The Managing Director, Nigeria Export Processing Zones Authority, NEPZA, Prof. Adesoji Adesugba says Free Trade Zones have attracted over US$30 billion investments in to the county.
Prof. Adesugba said this during the 30th Anniversary of the Free Trade Zones Scheme, Conference and Exhibition in Abuja Nigeria’s capital with the theme: “Nigeria Special Economic Zones, Evolvement, Challenges, and way forward To Economic Growth and Sustainability”.
He explained that NEPZA currently exercises regulatory oversight of 46 Free Trade Zones noting that 44 are private-owned and two fully owned and managed by the Authority on behalf of the Nigerian government.
He said: “Government is of the view that we should do less in the ownership of the zones so two of the zones belonging to the government are undergoing a process of Concession to private entities, so that the private sector will be in charge of administering these Zones”.
“These business enclaves harbour over 600 enterprises providing 150,000 direct employment and an estimated 400,000 indirect employment.”
The NEPZA boss called on the CBN to establish an offshore banking system in free trade Zone as it is a key ingredient to its success.
“The CBN has agreed to do it but it should not take so long for a scheme that benefits people and the country, let me use this opportunity to the Central bank Governor to please with dispatch ensure that what we agreed with the CBN is signed and the offshore banking is Introduced into the free Zone,” he said.
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Prof. Adesugba while speaking on recent achievements of the authority, said the Special Economic Zones Dispute Resolution Centre to mediate in disputes among operators in the Zones has been established.
“We have the Special Economic Zones Security outfit to professionally secure lives and investments in the Zones, we have set up the Special Economic Zones Training Institute, Kano to help bridge the knowledge gap in the Free Zones Scheme.”
He added that the authority will establish its E-NEPZA digitalised platform to enable it carry out its activities online.
Also speaking, the Managing Director, Gas Free Zones Authority OGFZA, Sen. Tijani Kaura called on stakeholders at the conference to deliberate and interact with the aim of creating a sustainable and strategic roadmap that will enhance the development and attractiveness of the scheme in the African continent.
“The conference offers an opportunity to evaluate the status of the free zones scheme since inception and examine how we have evolved then deliberate on how to improve the free Trade Zone.”
Hauwa Abu
