Economy: NEPZA to create more industrial parks

Nigeria Export Processing Zones Authority (NEPZA) is currently working to establish more industrial parks in the country with a view to stimulating economic growth.

It said the action was targeted to increase the percentage contribution of the manufacturing sector to the overall Gross Domestic Products (GDP) of the country from 9.75 per cent to 21 per cent.

Managing Director of the agency, Gbenga Kuye, confirmed this in Abuja at a workshop for journalists.

He stated that the industrial parks were expected to generate employment opportunities and boost the country’s revenue when completed.

“From the major events in the global and regional arena coupled with the present economic situation in the country, it is evident that now is the time to start developing industrial setups and implementing policies that would support rapid diversification of the country’s revenue base,” he said.

According to him, four economic cities were currently under construction in the country and it included the Abuja Centenary City licensed in 2014 with focus on business and tourism activities at an estimated investment of $18 billion.

Others include the $38 billion Nigeria International Commerce City situated in Lagos, the $15 billion Ogidigben Gas Revolution Industrial Park (GRIP) in Delta State and the $2.8 billion Maritime Economic City (Badagry port), Lagos.