NEPZA Issues Licence to Maritime Africa Economic City

Eromosele Abiodun
In a bid to hasten the development of what will be Nigeria’s largest and most ambitious Free Trade Zone and Mega Port project, the Nigeria Export Processing Zones Authority (NEPZA) has granted licence to the Maritime Africa Economic City otherwise known as the Badagry Free Zone.

The licence was handed over to the Project Director of the Zone, Mr. Patrick Bird by the Managing Director of NEPZA, Mr. Gbenga Kuye in Abuja.

Speaking shortly after receiving the NEPZA licence, Bird said the company, with the cooperation of NEPZA intends to develop the Maritime Africa Economic City into one of the most successful special economic zones in all of Africa According to him, “Today marks a tremendous milestone in the development of the Badagry project.

The benefits of having this approval are enormous for our clients and despite the current downturn in the economy; we are still fielding a lot of interests from domestic and foreign companies wanting to set up in Badagry. We thank NEPZA for their continued support. This is going to be a great partnership to the benefit of Nigeria.”

Bird said some of the benefits of the new free trade zone include various tax advantages, 100 per cent repatriation of profits and dividends, immigration incentives, round the clock operations, and fast track cargo clearance procedures.

The Maritime Africa Economic City, he said, would be developed on 1,100 hectares of land with over six kilometres of quay wall, including a container terminal, roll-on-roll-off (RORO) terminal, general cargo terminals, oil service centre and refined products import terminals.

“It will also include a power plant, oil refinery, industrial park, warehousing and inland container depot functions as well. The Zone is connected to Lagos by the Lagos-Badagry Expressway, which is currently being upgraded and expanded by the Lagos State Government as well as the Porto Novo Creek, allowing for the barging of cargo between the existing port system of Lagos and the new facility. A rail line will also be developed in the future to connect the new Free Trade Zone for even more seamless transit of goods,” he said.

The Lagos State Governor, Mr. Akinwunmi Ambode had said the Badagry Free Zone and Mega Port project would be a major turning point that would go a long way to bringing about global growth to Nigerian waters and by extension the nation’s economy.

The governor said the project would also complement the emergence of Lagos as the fifth largest economy in Africa.

Ambode, while lauding the investors for staying the course with the project, which is expected to generate hundreds of thousands of direct and indirect jobs upon completion, pledged his government’s commitment to ensuring the interests of the host communities alongside a sustainable regeneration and urban renewal of the area.

The federal government had approved the construction of the proposed Mega Port and Free Zone at the Federal Executive Council meeting of August 3, 2016.

Also, speaking in support of the project, Minister of Transportation, Mr. Rotimi Amaechi said the project would boost foreign direct Iinvestment in the country.

The Minister of Information, Lai Mohammed said the approval shows that Nigeria is still a preferred investment destination in Africa despite the challenges it is currently facing.

Also speaking on the project, Minister of Power, Works and Housing, Mr. Babatunde Fashola, while thanking President Muhammadu Buhari for granting the approval, said: “There are bigger vessels now being built across the world that require larger depths and drafts to berth. Now some of our competitors on the continent like Djibouti are building bigger ports, so if we don’t build this port we risk becoming uncompetitive and we risk a threat to our maritime hub status in the sense that we may become a transshipment port instead of a port of original destination.”

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