FG Creates Additional Economic Zones for Agriculture, Textile

FG Creates Additional Economic Zones for Agriculture, Textile

By James Emejo

The federal government has approved the expansion of existing Free Trade Zones (FTZs) as well as activated existing ones to respond to demands of the African Continental Free Trade Area Agreement (AfCFTA) and the COVID-19 pandemic.

The Managing Director, Nigerian Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, who disclosed this yesterday, further identified the new economic zones to include Funtua FTZ Katsina for textile and cotton; Lagos FTZ for medical, as well as Kwara FTZ for agriculture.

Speaking while receiving the leadership of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) led by Hajiya Saratu Iya Aliyu in his office, Adesugba said the move sought to boost the industrialisation agenda of the present administration.

He said while there are several planned and ongoing strategies targeted at achieving such goal, a major strategy was the creation of Special Economic Zones (SEZs) model of global best practice and the provision of an enabling environment for business in technology, agriculture, medical and mining.

According to him, four of the six approved SEZs namely: Lekki and Ilorin zones will be developed into model zones, adding that the Funta, Katsina and Gombe SEZs will also commence preliminary
studies.

The NEPZA MD said the agency was collaborating with several state governments, including Lagos and Taraba, in the development of their FTZs landscapes to support the states agenda of providing an enabling environment for increased investments to boost their economic development.

He noted that following Nigeria’s ratification of the AfCFTA late last year, NEPZA is seeking to leverage on its opportunities to service the African market by increasing exports.

Adesugba said: “Accordingly, the goal of the AfCFTA resonates strongly with the aims and objectives of SEZ in promoting trade and services, which is why NEPZA is currently repositioning its SEZ strategy to support the agreement.

“The authority is implementing this by focusing its investment facilitation and capacity expansion on goods and services that the country has high comparative advantages.”

Also, in a statement issued by the Head of Corporate Communications, NEPZA, Mr. Martins Odeh, Adesugba, however, described the SEZs as a tool towards industrialisation, adding that the determination of the government to develop the special zones was pursuant to the strategic plan of accelerating the country’s industrialisation programme through job creation and exports promotion.

Related Articles