Why NEPZA is expanding trade zones across the country-Adesugba

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba has identified investments opportunities as one of the key reasons why the agency is expanding free trade zones across the country.

He said the free trade zones are very crucial in attracting Investments into the country especially at a time when the economy has been badly hit by the Covid-19 pandemic.

Prof. Adesugba stated this when he received the Executive Governor of Taraba State, Darius Ishaku, in Abuja recently.

He also stated that the 44 Free Trade Zones in Nigeria have a cumulative investment of N27 billion while stating that free trade zones in the country are attracting more investment into the Nigerian economy.

Speaking on plans to establish a Special Economic Zone in Taraba State, Prof. Adesugba said free trade zones are used globally to accelerate development and as such countries that have prioritised free trade zones, such as China and Dubai, have successful economies.

According to him, from 2021, one of the key drivers of the Nigerian economy would be free trade zones in the country with more than $22 million in investments.

The NEPZA boss said his Authority would develop one of the best special economic zones in the country in Taraba State to speed up the industrialisation of the state.

On his part, the governor of Taraba State, Ishaku Darius, requested the partnership of the Nigeria Export Processing Zones Authority (NEPZA) to set up a free trade zone in the state.

Governor Darius said the state would earn about a N1 billion annually from the free trade zone once it kicks off.

He said Taraba State is endowed in agriculture and solid minerals and a free trade zone would advance the state’s economy.

The governor said his government has prioritised agriculture as it has the potential of massive employment for the youth.

He added that the Free Trade Zone would help the state in exporting beef, coffee and tea to the outside world.

Free Trade Zone is a category of the special economic zone in Nigeria where goods may be landed, manufactured, handled, stored, as well as reconfigured and re-exported under specific customs regulation.

The goods processed export from free trade zones are not subject to customs duty. Free trade zones are often set up around major seaports, international airports, and national frontiers – areas with many geographic advantages for trade.

NEPZA serves as the government agency overseeing the activities in the free trade zones in the country.

Some of the active Free Trade Zones in Nigeria include the Ogun Guangdong Free Trade Zone, Lagos Free Trade Zone , Lekki Free Zone,