The Nigeria Export Processing Zones Authority (NEPZA) has committed technical and investment backing to revitalise the dormant Banki Border Free Trade Zone in North-East Nigeria, in a bid to stimulate cross-border commerce and accelerate economic recovery in the region.
The Managing Director and Chief Executive Officer of the Nigeria Export Processing Zones Authority, Olufemi Ogunyemi, gave the assurance during a courtesy visit by the Borno State Governor Babagana Zulum in Abuja.
In a statement issued by the Head of Corporate Communications, Martins Odeh, the Managing Director highlighted the strategic significance of the Banki Free Trade Zone, describing it as a critical economic corridor connecting Nigeria to countries in the Maghreb region of North Africa
“We have agreed to leverage our expertise in attracting Foreign Direct Investment and providing technical assistance to transform this business ecosystem that has significant potential to economically empower the North Eastern region of our country,” Dr. Ogunyemi said.
The Banki Border Free Trade Zone has remained largely inactive due to flooding, funding constraints and insecurity, factors that have slowed economic activity in the area despite its geographic advantage.
Governor Zulum welcomed NEPZA’s commitment, expressing optimism that the partnership would fast-track the zone’s revival and reposition it for global competitiveness.
“The state is prepared to make substantial investments in the zone and develop the essential physical infrastructure as we work to bring prosperity closer to our people,” he said.
He also acknowledged federal backing for the free trade zone initiative.
“Let me thank His Excellency, President Ahmed Bola Tinubu GCFR, for his support of the free trade zone scheme, as it is a sure way to boost economic growth and industrialisation, so we are here to take advantage of this,” the governor added.
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In a related development, the Chairman of the NEPZA Board, Tijjani Yahaya Kaura, said the newly constituted board is committed to strengthening Nigeria’s non-oil export drive through the free trade zone scheme.
Speaking at the board’s maiden meeting in Abuja, Kaura stated: “All the board members are pleased with their appointments, and we must thank the president for his leadership in helping us pursue the country’s export-driven ambitions.”