The Senate Committee on Trade, Industry and Investment has stated that the Dangote, Lekki, Alaro City, and the Lagos free zone (Lekki mega free zone quadrant and the Eko Atlantic free zone) will significantly improve the lives of Nigerians and the country’s GDP when fully operational, adding that billions of dollars have already been attracted to the Lekki Free Trade Zone.
This was disclosed by Sen. Francis Fadahunsi, Chairman of the committee, after the Senate Committee’s tour of the trade zones in Lagos over the weekend.
What the Senate is saying about Trade zones
“We are amazed at the level of multi-billion-dollar investments attracted to the Lekki free zone quadrant, which habours various mega projects of global magnitude.
“The committee is particularly happy with Alhaji Aliko Dangote and the other investors for considering Nigeria worthy to host those economic empires.
“The prospects of these mega firms will significantly improve the lives of Nigerians and the country’s GDP when fully operational,” the Committee said.
Senator Fadahunsi added that the prospect of growth from the free trade zones meant that a new Nigeria was about to evolve.
“For instance the Eko Atlantic free zone is an amazing engineering masterpiece that has saved lives of citizens and their businesses in Victoria Island and the Lekki axis of Lagos.
“We were told the zone is capable of generating over 250,000 jobs when completed.
“The investors need our support as the government has no option than to provide enabling environment and favourable legislation for the free trade zone to succeed in Nigeria,” he said
The Committee assured investors that the Senate would make everything possible that FX was granted by CBN to operators of the trade zones, and permit for the establishment of offshore banking for access to forex, adding that denying operators access to FX was against the FG’s wish for stimulating growth through the Free Trade Zones.
In case you missed it
Nairametrics reported last week that the Senate Committee on Trade, Industry and Investment had urged the Nigeria Export Processing Zones Authority (NEPZA) to lobby for more regulatory powers through an Act amendment.
“Going by NEPZA Act 63 of 1992, the Authority is bestowed with the sole mandate of regulating Nigeria’s Free Trade Zone Scheme. NEPZA by this Act is a regulatory body.
“If the agency wanted to enlarge its powers to cover the entire country, the operators should also come up with a bill seeking amendment of the Act. OGEFZA has never been a regulatory body,” Fadahunsi said