Nigeria’s President Muhammadu Buhari stated that Free Trade Zones in Nigeria have attracted over $30 billion in investments which is expected to increase in the next few years with sustained incentives and an aggressive investment drive.
Buhari disclosed this on Tuesday at the inauguration of Kano FTZ new administrative building and Nigeria Special Economic Zones Institute in Kano.
The President was represented by the Minister of State, Industry, Trade and Investment, Maryam Katagum, adding that his administration has recorded a geometric increase in the number of FTZs from 21 to 46.
$30 billion: President Buhari noted that economic zones, which also include four international airports as free trade zones have attracted investments worth $30 billion.
- “The zones have attracted over $30 billion in investments which is expected to increase in the next few years with sustained incentives and aggressive investment drive.
- “Incentives in the free trade zones include tax-free operations, free fiscal duty for imported goods, machinery and equipment, exemption from levies.
Geometric increase: He added that there has been a geometric increase in the number of FTZs from 21 to 46, contributing to Nigeria’s economic growth.
- “The presence of key enterprises in the zones is an attestation to the fact that FTZs are contributing immensely to the growth and industrialisation of the Nigerian economy.
- “Under this administration, there has been a geometric increase in the number of FTZs from 21 to 46”.
The Chairman of, the Senate Committee on Trade and Investment, Sen. Sabo Nakudu praised NEPZA for its dedication resulting in the successful completion of the modern administrative office and FTZ training institute.
He also commended the federal government for giving the FTZ scheme the needed support and funding to drive the industrialisation process in a more pragmatic manner.
What you should know
Nairametrics reported last month that Prof. Adesoji Adesugba, managing director of Nigeria Export Processing Zones Authority (NEPZA) at the 30th anniversary of the free trade zones scheme in Nigeria stated that the trade zones regulated by NEPZA attracted over $30 billion in investments since its inception in 1992.
Adesugba noted that Nigeria’s FTZs were meeting its objective of fast-tracking economic growth and industrialization.
He added that the zones being regulated by NEPZA have attracted over $30 billion dollars investments since the inception of the scheme in 1992 and that the Oil and Gas Free Zones attracted $16.6 billion since 1996.
