Home > Civil > Federal Govt Targets $72.9 Billion Investments From Newly Licensed FTZs, Others — NEPZA

Federal Govt Targets $72.9 Billion Investments From Newly Licensed FTZs, Others — NEPZA

The Federal Government is targeting $76.25bn investments from some of its newly licensed free trade zones, statistics obtained from the Nigeria Export Processing Zones Authority have revealed.

The zones are expected to boost the country’s industrialisation as well as the economic diversification agenda of the Federal Government.

In line with the Nigeria Industrial Revolution Plan, the government is looking towards using industrial zones to attract requisite investments that will develop sectors in which the country enjoys significant comparative and competitive advantages.

An analysis of some of the licensed free trade zones showed that the Nigeria international commerce city, which is also known as Eko-Atlantic, is expected to attract investment of $38bn. The investment in this city is expected to create about one million jobs for the economy.

In the same vein, the Nigeria Centenary City, which is located in Abuja, is expected to attract about $18bn investment with envisaged job opportunities at 70,000.

From the Ogidigben Industrial city located in Delta State, about N15bn investment is being expected with an estimated employment potential of 100,000 jobs.

For the Maritime Economic City located in Badagry, about $2.8bn investment is being expected. The investment is expected to provide 15,000 direct jobs.

From the Badagry Creek Integrated Industrial Park, the government is expecting a total investment of $1.3bn. The integrated park has the potential to create about 23,000 direct jobs.

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Others are Ogogoro Industrial Park which is estimated to attract $160m with employment potential of 30,000 jobs and the Nigeria Aviation Handling Company Free Trade Zone, which has the potential of attracting $22m with plans to employ over 5,000 upon completion.

In the same vein, statistics obtained from NEPZA showed that the Dangote Free Trade Zone is expected to attract $12bn worth of investments while Tomaro Industrial Park located in Lagos is estimated to provide an investment of $450m.

For Quits Aviation Services Free Zone, analysis of the figure from NEPZA showed that investment worth $215m was being projected.

To make the free trade zones attractive for investors, it was learnt that the government had put in place various incentives.

Some of them are complete tax holiday from all federal, state and local government taxes, rates, customs duties and excise; one-stop approval for all permits, operating licenses and incorporation papers.

There is also the incentive of duty-free, tax-free import of raw materials and components for goods destined for re-export and permission to sell 100 per cent of manufactured, assembled or imported goods into the domestic Nigerian market.

The Acting Managing Director, NEPZA, Mr Terhemba Nongo, said that with the renewed commitment of the current administration to infrastructure development, investors had started having confidence in the zones.

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He said, “Before the advent of the present administration, the highest NEPZA ever received as capital votes from the Federal Government was N2bn.

“But the story is different today with President Muhammadu Buhari allocating about N100bn to the Authority for the development of critical infrastructure in the public zones.

“And because of these unprecedented capital votes, infrastructural transformation renewal and upgrading have started and as a result, investor confidence in the zones has been higher.

“Standardising our free zones by giving them world-class status, especially in the area of infrastructural provision may be daunting but with presidential support, NEPZA is proving that where there is a will, there will be headway.”

Source: Punch

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