FTZs attracted investments worth N14.1tr, says minister

Minister of State for Industry, Trade and Investment, Amb. Maryam Katagum, has said the country’s Free Trade Zones (FTZs) attracted investment opportunities worth N14.1 trillion.

The minister also noted that Federal Government’s economic policies and incentives brought about geometric increase in the number of FTZs to 46 against 21 at the inception of the present administration.

Katagum disclosed this, yesterday, during the commissioning of Nigeria Export Processing Zone Authority (NEPZA)-funded projects at the Kano FTZ.
She noted the investment opportunities attracted by the government through FTZs as four international airports, Dangote Refinery and the Deep Sea Port in Lagos.

According to her, the administration of President Muhammadu Buhari, in the last seven years, positioned the FTZs for global competitiveness.

Part of the benefits available for investors at the FTZs include tax-free operation; free fiscal duty for imported goods, machinery and equipment; exemption from levies; foreigners can wholly own enterprises and are exempted from expatriate quota.

While unveiling the new projects, including modern administrative office named after the minister, investors’ suites, special economic zone, training institute and road network, the minister noted government’s preparedness to further improve infrastructure in the zone to attract and retain local and foreign direct investment.

Managing Director, Marshal Foods and Chairman Investors Association, Kano FTZ, Umar Marshal, applauded government’s infrastructure and incentives enabled in the zone.

He, however, cautioned against the planned concessioning of Kano and Calabar FTZs, adding that the interest of investors and stakeholders should not be jeopardised in process.