FG injects N50bn to develop FTZs

 

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Barrister Emmanuel Jime yesterday disclosed that for the first time the federal government has injected N50 billion for the development of infrastructure at the free trade zones (FTZs).

The money is also for the creation of six industrial parks in the six geo-political zones of the country.

Jime, who made this known during an interactive session with the media in Abuja stated that the process is on-going.
According to him, based on the fact that there was the lack of investor confidence at NEPZA before he was appointed, the organization was performing at a low ebb.

“Another challenge was the level of investor confidence, of the 34 Free Trade Zones, only 14 are functioning coupled with the dearth of infrastructure there was nothing to attract investors, that has started changing now,” he said.

In all, the NEPZA boss pointed out that Calabar and Kano FTZs have been given a facelift as infrastructure like power is being boosted so that in no time, investors will begin to come in.

He however lamented that very little is known of FTZs which is part of the reason why most of them are moribund and that his agency is working to ensure that the two public trade zones in Calabar and Kano are being repositioned to function optimally.

Jime further stated due to inadequate legal muscle, NEPZA can only license FTZs and cannot sanction them, hence, the 14 that are bad, adding that when the 1992 NEPZA Act before the National Assembly is amended, the agency will have more power to sanction erring FTZs.

He assured that NEPZA was partnering other government agencies to ensure that standard is maintained and customer satisfaction guaranteed.
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