The Nigerian Government announced it has approved four international airports in Lagos, Kano, Abuja and Port Harcourt as Special Economic Zones.
This was disclosed in a statement by Aviation Minister, Hadi Sirika on Thursday morning.
What the Minister said
“I am very glad to announce that Mr President has Approved our four International Airports as Special Economic Zones. These are Lagos, Kano, Abuja & Port Harcourt. Our roadmap working,” he said.
In case you missed it
The Aviation Minister also disclosed this week that the new National Carrier, Nigeria Air is expected to start operation in the first quarter of 2022
What you should know
Nairametrics reported in 2020 that Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo stated that the Federal Government is seeking to increase development into Nigeria’s Special Economic Zones (SEZ) with the aid of Foreign Direct Investments.
why it is important
A special economic zone (SEZ) is an area projected by a country to boost economic growth through Foreign Direct investment, the SEZ’s usually have different economic regulations than other regions within the same country, and used as a means to increase employment and trade balance of a nation’s economy.
SEZ’s could be in multiple sectors, including Medical, as Nigeria Export Processing Zones Authority (NEPZA) recently announced it is working with the International Finance Corporation (IFC), to establish Medical Special Economic Zones in Nigeria, which would save the country about $1billion in annual medical tourism.
Approving Nigeria’s International Airports as SEZ’s would attract billions of FDI towards Nigeria’s airports, through duty free shopping and other features and also boost employment, especially in tourism and retails for Nigeria.