To drive industrialization and attract Foreign Direct Investments (FDIs)
into the country, the Nigeria America Chamber of Commerce (NACC) has
emphasised the need for the present administration to prioritise
developmental efforts towards developing infrastructural facilities at
the nation’s free trade zones.
into the country, the Nigeria America Chamber of Commerce (NACC) has
emphasised the need for the present administration to prioritise
developmental efforts towards developing infrastructural facilities at
the nation’s free trade zones.
Indeed, the chamber stated that against the backdrop of depleting
natural resources, governments of the world over are increasingly
identifying Free Trade Zones as a veritable tool to fast track
industrialization and for sustainable economic development.
natural resources, governments of the world over are increasingly
identifying Free Trade Zones as a veritable tool to fast track
industrialization and for sustainable economic development.
The president, NACC, Otunba Oluwatoyin Komolafe, at its breakfast
meeting on investment opportunities in Nigeria’s free zones, pointed out
that investors all over the world are looking for jurisdictions where
they would save cost and maximize returns on investment, maintaining
that Free Trade Zones offer such opportunities as it has been identified
as investors’ haven with attractive incentives and enabling
environment.
meeting on investment opportunities in Nigeria’s free zones, pointed out
that investors all over the world are looking for jurisdictions where
they would save cost and maximize returns on investment, maintaining
that Free Trade Zones offer such opportunities as it has been identified
as investors’ haven with attractive incentives and enabling
environment.
He noted that Free Trade Zones are the preferred places for
investment because of its friendly business laws and regulations
deliberately put in place by governments to boost manufacturing
activities and promote export of finished products.
investment because of its friendly business laws and regulations
deliberately put in place by governments to boost manufacturing
activities and promote export of finished products.
“The idea of free trade zone is a well-developed system of attracting
foreign direct investment (FDI) into a country that has been in
practice in advance economies around the world and was introduced into
Nigeria with the establishment of the Nigeria Export Promotion Zone
Authority (NEPZA), which has led to the creation of different free trade
zones across the country.
foreign direct investment (FDI) into a country that has been in
practice in advance economies around the world and was introduced into
Nigeria with the establishment of the Nigeria Export Promotion Zone
Authority (NEPZA), which has led to the creation of different free trade
zones across the country.
“The country has had opportunities in the past but they were wasted by the very people who should ensure compliance.
It is my hope that at this critical junction of our national life,
certain fundamentals will be put in place; some of these would include
provision of critical infrastructure like the establishment and
functioning of free trade zones.
certain fundamentals will be put in place; some of these would include
provision of critical infrastructure like the establishment and
functioning of free trade zones.
“This will ultimately lead to a boost in industrialisation which will
bring about job creation, skills upgrade, promotion of exports and
economic development,” he added.
bring about job creation, skills upgrade, promotion of exports and
economic development,” he added.
Also speaking at the event, the Managing Director, NEPZA, Emmanuel
Jime, represented by a Director, NEPZA, Richard Obianu, said Free Trade
Zones are universal concepts deliberately created by governments to
encourage investments by using incentives to bring down the cost of
doing business in the country.
Jime, represented by a Director, NEPZA, Richard Obianu, said Free Trade
Zones are universal concepts deliberately created by governments to
encourage investments by using incentives to bring down the cost of
doing business in the country.
He said Nigeria’s free trade zone is arguably one of the best in the
world offering investors mouth-watering incentives to attract the much
needed FDIs vital for economic growth and development.
world offering investors mouth-watering incentives to attract the much
needed FDIs vital for economic growth and development.
He said investment opportunities such as agric and agro allied, solid
minerals and metals, oil and gas and construction are areas where
investors can take advantage of to recoup their investments.
minerals and metals, oil and gas and construction are areas where
investors can take advantage of to recoup their investments.
“Our free trade zone is one of the best in the world. You import and
export without paying a dime on your goods. We believe that if the
federal government continues to develop infrastructure, it will help
attract more investors into the industrial parks,” he said.
export without paying a dime on your goods. We believe that if the
federal government continues to develop infrastructure, it will help
attract more investors into the industrial parks,” he said.
