Singapore Business Federation (SBF), plans to build a 7,000 capacity container terminal in Ondo State, this is contained in a Memorandum of Understanding (MoU) signed between Pacific International Lines (PIL) Limited, Singapore and Hull Blyth, UK worth US$15 million.

James Baldewin, Representative of Hull Blyth, said that both companies have gotten approval from the Ministry of Transport and the Managing Director of the Nigerian Railways Corporation to construction rail line from the Apapa terminal that will link the existing line running to Ondo State.

Balwin said that the MOU will bring about the establishment of a bonded terminal with the name Stellar bonded terminal in Ondo State, he stated that the reason for the MoU was to decongest the Apapa port, which has witnessed unprecedented congestion over the years leading to delay in container delivery, which in effect has occasioned slowed economy.

His words, "this is a out of box thinking, it is to have a bonded terminal outside the city of Lagos, where most of the inland depots are within the city. So, the idea is to create a depot which is out of the city.

The Customs and the Ministry of Transport has agreed to support the project, by the companies delivering container from the port to the terminal by rail. This is how it is being done in many countries in the West, the USA and Europe, he said.

In a related development, Seng Teo, who doubles as the Managing Director of PIL and President of the Singapore Chinese Chamber of Commerce and Industry (SCCC&I), collaborating, he said, "we had discussions with the Ministry of Transport and with Managing Director of the Nigerian Railways, the equipments are already here in terms of the wagons, the rail lines itself, we need very little mobilization to the location we found, straight from Apapa port, it will require may be two months work, nothing very severe. When everything is ready it will not take more than six months to start operation." he assured Continuing, he said, "the terminal will be of 7,000 capacity , it will be the largest terminal inside Nigeria. The full cost is about $15million."

In related development, Mr. Haresh Aswani, Chairman, Dufil Prima Foods Plc, manufacturers of Indomie noodles also appealed to the Singapore business mission members to invest in the Organised Private Sector (OPS)of the economy.

Aswani who is the Honourary Consul-General of the Republic of Singapore to Nigeria stated during the Singapore- Nigeria Business and Investment forum sponsored by the Tolaram Group, International Enterprise Singapore (IES), Singapore Business Federation (SBF) and

Singapore Chamber of Commerce and Industry (SCCI) encouraging investments, briefed the delegates on the opportunities provided by the vast natural and human resources as well as the commercial advantage of the Nigerian population, whilst advising them to pay attention to understand the country and its mode of doing business.

His words, "the truth is Nigeria is the next largest frontier. The opportunities are massive, you have vast natural resources apart from oil, incredibly intelligent and hardworking human resources and the commercial advantage of not just 150 million people, but the entire West African region, which conservatively can be estimated as a total of 350 million people".

"I am not by any means overlooking or glossing over the challenges of infrastructure, sometimes inconsistent government policies and what many have termed transparency issues. "Where there are challenges, most forward looking people

see opportunities and that is what I am encouraging. These difficulties are not insurmountable; they just require caution and due diligence". He said.