Nigeria to set up special economic zones

Nigeria is to set up special economic zones in all the geo-political zones of the country to create an enabling environment for foreign investors.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, made this known when he received members of a Japanese joint trade and investment mission in Abuja, the nation’s capital.

Senator Udoma said that a lot will be put in place to ensure the economic zones work according to government plans.

‘’In terms of priority industry, we are creating special economic zones, in every geo-political zone of the country. In those zones, all infrastructure will be provided, security will be provided; we are offering much less lower labour cost than  you have in Japan, a highly skilled workforce, so some of those industries that are competitive in Japan will be more competitive here. Like the textile industry, you might find it more attractive to move some of your industrial establishments here and we will give every competitive incentives in those areas’, he said.

The Minister also disclosed that government had identified all the constraints in business and investment and said, “government is removing every constraint so that we can be globally competitive”.

Senator Udoma added that, a Presidential Enabling Business Council had been set up to make business easier and faster in Nigeria.

‘We have set up a Presidential enabling business Council which is looking at all the soft issues as well as the harder issues. Things like ease getting visas to come into Nigeria; this will reduce the cost of doing business in Nigeria, making it easier to get all the supportive documents you need for loans and all that’’, said the Minister.

 

He also appealed to the Japanese investors to invest mainly in the areas of Agriculture, energy and transportation, particularly the railway sector.

The minister stated that Nigeria was looking for partnerships and advised the foreign investors to link up with local businessmen when they come to set up their businesses, saying that, they understand the terrain. ‘That way, we can grow together and you can come and find us very good business partners.”

Ambassador of Japan to Nigeria, Mr Sadanobu Kasaoke while praising Nigeria’s efforts towards improving the business sector especially through the Economic recovery and growth plans of the present administration has called on government to improve the security, power and transport sector.

The Japanese delegation to Nigeria included 32 business investors and some members of the country’s embassy in Nigeria.