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12 FTZs to attract $78.38bn investments, says NEPZA

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The Nigeria Export Processing Zones Authority (NEPZA) has said that 12 out of the 40 Free Trade Zones it has licenced will attract over $$78.38 billion investment.

It said that these trade zones are now major FDIs destinations in the country.

Acting Managing Director, Engr. Terhemba Nongo, who disclosed this at a forum recently in Abuja, also said that the FTZs have so far attracted over $20 billion Foreign Direct Investment (FDI) since the inception of NEPZA in 1992.

The FTZs listed to attract the expected $78.38 billion, included: Eko Atlantic City $38 billion, which is expected to create over one million; the Nigeria Centenary City will attract $18 billion investment with potential to create 70,000 jobs; the Ogidigben Industrial Park located in Delta State, is attracting $15 billion with the potential to create 100,000 jobs; and Maritime Economic Badagry City with an in investment potential of $2.8 billion and capacity to create employment for over 250,000 people.

Other are: Nasco Town Free Zone expected to attract $2.1 billion and provide direct employment for over 15,000 people; the Badagry Creek Integrated Industrial Park, $1.3 billion investment with potentials to create 23,000 jobs; also the General Electric of United States will attract $1 billion investment; while the Ogogoro Industrial Park is expected to attract $1.6 billion and will employ 30,000 people. Over $22 million will be invested at NAHCO, even as it is expected to provide jobs for over 5000 on completion.

Nongo further listed newly licensed FTZs to include, Dangote with total investment potentials of over $12 billion; Tomaro Industrial Park, Lagos will attract $450 million; while Quits Aviation Service Free Zone have investment value of $215 million.

Meanwhile, Nongo has said that to attract investors, NEPZA administers some set of incentives. This he said, include complete tax holiday from all federal, state and local government taxes, rates and Customs duties. Others are, one stop approval for all permits, operating licence and incorporation papers.

He said that the agency face some challenges hampering the realisation of its mandate.

“One of the challenges facing the Authority which is most critical is power. And there are others like dearth of infrastructure and poor transportation system.

“Let me add that, the poor state of roads as well as the absence of a functional rail system and inland waterways makes the transportation of finished goods from the zones to the ports of export difficult,” he said.

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