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The Nigerian authorities has revealed that its export processing zones have attracted investments valued at $46.6 billion to date.
This was disclosed by Prof. Adesoji Adesugba, managing director of Nigeria Export Processing Zones Authority (NEPZA) on the thirtieth anniversary of free commerce zones scheme in Nigeria.
He added that the commerce zones regulated by NEPZA attracted over $30 billion in investments since its inception in 1992.
Adesugba famous that Nigeria’s FTZs have been assembly its goal in fast-tracking financial development and industrialization.
He added that the zones being regulated by NEPZA have attracted over $30 billion {dollars} investments because the inception of the scheme in 1992 and that the Oil and Gasoline Free Zones attracted $16.6 billion since 1996.
Job creation: NEPZA additionally revealed that the zones home 600 enterprises offering 150,000 direct employment and an estimated 400,000 oblique employment.
- “Up to now, the zones have attracted over 30 billion {dollars} investments, which is predicted to exponentially improve within the subsequent few years with our sustained incentives and aggressive funding drive the world over. The longer term is shiny for the Free Commerce Zone scheme in Nigeria.
- “And once more, we categorical our profound appreciation to the President Muhammadu Buhari-led administration for the approval given for the institution of six Particular Financial Zones and the earmarking of 4 worldwide airports as Free Commerce Zones in 2021,’’ he mentioned.
He added that NEPZA has additionally established Particular Financial Zones Safety outfit to professionally safe lives and investments within the zones, citing , the Particular Financial Zones Coaching Institute, Kano will assist bridge the information hole within the free zones scheme.
- “The authority additionally established an automatic platform to digitise the operations of the scheme for enhanced effectivity and accountability,’’ he mentioned.
He additionally famous that within the final 30 years, the scheme is working underneath strong fiscal incentives as enunciated within the enabling Act, which enabled the Authority to checkmate makes an attempt by revenue-generating companies to overreach themselves in a set of taxation and levies,
Sen. Tijjani Y. Kaura, the managing director/CEO of Oil and Gasoline Free Zones Authority, mentioned oil and gasoline free commerce zones attracted over 200 corporations with over $16.6 billion and created over 200,000 direct and oblique jobs which contribute to native content material improvement.
OGFZA revealed it’s a partnership to develop the big potential within the mid and downstream sectors consistent with Nigeria’s Nationwide Growth Plan.
- “That is with rapid emphasis on the Medium-Time period Nationwide Growth Plan 2021-2025 whereas offering mannequin improvement centres for attaining the agenda 2063 of the African Union, in collaboration with different worldwide improvement companions,’’ they mentioned.
For the document: Nairametrics reported final 12 months that The Nigeria Export Processing Zones Authority (NEPZA) revealed that there are over 500 licensed free commerce zone enterprises working in Nigeria.
They added that the enterprises working in Nigeria’s Free Commerce Zones are oil and gasoline corporations, manufacturing industries, metal rolling mills, pharmaceutical industries, meals processing, automotive assembling, and new upcoming Industrial Parks.
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