NEPZA moves to curb capital flights through cotton, tourism parks

The Managing Director of the Nigeria Export Processing Zones Authority, Prof. Adesoji Adesugba has disclosed that the establishment of the Cotton and Medical Tourism Parks in Katsina State would go a long way in curbing capital flight going out of the country.

Adesugba said this during a meeting between the NEPZA team and members of the state’s Working Group for the establishment of the two Special Economic Zones.

He said the two special economic zones when fully operational would change both the infrastructure and investment landscape of the state.

Adesugba said, “While the Cotton Industrial Park to be sited in Funtau will help in accelerating business activities and bring about competitiveness, the Medical Tourism Park to be sited in the state capital, about 15 kilometres away from the Airport would invariably reduce the huge capital flight and losses through medical tourism.

“Our strategic plan is to have the medical parks spread around the six geo-political zones. We are happy with the Katsina state level of commitment towards these projects so far the gesture of the state government to earmark 250 hectares for the cotton park and 300 hectares for the medical park is already a success story for these projects.

“We would be happier if the Certificate of Occupancy for these two lands is issued to NEPZA as soon as possible.

“There is, however, an array of hope of mobilizing to the site soon as this meeting has set out a workable timeline for the implementation of the Funtua cotton park project while the proposed medical park is still at the conceptualization stage.’’

He said the Authority is ready to partner with the state government on the project to fast-track the state’s industrialization efforts.

“The free zone scheme is a global economic concept that supports speedy infrastructure development generates both foreign and local direct investments, creates jobs for our teeming youth population as well as stimulate local production for export in a well-defined ecosystem free from the usual business encumbrances,” he added.

Governor Aminu Masari expressed his joy at the decision of the group to fast-track the process leading to the actual commencement of work on the project, while receiving the resolutions from members of the working group led by both the NEPZA Head and the state’s Deputy Governor, Alhaji Mannir Yakubu.

The Governor explained that the state government was committed to ensuring the success of the projects, stating that the two special economic zones were capable of reordering the state’s development configuration for the better.