{"id":32064,"date":"2021-07-15T05:03:05","date_gmt":"2021-07-15T04:03:05","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=32064"},"modified":"2021-10-07T00:43:22","modified_gmt":"2021-10-07T00:43:22","slug":"500-enterprises-operate-in-nigerias-free-trade-zones","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/500-enterprises-operate-in-nigerias-free-trade-zones\/","title":{"rendered":"500 enterprises operate in Nigeria\u2019s free trade zones"},"content":{"rendered":"<p>The Nigeria Export Processing Zones Authority (NEPZA) says there are over 500 licensed Free Trade Zones enterprises operating across the country.<br \/>\nAmong these are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, car assembling and new up-coming Industrial Parks and Clusters.<br \/>\nProf. Adesoji Adesugba, NEPZA\u2019s Managing Director, made this known to newsmen on Wednesday in Abuja while commemorating his first year in office.<br \/>\nAdesugba was appointed Managing Director\/Chief Executive Officer of NEPZA, an agency under the Ministry of Industry, Trade and Investment, on July 1, 2020.<br \/>\nNEPZA is the Federal Government agency, established through the enactment of the Nigeria Export Processing Zones Act 63 of 1992.<br \/>\nIt is responsible for licensing, regulating, monitoring and promoting the operations of Free zones in Nigeria.<br \/>\nAdesugba said that government economic policy favoured and placed priority on investment in industrial and agricultural activities, value added manufacturing and exports of such manufactured products.<br \/>\nThe NEPZA boss said that out of the 42 licensed Free Trade\/Special Economic Zones, 14 were functional and operational.<br \/>\nHe said that others were under construction, awaiting declaration, or with physical development yet to commence.<br \/>\nThe zones, according to him, have attracted Foreign Direct Investment (FDI) with a combined net worth of over 200 billion dollars, with players such as G. E Corporation, U. S. A; Samsung \u2014 Korea; and others.<br \/>\nHe said the zones had attracted local investments worth N300 billion, with top Nigerian giant \u2014 Dangote Group of Companies, currently building one of the largest refineries, petrochemical and fertiliser plants in the world.<br \/>\n\u201cEko Atlantic FZ is a private sector driven free zone. The investment is worth $8 billion, projected to employ 150 workers.<br \/>\n\u201cIt will serve as the financial hub of Nigeria, patterned after the New York and Hong Kong financial centres,\u201d he added.<br \/>\nAdesugba noted that Regina Project (EPSO), worth over $6 billion and Agbani Project (FPSO), worth $260 million were first-time projects ever witnessed in the free zone.<br \/>\nAccording to him, the Nigerian government adopted the free zone scheme as a strategic investment destination to enhance economic development and foster industrialisation.<br \/>\nHe said there had been continous review and passionate effort by the Nigerian government to ensure international standards and best practices were maintained at the zones.<br \/>\nA free trade zone is a geographically designated area deemed to be outside the customs territory, within which national regulations related to production, trade and other economic activities may not be applicable.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-32064\" data-postid=\"32064\" class=\"themify_builder_content themify_builder_content-32064 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The Nigeria Export Processing Zones Authority (NEPZA) says there are over 500 licensed Free Trade Zones enterprises operating across the country. Among these are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, car assembling and new up-coming Industrial Parks and Clusters. Prof. Adesoji Adesugba, NEPZA\u2019s Managing Director, made this known [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[134,126],"tags":[648,833],"class_list":["post-32064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-free-trade-zone","category-trade-and-industry","tag-enterprises","tag-free-trade-zones","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>500 enterprises operate in Nigeria\u2019s free trade zones - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/500-enterprises-operate-in-nigerias-free-trade-zones\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"500 enterprises operate in Nigeria\u2019s free trade zones - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Nigeria Export Processing Zones Authority (NEPZA) says there are over 500 licensed Free Trade Zones enterprises operating across the country. Among these are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, car assembling and new up-coming Industrial Parks and Clusters. 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