part of the government. You brought out policies that attracted investors and in mid-way, you change such policy. If they have to focus on the special economic zones, we have to make it right. NEPZA must stand its feet and make it strong. The regulations must be strong.

“If you cannot manufacture, you cannot export. How much are you able to attract? When last did you hear about Tinapa? It is still at the elementary stage and one would have expected that it would have gone beyond that.”

Continuing further, Emeazo identified  multiple regulations from FAAN and NEPZA as one of the major factors, that is slowing the growth of the free trade zones in the country, stressing that both agencies had to harmonise their policies for the progress of the country.

“NEPZA has to show strong leadership and must be able to show strong collaboration with other agencies. You have the Federal Inland Revenue Service (FIRS), which is tax; there is still an argument on the tax investors enjoy. Some states still come to tell the investors to pay tax. They should be able to bring all the states together.

“In their board of directors, you see all the government agencies like customs, finance ministry, FIRS and others, yet you do not see a strong stakeholder like FAAN. At the level of implementation, FAAN will tell you it is against its own approval,” he said.

In a related development, the Executive Secretary, Nigerian  Association of Liquefied Petroleum Gas Marketers ( NALPGAM), Mr Essien Bassey, told News Mirror, that the government takes interest in killing businesses, adding that the development has negatively impacted on its projects.

He said: "Many things fsil to work in NigeriaNigeria because the government is inconsistent in its programmes. This has led to unseriousness on the part of the government.".