Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

World Bank, IFC show interest to develop Akwa Ibom Free Trade Zone

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
March 10, 2020
in General News, Politics
World Bank, IFC seek permission to develop Akwa Ibom Free Trade Zone

Akwa Ibom Free Trade Zone project

Share on FacebookShare on TwitterShare on Linkedin

The World Bank and the International Financial Cooperation (IFC) have announced their intentions to partner  with relevant agencies in the development of the Akwa Ibom Free Trade Zone project.

The institutions made their intentions known through a delegation sent from the Bretton Woods institution and IFC to pay a courtesy visit to Nigeria Export Processing Zones Authority (NEPZA) boss, Mr Bitrus Dawuk in Abuja.

World Bank, Mineral,World Bank approves $2.2 billion loan as the country’s debt rises to over $80 billion 

The leader of the delegation, Mr Feyi Boroffice pointed out that certain massive projects in the country could not be possible without international collaborations. He shed light on how the World Bank had been part of the Dangote Refinery and fertilizer plant project in Ibeju Lekki and suggested replication of such massive projects across other zones in the federation.

“We are also very interested in the Akwa Ibom Free Trade Zone project which we understand is under your authority’s supervision as we appeal to you and the authority to give us the opportunity to participate in the project for the total economic benefit of Nigeria,” Boroffice said.

[READ MORE: World Bank commits $12 billion to curb coronavirus, defend developing nations’ economy)

He noted that the multi-billion-dollar zone in Lekki was witnessing huge economic activities with zones and investors, a project he said would not have been possible without such partnerships.

Boroffice harped on the need for a legal framework across the zones to improve the union between NEPZA and the World Bank and encourage foreign investors to replicate projects of great economic impact across the country.

Dawuk, in his response, told the delegation that the NEPZA’s obsolete legislation as contained in the 1992 establishment decree, was currently undergoing amendments by the National Assembly, to remove the bottlenecks militating against optimal performance of existing economic zones.

He added: “NEPZA is ever ready to work with the World Bank and the IFC in giving Nigeria a world class free zones as there are already measures in place to review the outdated regulations of NEPZA to make it more favourable for Foreign Investors to come in and invest in the country.” 

Dawuk noted that he hopes to attract more Foreign Direct Investment (FDIs) to the economy through a new partnership with the World Bank and the International Financial Cooperation (IFC), and boost infrastructural development of free trade zones across the country.

[READ ALSO: World Bank’s IFC partners Nigerian bank to boost trade with $40 million)

What you should know: The IFC representative, Bambo Kunle-Salami, said what the World Bank does is to provide funding and advice to the public sector and government while IFC focuses on providing funding and financial advice to the private sector, the same thing the World Bank does for the public sector.

Active for over three decades, the IFC has partnered with and financed projects in Nigeria including the Dangote cement plant which was done at a time the country had little or no cement capacity.

Related

Tags: Akwa Ibom Free Trade ZoneBambo Kunle-SalamiBitrus DawukFeyi BorofficeIFCInternational Financial CooperationNEPZANigeria Export Processing Zones AuthorityWorld Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Virtual cryptocurrencies of the future: Decentraland (MANA), Axie Infinity (AXS) and FIREPIN Token (FRPN)
    • Predator Vs. Fearless, The battle of energy drinks in Nigeria
    • Uniswap hits $1 trillion in trading volume

    Follow us on social media:

    Recent News

    Virtual cryptocurrencies of the future: Decentraland (MANA), Axie Infinity (AXS) and FIREPIN Token (FRPN)

    Virtual cryptocurrencies of the future: Decentraland (MANA), Axie Infinity (AXS) and FIREPIN Token (FRPN)

    May 25, 2022
    Predator Vs. Fearless, The battle of energy drinks in Nigeria

    Predator Vs. Fearless, The battle of energy drinks in Nigeria

    May 25, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com