President Muhammadu Buhari has said over $30billion worth of investment has flowed into Nigeria mainly from his administration’s designation of Free Trade Zones (FTZs) in the country.
The president made the disclosure at the inauguration of Kano Free Trade Zone new administrative building and Nigeria Special Economic Zones Institute in Kano on Wednesday.
Represented by the Minister of Industry, Trade and Investment, Amb. Maryam Katagum, Buhari said the zones have become the Launchpad for economic development and growth.
He also said the government has designated six special economic zones, four international airports as free trade zones and attracted $30 billion investments expected to increase in the next few years with sustained incentives and aggressive investment drive.
“Incentives in the free trade zones include tax-free operations, free fiscal duty for imported goods, machinery and equipment, exemption from levies.
“Under this administration, there has been a geometric increase in the number of FTZs from 21 to 46,” the president said.
Earlier, Prof. Adesoji Adesugba, the Managing Director, Nigeria Export Processing Zones Authority (NEPZA), noted that the development of the largest US consulate in the world at Eko Atlantic free zone, Lagos as one of the achievements of the administration “estimated at $500 million dollars and will employ about 1,500 Nigerians in five years.”
The chairman of Kano FTZ investors’ forum, Alhaji Umar Marshall, appealed to the minister to clarify issues on the planned concession of Kano and Calabar free zones and how it would affect investors.
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