Nigeria has commenced the process to review the mandate of Nigeria Export Processing Zones Authority (NEPZA) to make it become an industrial development agency by facilitating the operation and regulation of industrial process, industrial cities and industrial parks.
This is as the agency says the four trade zones recently established in the country will attract 15 billion dollars’ worth of Foreign Direct Investment into the nation’s economy.
Emmanuel Jime managing director of NEPZA, made this known during a courtesy visit to his office by Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja.
Jime, who went down memory lane on the activities of NEPZA since inception, said only 15 out of the 39 trade zones in the country are currently operational while application for the establishments of
additional zones to boost the economy of the country are undergoing various processes.
His words: “NEPZA has so far licensed 39 free trade zones spread across the country. Of the 39 free trade zones, I regrettably inform that only 15 are truly up and running. The rest are at various stages of construction and operationalisation.
“Of these 39, four of them were established recently during the course of my stewardship here. These four zones that were established recently under our watch are reputed to have the capacity of attracting about 15 billion (dollars) worth of foreign direct investment.
“There are many other applications, the last time I checked, close to 10 are either somewhere in the office of the minister leading up to Mr President office or waiting for president declaration.”
While blaming the infrastructural challenges, inter-agency rivalry, location, change of government at the state level as some of the problems affecting the full take-off of some of the trade zones, Jime said only the President has the power to create a trade zone after an application.
Speaking further, the NEPZA boss said the Federal Government has commenced moves to review the organisation’s mandate to make it become an industrial development agency by facilitating the operation and regulation of industrial process, industrial cities and industrial parks.
He said the present administration has increased the funding for capital projects by the agency with N50 billion allocated each for the 2017 and 2018 budgets out of which N20 billion was accessed in 2017, while not less than N5 billion has so far been cash-back from the 2018 allocation.
“Since its inception, it is under President Muhammadu Buhari that NEPZA is receiving its biggest funding for capital allocation. In 2017 about 50 billion was allocated to this authority although because of the budget process the Authority was only able to access N20billion that was
“This year another N50 billion was allocated and the last time I checked we were only able to access N5billion. This has begun to speak in terms of huge investment, we now invite who want to verify to go to Kano and Calabar free trade zones,” he said.
While confirming plans by government to privatise some of the trade zones, Jime said there was nothing wrong in such action should the legal framework put in place are strictly followed and the welfare of workers are considered.
Earlier, Fred Idehai dhairman of CICAN said the visit was to thank the management of NEPZA for the support to the association, especially during the launch of its compendium recently.
Idehai, however, called on NEPZA to always carry CICAN members along in all its activities to ensure in depth and well-informed reportage of the organisation’s policies which are fast changing the economic landscape of the country.
Inflation-slam creeps on Nigeria exposing fiscal policy naivetés
NNPC says reports it bribed NANS, funded vote-buying in Ondo false
Efficiency, cost optimisation, contract renegotiation help NNPC cut 2019 losses by 99.7%
CBN says investment in cotton farming to boost ginneries capacity
Delta contests Financial Derivatives’ ‘fairly miserable state’ assessment
Cross River begins performance review of top 50 revenue generating MDAs
Assa North-Ohaji South gas project to produce 600mscf/d, equivalent of 2.4GW of electricity – says N...
Pressures from bread, cereals, potatoes, yam, meat, fish, fruits, oils, fats prices push Nigeria's i...
Stakeholders say financial literacy can help bridge gaps in capital market investment.
Caution takes hold of investors as Nigerian bourse trades flat
- Coffee: Uganda targets price, production increase as Brazil suffers…
- Nigeria bourse up 2 basis points on price gains in Nigeria Breweries,…
- The Urgent Need for Telehealth in Nigeria
- MultiChoice maintains stance on Pay-As-You-Go service in Nigeria
- Access, convenience biggest contributors to fintech adoption in Nigeria