The Nigerian Export Processing Zones Authority (NEPZA) advocates for the Centenary Economic City’s infrastructural development and Abuja Technology Village’s revamping.
Speaking in Abuja, the new Managing Director of NEPZA, Dr Olufemi Ogunyemi, urged owners and promoters of the free zones to commence development at the economic cities immediately.
Represented by Hajia Haleema Kamba, Director, Corporate Services, the NEPZA Boss said the two Free Trade Zones in the FCT were a business ecosystem to catalyze the city’s industrialisation.
“We understand the current haemorrhages and setbacks recorded by businesses; the Free Trade Zone ecosystem is no exception as we have many inactive or moribund Free Zones, including the Abuja Technology Village (ATV) and the Centenary Economic City Free Trade Zone, both located along the Lugbe-Airport Road of the FCT.
“I also believe that the Idu Industrial Park could be effectively put to use to reflect the thinking of the ‘Renewed Hope Agenda’ of His Excellency President Bola Ahmed Tinubu.
“The Authority is, therefore, ready to partner with the FCT administration to revamp both the Abuja Technology Village and the Idu Industrial Park for global competitiveness, adding that the promoters of the Centenary Economic City Free Trade Zone must work hard to commence the development of the enclave without further delay,’’ Dr Ogunyemi said.
According to a statement signed by Martins Odeh, the MD described the Free Trade Zone Scheme as a global business concept to fast-track economic growth and development, and said the president had given him a strong mandate to use it to trigger industrialization across the country.
“The current thinking of the government is that NEPZA can become a more active driver of the economy by effectively using the scheme to attract the much-needed Foreign Direct Investment inflows,’’ he said.
Dr Ogunyemi further explained that the Authority was established in 1992 to assist the government in building a smart and industrialised country, adding that the new NEPZA management under his leadership would devote energy towards repositioning the free zone scheme for greater performance.
He made allusions to some remarkable milestones recorded by the scheme’s 30 years, describing the business model as one of the best global economic concepts that opened implausible business opportunities for countries that embraced it.
“For us in Nigeria, there are a total of 612 enterprises operating in the 52 Free Trade Zones at the moment with the following investment coverages in Manufacturing (45 per cent); Services (30 per cent); Oil & Gas (11 per cent); Trading (10 per cent); Logistic (30 per cent), and Agriculture (1 per cent).
“These records, however, are a testament to how far behind we are as a country in leveraging the diverse opportunities afforded to us by the scheme,’’ the NEPZA CEO said.
Dr. Ogunyemi said that the country’s Free Trade Zone scheme, which had some of the best incentives that could be offered globally, must be seen as the easiest pathway to economic growth.
“I, therefore, urge the 36 States Government and the Federal Capital Territory to embrace the scheme as it is the sure route to attracting investment and infrastructure financing,’’ Dr Ogunyemi said.
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