The Nigeria Export Processing Zones Authority (NEPZA) and the Nigerian Investment Promotion Commission (NIPC) have announced a partnership on investment flow to newly formed Special Economic Zones (SEZs) in Nigeria.
This was disclosed by Prof. Adesoji Adesugba, NEPZA’s Managing Director, and his counterpart, Ms Yewande Sadiku, NIPC’s Executive Secretary, in a meeting in Abuja on Wednesday, according to the News Agency of Nigeria.
The agencies announced that the partnership would cover SEZs in Lagos, Kwara and Katsina in the sectors of medical, agro-allied and cotton clusters, as the FG approved six SEZs in all geo-political zones, with expectation of complete development by 2022.
NEPZ Chief, Adesugba, stated that the SEZs would benefit Nigeria’s economy, as collaboration with the NIPC, would be beneficial in attracting investments, both local and international, to the SEZs. He added that the Medical Free Zone in Lekki was a source of investment to Nigeria’s medical sector, which would reduce medical tourism by Nigerians, boosting private healthcare.
“We are also hopeful that the Medical Free Trade Zone will be a convergence of world-class hospitals, pharmaceutical companies, aged homes, hotels and medical-based research institutes,” Adesugba said.
“This enclave when operational will retard the migration of medical professionals abroad,” he added.
Yewande Sadiku, the NIPC boss, added that the SEZs would be used as a pilot scheme for more investment drive, citing the commission’s readiness to partner with NEPZA.
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Nairametrics reported in June, that the Minister of Aviation, Hadi Sirika, explained why the Federal Government had designated Lagos, Kano, Abuja and Port Harcourt as Special Economic Zones, saying that it would harness the socio-economic benefits derivable from Civil Aviation, generating revenues for the government, to attract more international and domestic airlines, as well as other benefits.