Key highlights:
- Ekiti Knowledge Zone (EKZ) is Situated on 208.949 Hectares of Land Located Ado-Ijan Road, Ado Ekiti, Ekiti State.
- First service-knowledge park approved as an FTZ in Nigeria.
- Free trade zone schemes in Nigeria have attracted cumulative investment of N14.1 trillion
The Nigerian Government’s plan to boost investment and economic productivity through Free Trade Zones achieved a milestone on Tuesday as the first service-knowledge business park approved in Ekiti.
President Muhammadu Buhari approved the Ekiti Knowledge Zone as Free Trade Zone.
This was disclosed in a statement by Ifedayo Sayo, Special Assistant to Hon Minister of Industry, Trade, and Investment, viewed by Nairametrics.
Knowledge Zone
The statement read, that President Buhari approved Free Trade Zone Status For Ekiti Knowledge Zone, adding:
“President Muhammadu Buhari has approved the request of the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo seeking a free zone status to the Ekiti Knowledge Zone“
“The approval was conveyed via a letter titled: “RE: Recommendation For Approval and Designation of Free Trade Zone Status in Ekiti Knowledge Zone (EKZ) Situated on 208.949 Hectares of Land Located Ado-Ijan Road, Ado Ekiti, Ekiti State,” addressed to the Minister and signed by the Chief of Staff to the President, Prof Ibrahim Gambari
The letter reads in part:
- “I refer to your letter Ref.No., FMITI/CED/4748/Vol1 dated 22 February 2023 on the above subject
- “Kindly note that Mr. President has granted free zone status approval for the Ekiti Knowledge Zone located along Ado-Ijan road, Ekiti State on a parcel of land measuring approximately 208.949HA with coordinates 8042765.02m’N;761’ 244.963m’ E, in accordance with Section 1 (1) of the NEPZA Act Cap. N107 Laws of Federal Republic of Nigeria 2004.
- “Please accept the assurances of my highest regards.”
What you should know
Nairametrics reported recently that The Nigeria Export Processing Zones Authority (NEPZA), has said that free trade zone schemes in Nigeria have attracted cumulative investment of N14.1 trillion, disclosed by The Managing Director of NEPZA, Prof. Adesoji Adesugba, a media interview on Sunday.
Adesugba said it also attracted one billion dollars in investment to Niger State through Hydropolis FTZ in Kainji in 2022.
- “For instance, we have at the moment, 500 enterprises operating in these zones providing a total of 100,000 direct jobs and more than 170, 000 indirect jobs for the country’s teeming youth population.
- “The authority has in the last two and half years developed the right strategic plan to put the scheme at the front-burner of global competitiveness.”
He said the Federal Government approved six public Special Economic Zones (SEZs) within seven years as against two that had existed for 30 years. According to him, the number of registered private free trade zones also increased to 44 while 500 functional enterprises were attracted to the zones.