Free trade zones to boost FDI-NEPZA

Sunday, 30 September 2012 07:57 Agency Reports

The Nigeria Export Processing Zones Authority said it has generated $9bn through Foreign Direct Investments(FDI) from operation of free zones in Nigeria, and have emphasized that aggressive government efforts will develop the sector. The Acting Managing Director,NEPZA, Mr. David Nongo, said this in a recent interview.

“Government’s plan was to attract investment to oil and gas sector generally because trade has to thrive. We will work in conjunction with the Ministry of Petroleum Resources to promote investment in the oil and gas sector.And this is what the ministry has just done and I can tell you that we are going to triple the investment we have been having in the past few years as a result of this forum”.Nongo said.

He said the government planned on increasing the number of free zones in the country.

“The United States started with over 300 free trade zones but today, look at the level they are. We are now working towards having at least 500 free zones in Nigeria”. He said.

“Our greatest challenge in the development of the zones has been power and infrastructure but the interesting thing about it is that the challenge is being presently addressed by the government,” he added.