Free Trade Zones clusters around Lagos Lagoon will boost Nigeria’s economy

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The Nigeria Export Processing Zones Authority (NEPZA), says the clusters of Free Trade Zones (FTZs) around the Lagos Lagoon axis when fully developed will serve as catalyst for industrialisation of the country.

Prof. Adesoji Adesugba, NEPZA Managing Director made the remark during a working visit to Snake Island Integrated Free Trade Zone (SIIFTZ), Ladol and Eko Atlantic Zones respectively.

In a statement issued on Wednesday by Mr Martins Odeh, Head, Corporate Communications, NEPZA, Adesugba said those business enclaves had the capacity to define the economic fortune of the country.

He added that the ocean provided the zones the leverage to maximise their potential.

Adesugba, who described the Eko Atlantic City as a masterpiece and the new wonder of the world said the investors had successfully carved out a “smart city’’ with multiple purpose functions from the ocean.

He said it was amazing how the conglomerate had used variety of marine engineering techniques to bring forth such an enduring city that would contribute its quota to the country’s Gross Domestic Product (GDP) significantly.

Adesugba also explained that the zones were successfully capitalising on their proximity to the large body of water to attract huge investors’ traffic.

The NEPZA managing director further explained that the country was gradually using the free trade zones scheme to diversify the economy away from the over dependency on oil and gas.

“The policy of the Federal Government on using the FTZs to galvanise economic activities is yielding results.

“And NEPZA is encouraged by the commitment of investors and stakeholders alike who continue to promote the scheme even in the face of challenges.

“NEPZA as an agency of government charged with the responsibility of regulating and managing the sector will ensure that the concept of the FTZs scheme is upheld at all times.

“We are on the verge of establishing a department that oversees Investment Promotion and Services that will attend to the needs of operators faster,’’ the NEPZA boss said.

Adesugba also explained that it would go to any length to create an enabling environment for the zones to continue to contribute to the country’s economic growth.

The NEPZA Chief Executive had earlier visited Alaro City, Lagos City, Lekki and Dangote free trade zones for on-the-spot assessment of infrastructure and business activities within those enclaves. (NAN)

– Aug. 19, 2020 @ 10:54 GMT |

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