Wednesday, 17th August 2022
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‘FG attracted $20 billion investments from FTZs in 30yrs’

The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, has stated that Nigeria received a cumulative investment of $20 billion from Free Trade Zones

Richard Adeniyi Adebayo

The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, has stated that Nigeria received a cumulative investment of $20 billion from Free Trade Zones in 30 years.

The Minister stated this at the commissioning of the new Nigeria Export Processing Zones Authority (NEPZA) facility and unveiling of NEPZA’s new special economic zone security unit in Lagos.

According to him, despite the generous fiscal incentives associated with the Free Zone, the scheme remains a veritable source of economic development with the figures it generated in 2021

He said over N250 billion was generated in both Foreign Direct Investment (FDI) and local direct investment; N35 billion in Customs duty payments; N65 billion in Local Import/backward linkage, N500 million in Pay as You Earn (PAYE), and 25,000 in new employment and 5,000 transfer of skills.

He said the mission at the Federal Ministry of Industry Trade and Investment is to formulate and implement policies and programmes to attract investment, boost industrialisation, increase trade and exports and develop enterprise.

He noted that the free zone scheme is one of the prime initiatives of the Federal Government, for diversification of Nigeria’s economic base, to achieve its vision of growing the economy, creating jobs and generating wealth.

Earlier, the Managing Director and Chief Executive Officer, NEPZA, Prof. Adesoji Adesugba, said the choice of Lagos State as its liaison office is based on purely economic considerations, bearing in mind that 80 per cent of the Special Economic Zones are located in Lagos State and within 100km of its radius.

“Accordingly, this is our way of bringing NEPZA closer to our investors for sustained customer service to continually attract and retain investors,” he stated.

He added: “In addition, today’s events are a landmark as we are also commissioning the Special Economic Zones Security Unit.

This was created to provide guard duties and enforcement services in all the Zones ensuring the sanctity of economic activities therein.”

The NEPZA Board Chairman, Alhaji Adamu Fanda, assured all its business partners that the free zones will continue to operate optimally to catch up with its counterparts while promising that the Authority would continue to play its role in ensuring that it meets its set target in the next three years.