The Nigerian Export Processing Zone Authority (NEPZA) has revealed that there are over 500 licensed free zone companies operating in Nigeria.
This was revealed by Professor Adesoji Adesugba, CEO of NEPZA, during the commemoration of the first anniversary of his appointment as CEO / CEO of NEPZA on Wednesday in Abuja, according to the Nigeria News Agency.
He added that companies operating in Nigeria’s free zones are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, automobile assembly and upcoming new industrial parks. .
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What the CEO of NEPZA said
Adesugba said the government’s economic policy favors and prioritizes investments in industrial and agricultural activities, value-added manufacturing and exports of these manufactured products.
The NEPZA boss said that of the 42 free trade zones / special economic zones authorized, 14 were functional and operational. He said others were under construction, awaiting declaration, or physical development had yet to begin.
“The Regina Project (EPSO), worth over $ 6 billion and the Agbani Project (FPSO), worth $ 260 million, were unprecedented projects never seen before in the free zone. “ Adesugba said.
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According to him, the Nigerian government has adopted the free zone program as a strategic investment destination to boost economic development and promote industrialization.
He added that other free zones are currently under construction or have yet to resume, citing that they have attracted foreign direct investment (FDI) with a combined net worth of more than $ 200 billion from multinationals such as G. E Corporation, Samsung and others.
He added that the free zones had local investments worth 300 billion naira, citing the Dangote group of companies, which is currently building one of the largest refineries, petrochemical and fertilizer plants in the world.
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“Eko Atlantic FZ is a free zone run by the private sector. The investment amounts to $ 8 billion and is expected to employ 150 workers. It will serve as Nigeria’s financial hub, modeled on the financial centers of New York and Hong Kong ”, he added.
In case you missed it
Nairametrics reported last month that the Senate Committee on Trade, Industry and Investment stated that the Dangote, Lekki, Alaro City and Lagos free zone (the quadrant of the Lekki mega free zone and the free zone frank Eko Atlantic) would dramatically improve the lives of Nigerians. and the country’s GDP when fully operational.
The FG also announced that it had approved four international airports in Lagos, Kano, Abuja and Port Harcourt as special economic zones.
What you should know
A special economic zone (SEZ) is an area projected by a country to stimulate economic growth through foreign direct investment. SEZs generally have different economic regulations than other regions of the same country and are used as a means of increasing employment and the trade balance of a country’s economy.