February 23, 2018

Govt targets $15b investments in FTZs within five years

Govt targets $15b investments in FTZs within five years... NAIJA INVEST

THE Federal Government has projected a further investment profile of $15 billion (N2.4 trillion) for all the Free Trade Zones (FTZs) located across the country, in the next five years.

Already, the Nigerian Export Processing Zones Authority (NEPZA) has unfolded plans to attract more investments to the FTZs, to meet the target.

The Managing Director, NEPZA, Gbenga Kuye, disclosed this during a press briefing with journalists in Abuja, yesterday.

He pointed out that so far, NEPZA had attracted investment of about $9.4 billion, apart from the recent $1billion investment by the General Electric in Calabar Free Trade Zone, adding that the organization was reviewing its strategies to enable it play a catalytic role in the successful implementation of the Federal Government’s Industrial Revolution Plan.

He said: “Today, we have attracted about $9.4 billion investment into all the free zones. This is without the $1billion investment that we got through General Electric in Calabar Free Trade Zone recently.

“However, for the next five years, we have a projection of attracting investment of about $15 billion into all our free zones. I want to commend the foresight of the Minister of Industry, Trade and Investment, Olusegun Aganga, for initiating the first-of-its-kind Nigeria Industrial Revolution Plan, which NEPZA has already keyed into.”

“But in order for us to make meaningful contribution towards industrializing the country, the first thing I want to do, with my team in NEPZA, is to ensure that majority of the recommendations of the Ministerial Committee set up by the minister to transform the Free Trade Zones across the country are implemented.”

Kuye said that NEPZA was vigorously reviewing the processes of granting approval and licences to free zones across the country, adding that mechanisms were being put in place to revamp or close down the free zones that were not economically viable.

nepza.. Govt targets $15b investments in FTZs within five years... NAIJA INVEST

nepza.. Govt targets $15b investments in FTZs within five years… NAIJA INVEST

He added: “The approach and process for granting free zone licences have changed. Now we are focusing on the value addition and economic viability of free zone in terms of job creation, wealth creation, skills acquisition and technology transfer.

“Currently, there are 25 free zones. Nine are fully operational, six are under construction, four are at design stages, while six are yet to take off. However, most of these free zones that are yet to take off are largely state-owned. One of the major reasons they have not taken off is due to the problem of change of leadership.


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