The Federal Government has stated that it will ensure that Nigerian businesses maximise the benefits of the African Continental Free Trade Area.
President Bola Tinubu disclosed this on Tuesday while speaking at the launching ceremony of the Guided Trade Initiative under the African Continental Free Trade Area in Lagos.
According to Tinubu, who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume, AfCFTA has the potential to transform the continent’s economic landscape.
The President stated that AfCFTA was not just a trade agreement but a bold vision for Africa’s industrialisation, equitable growth, and the prosperity of the people.
“It requires us to embrace the challenges ahead with enthusiasm and readiness to tackle them headlong in the interest of our stakeholders and collective survival.
“Our commitment to this agreement is underscored by our recognition of the fact that making AfCFTA work is not an option, but a compelling necessity,” he said.
The President noted that the successful implementation of AfCFTA would come with its challenges and Nigeria must confront those challenges with uncommon determination.
According to Tinubu, the strategy to be deployed will include the creation of an enabling environment that supports businesses, encourages innovation, and fosters competitiveness.
He added that there would also be close collaboration with continental partners in a manner that would ensure that the benefits of AfCFTA were equitably distributed and that no one was left behind.
“The companies that are pioneering this initiative today have demonstrated their belief in the potential of made-in-Nigeria products and the immense opportunities that AfCFTA presents.
“These trailblazing businesses have made history by taking this bold step, and they set a precedent for others to follow. Their success is our success, and their journey is our journey,” he expounded.
The President stated that trade has inherently become highly competitive and that the country cannot become complacent.
He remarked that the country must be prepared to be innovative, and efficient and must relentlessly strive to excel.
“Nigeria’s competitive edge is underscored by several factors, including strategic location, robust economic fundamentals, and a dynamic entrepreneurial spirit. We must therefore leverage the opportunities presented by AfCFTA.
(right): H.E. Abdel Fattah al-Sissi – President of the Arab Republic of Egypt and Chairperson of the African Union and (left): Dr. Benedict Okey Oramah – Chairperson of Afreximbank launching the operational phase of the African Continental Free Trade Area at the African Union 2019 July Summit.
The 12th Extraordinary summit of the African Union which was held in Niamey on the 7th of July 2019 was a momentous occasion for Africa, as it saw the successful launching of the operational phase of the African Continental Free Trade Area (AfCFTA). The AfCFTA agreement was adopted and opened for signature on 21 March 2018 in Kigali and entered into force on 30 May 2019.
The launch ceremony included “a roll call of honour” during which the 27 countries that had ratified the instruments of the AfCFTA as at 7th July 2019 were announced, and the 28 countries which had signed but not yet ratified were also announced with only one member state, Eritrea, yet to sign. A commemorative plaque was unveiled to mark the occasion and the announcement of the selection of Ghana to host the AfCFTA secretariat was also made.
The launch of the operational phase was characterised by the adoption of five key instruments
The Rules of Origin: A regime governing the conditions under which a product or service can be traded duty free across the region
The Tariff concessions: It has been agreed that there should be 90% tariff liberalisation and the deadline is 1st July 2020. Over a 10 year period with a 5 year transition, there will be an additional 7 % for “sensitive products” that must be liberalised
The online mechanism on monitoring, reporting and elimination of non-tariff barriers, NTBs: NTBs are a great hindrance to intra African trade whether physical, like poor infrastructure, or administrative like the behaviour of customs officials. These are to be monitored with a view to ensuring they are eliminated.
The Pan-African payment and settlement system: To facilitate payments on time and in full, by ensuring that payments are made in local currency and at the end of the year there’ll be net settlements in foreign exchange. With the certainty of payments, there will be confidence in the system.
The African Trade Observatory: A trade information portal to address hindrances to trade in Africa due to lack of information about opportunities, trade statistics as well as information about exporters and importers in countries. The trade observatory will have all this information and other relevant data which will be provided by AU member states
The significance of the African Continental Free Trade Area The AfCFTA will be the largest free trade area since the formation of the World Trade Organisation, given Africa’s current population of 1.2 billion people, which is expected to grow to 2.5 billion by 2050. Some of its expected benefits include:
Increasing trade among African countries which currently ranges between 15-18%.
Stimulate production through the development of regional value chains, to ensure that manufacturing, agro processing and other activities across the continent are stimulated to supply the market.
Strengthen the capacities of African companies to access and supply world markets.
Strengthen African’s economic and commercial diplomacy.
The Tinubu Media Support Group (TMSG) has described the newly inaugurated Presidential Economic Coordination Council (PECC) as a bold strategy by President Bola Tinubu to streamline the roles of all tiers of government as part of steps to stabilize the economy.
This, according to the group, will ensure better coordination between governments at all levels, on one hand, and the Organized Private Sector, on the other hand.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG argued that this was the first time that a President will go beyond the statutory National Economic Council (NEC) to attempt to get the economy running in collaboration with all key stakeholders.
“When the Presidency rolled out the names of the members of the Presidential Economic Coordination Council as approved by President Bola Tinubu in March this year, many people were taken by suprise for a number of reasons.
“This is because it came few months after an Economic Management Team (EMT) was set up but it also emerged that the EMT, comprising 13 ministers and the Central Bank Governor and led by the Minister of Finance Wale Edun, would serve as a working group under the Presidential Council.
“So rather than have different groups, including the NEC working on the economy, the President now has everyone working in the PECC under his headship.
“We see this as a unique and creative development that will engender cooperation and ensure that everyone from the central government and sub-national governments to the private sector are working together harmoniously.
“It is an affirmation that an integrated approach is required to tackle economic challenges with the understanding of the need to bridge any existing gap in relationship amongst all stakeholders.
“So we believe that with key public and private sector players sitting together in the same room to take economic decisions, there will be no room for any form of misunderstanding as decisions are arrived at with greater thoughtfulness and better transparency.
There is, therefore, a bigger opportunity for such decisions to be well implemented.
“It is against this background that we emplace the President’s decision to commit N2trn to stabilizing the economy under the stabilisation emergency plan in the next six months.
“A breakdown of the N2 trn package as presented by the Finance Minister shows that the government will be investing about N350 billions in Health and Social Welfare; N500 billion into Agriculture and Food Security; N500 billions for the Energy and Power sector and a general business support of about N650bn.
“For us, what the President did was to table the plan before people who would be saddled with its implementation in order to have inputs because even the governors who many Nigerians accuse of not doing much before now, are also represented in the council by the Chairman of the Nigeria Governors Forum.
“We also find it gratifying that President Tinubu was specific in urging the Food Security and Nutrition Council to ensure it provides food for Nigerians at an affordable price.
“We also understand that the government is working on reducing interest rate, which currently stands around 30% for businesses aside from making it easier for them to access funds at cheaper rates.
“So, like many Nigerians, we are looking forward to seeing the effects of the economic stabilisation package in the next six months across the identified sectors.
“We are, however, convinced that with the involvement of the private sector, this initiative will lead to more jobs and a better environment for private businesses to thrive.
So President Tinubu deserves credit for this wonderful initiative.”
TMSG urged Nigerians to see the move as yet another reflection of President Tinubu’s readiness to keep to the terms of his agreement with the people.
[1/4]Prime Minister of Singapore Lee Hsien Loong and Prime Minister of Malaysia Anwar Ibrahim shake hands during a ceremony to commemorate the completion of the connecting span for the construction of the Johor Bahru – Singapore Rapid Transit System (RTS) link project which connects the marine viaduct… Purchase Licensing Rights
KUALA LUMPUR, Jan 11 (Reuters) – Malaysia and Singapore agreed on Thursday to jointly develop a special economic zone (SEZ) in the southern Malaysian state of Johor, aiming to attract investments and free up movement of goods and people.
The Southeast Asian neighbours will work towards a full-fledged pact, aiming to co-operate on renewable energy and smoothing procedures from business approvals to border clearance, they said in a joint statement.
“The zone presents an unprecedented opportunity,” said Malaysia’s Economy Minister Rafizi Ramli, adding that it would boost the cross-border flow of goods and people, strengthening business, and benefit the economies of both.
Rafizi and Singapore’s trade and industry minister signed the deal at a ceremony in Johor, in the presence of the leaders of both countries.
Singapore was Johor’s second-largest foreign investor from January to June 2022, and contributed about 70% of Johor’s total foreign direct investment in manufacturing, according to the statement.
According to employment reports recorded at the end of 1402 (Iranian solar year) in the National Employment Monitoring System, the executive body of the Sirjan Special Economic Zone was able to increase its employment by 100%. employment commitment, which is determined annually. by the province’s Jobs and Investment Task Force.
In line with the commitment of 350 people to attract labor and register in the national employment monitoring system by the provincial employment task force, the Sirjan Special Economic Zone managed to register 370 people in the national employment monitoring system, which played an important role in the total employment of the city of Sirjan.
It is worth mentioning that the Sirjan Special Economic Zone is the first special economic zone created by the private sector in the country, which was established in 1992 with the permission of the Cabinet of Ministers and, despite all the difficulties in the development path, it has managed to accommodate more than fifty active industrial units. May it lead to the creation of 3,000 direct jobs in total.
From Dr. Akinwumi Adesina CON; President of the African Development Bank Group, to Ngozi Okonjo-Iweala GCON; Director General of the World Trade Organisation, to Hon. Dr. Doris UzokaAnite MD, CFA; Nigerian Minister of Industry, Trade, and Investment, to Sergio Pimenta; Regional Vice President for Africa at the International Finance Corporation, the message is clear: an industrial revolution is crucial for Nigeria’s overall transformation.
Our national focus on economic development has become imperative, and industrialisation is emerging as a compelling strategy for sustainable growth and inclusive fiscal prosperity.
This is reinforced by our country’s abundant endowment of a labour surplus, scarce raw materials, growing consumer markets, and an economy in dire need of diversification.
With industrialisation as the desired outcome, prominent among effective approaches is the establishment of Free Zones.
A Free Zone (FZ), also referred to as a Special Economic Zone (SEZ), Foreign or Free Trade Zone (FTZ), Enterprise Zone (EZ), Industrial Development Zone (IDZ), or Export Processing Zone (EPZ), is a geographically defined area offering differentiated legal and regulatory framework compared to the rest of the nation, specifically designed to enhance investment attractiveness. By addressing weaknesses in the broader business environment, FZs aim to compensate for potential risks and create a more conducive climate for foreign direct investment (FDI).
Policy goals of FZs include export promotion by providing a duty-free platform for calculated importation of raw materials and machinery, as well as tax breaks for the export of finished products. They also target import substitution by increasing domestic production to reduce attendant reliance, and job creation, through attraction of businesses that generate employment opportunities within the zone. In addition, FZs facilitate foreign direct investment to leverage capital and technology transfer.
The Nigerian Export Processing Zone Authority (NEPZA) lists permissible activities in FZs as construction and light manufacturing; solid minerals & metals; oil & gas; and agribusiness & agro-allied, covering various industries: from electronics to textile, to plastics, to cosmetics, pharmaceutical products, food processing, and more.
Building and maintaining the highest quality infrastructure within Free Zones demands substantial investment in logistics networks, operations and maintenance utilities, warehousing and distribution facilities, as well as communication technology. Businesses need a clear and predictable regulatory environment, accordingly, streamlined bureaucratic processes and consistent implementation of regulations are crucial. Perhaps the most pressing challenge lies in equipping its workforce with skillsets needed to thrive in these dynamic zones. Investing in technical and vocational education programs will be essential to ensure a talent pool that can meet the required demands.
Our attention has again been drawn to former President Olusegun Obasanjo’s comment on the implementation of President Bola Tinubu’s economic policies on subsidy withdrawal and the unification of forex rates.
In what appears like the former President’s appraisal of President Tinubu’s economic policies, former President Obasanjo acknowledged that although the two policies are necessary, its implementation was wrong.
But it is very interesting to note that there was nothing acerbic in Obasanjo’s statement, which is a departure from what he always dishes out to his successors in office. Instead, he subtly commended Tinubu for his very bold moves to reposition the Nigerian economy. Other administrations did not enjoy the level of pass mark Obasanjo gave Tinubu, despite being opposed to the president in the run-up to the last general election.
But Obasanjo should have gone the whole way to applaud Tinubu instead of a double speak. You can not commend the introduction of some policies in one breath, and then make assertions about its implementation that are a far cry from the facts on the ground. It is like approbatiing and reprobating at the same time. Why were these not done when he was president?
The former President’s argument that the twin policies ought not to have been implemented at the same time is not only untenable, but it also demeans his acclaimed knowledge of the workings and dynamics of the Nigerian economy. The payment of petroleum subsidy and foreign exchange rates are intertwined and interrelated. Fluctuations in the forex rates, oftentimes, create difficulties in determining variations on the actual amount of subsidy the federal government pays on imported fuels.
This probably explains the reason why former Obasanjo’s regime toped the chat of petroleum price hikes in Nigeria with a record of nine increases in pump prices, without achieving any remarkable success in the management of the petroleum subsidy.
However, it is important to enlighten the former president that the gains of subsidy withdrawal by Tinubu can not be adequately consolidated and efficiently managed without the twin effect of appropriate deployment of effective monetary policies This is the wisdom for having both policies implemented at the same time.
When Obasanjo decided to institutionalize petroleum subsidy in the economy as Nigeria’s Head of State in 1977, not many Nigerians envisaged the negative multi dimensional implication of converting a temporary economic intervention into a permanent state policy.
After over 49 years of a wasteful economic expedition under a stinkingly corrupt subsidy regime, the nation was compelled to make a U-turn from petroleum subsidy under the courageous and purposeful leadership of our current President on 29th May 2023. A move that Obasanjo himself aptly described as “necessary.”
We expect the former President to commend the economic policies of the Tinubu administration for finding the rare courage to remove the monstrous petroleum subsidy regime, which his predecessors (including Obasanjo himself) could not dare, rather than resort to mischief making over the implementation of the key policies of the present administration’s economic policies. The former president should not have resorted to uncharitable comments demeaning of an elder statesman of Obasanjo’s status.
We seriously think the former president should have observed that Tinubu’s policies are giving life life to the local economy as well as attracting a number of portfolio and foreign direct investments into the economy. The economy has also boosted investors’ confidence in the ecosystem with overwhelming foreign remittances, including a lot of international accolades and commendations from the United Nations and global financial institutions,
We therefore advise the former president to enjoy his retirement and wish Tinubu success in the Herculean task of repositioning the economy for the well-being and prosperity of all Nigerians, irrespective of class or creed.
The Lagos Free Zone offers top-tier infrastructure and strategic advantages for Nigerian market investors.
By Tejaswi Avasarala
By Tejaswi Avasarala Nigeria, Africa’s largest country, is rapidly establishing itself as one of the most promising business locations globally. Nigeria’s promising economy boasts numerous sectors that are ripe for development and investment. In this article, we’ll delve into the burgeoning business opportunities in Nigeria and provide valuable insights on how to thrive in its dynamic business climate, whether you are an experienced trader, manufacturer, or investor looking to make a strategic entry.
One interesting way new investors can access the best of the Nigerian market is through special economic zones, such as the Lagos Free Zone (LFZ). LFZ, which was established in 2012, is an 850-hectare state-of-the-art private free zone in Nigeria. Integrated with Nigeria’s deepest seaport, Lekki Port, LFZ is positioned as the premier investment destination in the region, attracting local and international investors with a deployed investment of USD 2.5 billion. Offering world-class infrastructure, facilities, and services, LFZ boasts a self-sustaining ecosystem for business operations, including grade-A warehouses, industrial factories, serviced apartments, and a comprehensive array of amenities. With its strategic location in the Lekki Industrial Corridor and a single-window clearance system, LFZ presents unparalleled ease of doing business, unlocking vast economic opportunities for foreign investors in Nigeria and West Africa. Among the most promising sectors in Nigeria are agriculture and agribusiness. Nigeria boasts vast fertile land and a large young population, perfectly positioning it to become an agricultural powerhouse. According to the World Bank, agriculture employs about 70 percent of Nigeria’s population and contributes approximately 23.7 percent to the country’s GDP. With a diverse range of agricultural products, such as cassava, yams, rice, cocoa, sesame, and palm oil, Nigeria presents abundant opportunities for investors in the agribusiness sector.
The Lagos Free Zone provides an ideal location for investors to capitalise on these opportunities. Situated on the Lekki Peninsula, it provides access to premium facilities, land, easy access to energy, security, logistics solutions, and a sizable consumer market, all of which create a conducive environment for agribusinesses to thrive. The strategic location of the Lagos Free Zone favours the establishment of processing plants and export hubs, enabling companies to tap into international markets effectively.
Oil and solid minerals
Nigeria’s economy is heavily reliant on manufacturing and industry, with abundant natural resources such as oil, gas, and solid minerals fueling various industrial sectors. There are over 44 mineral types, including gold, coal, and limestone, found in more than 500 locations across Nigeria, presenting lucrative opportunities for investors in the mining and manufacturing sectors.
Solid minerals are one of the priority growth sectors, and to that end, the Nigerian government has established the Nigerian Solid Minerals Development Fund to finance mining projects in the country, further incentivizing investment in this sector. Technology and innovation
Nigeria’s technology and innovation industry offers exciting opportunities for investors, particularly in sub-sectors such as smart tech, fintech, e-commerce, and software development. With a youthful population eager to embrace technological advancements, Nigeria presents a fertile ground for tech startups and companies. The government’s initiatives, such as the National Information and Communication Technology Policy, aim to transform Nigeria into a knowledge-based economy, fostering innovation and entrepreneurship. The burgeoning fintech sector, driven by the widespread adoption of smartphones and digital payment services, presents significant opportunities for investment. Additionally, Nigeria’s growing middle class and increasing internet penetration rate fuel the expansion of e-commerce, creating a vast market for online retail businesses.
Energy and power
Renewable energy presents a significant investment opportunity in Nigeria, with abundant resources such as solar, wind, and biomass. Even though Nigeria is the world’s 15th largest supplier of crude oil, the country aims to diversify its energy sources and promote sustainable practices. The Nigerian Electricity Regulatory Commission (NERC) encourages investment in green energy production to reduce reliance on fossil fuels and mitigate environmental impacts. Amongst industrial parks in Nigeria, Lagos Free Zone is spearheading the transition to a cleaner energy landscape, with initiatives such as rooftop solar systems and gas-fired generating systems fueling the zone. By leveraging renewable energy sources and innovative technologies, LFZ aims to reduce its carbon footprint and promote sustainable development.
Industrial infrastructure
The real estate and construction sector in Nigeria is experiencing rapid growth, driven by infrastructure development and urbanisation. The Lagos Free Zone, which is a premier industrial park, hosts global brands and provides premium facilities to meet the growing demand for commercial and industrial space. We are proud to serve global brands like BASF, Kellogg’s, Colgate, Arla, Dufil, and Lekki Port, amongst others, as our current tenants.
While the Lagos Free Zone provides the infrastructure, facilities, and services for investors in the zone, legislation such as the Nigeria Export Processing Zones Act (1992) provides significant tax incentives and preferential policies to encourage the expansion of industries, driving economic growth and diversification away from reliance on oil exports. Conclusion
Nigeria’s diverse economy and abundant resources present a myriad of investment opportunities across various sectors. The Lagos Free Zone, with its strategic location and conducive business environment, serves as an ideal gateway for investors seeking to capitalise on Nigeria’s economic potential. By tapping into sectors such as agriculture, manufacturing, technology, energy, and real estate, investors can contribute to Nigeria’s growth story while achieving significant returns on their investments. source: businessday.ng
Shell PLC has denied speculations that it was leaving Nigeria after selling its onshore business in the Niger Delta.
Contrary to claims making waves on social media, Shell, an international energy and petrochemical company, is selling its onshore business in Nigeria but is not leaving the country,
In a meeting with the Managing Director and Chief Executive Officer of the Oil and Gas Free Zones Authority (OGFZA), Alh Bamanga Jada, the Shell management team said it intended “to remain a long-term partner of Nigeria, supporting the country’s growing energy needs and export ambitions in areas that are aligned with our strategy.”
Jada received the delegation from Shell Nigeria Gas (SNG) and Shell Energy Nigeria on a courtesy call on Thursday, 8th February, at the authority’s office in Maitama, Abuja.
The Managing Director of Shell Nigeria Gas, Mr. Ralph Gbobo stated in the meeting that SNG’s main business is downstream gas distribution to industries in Nigeria with a presence across the nation at Otta, Aba and Port Harcourt and currently penetrating Bayelsa state. He also stated that there is an ongoing effort to collaborate with the government of Oyo state.
He further disclosed that SNG currently distributes about 60-70 million scuffs daily, hinting to the OGFZA boss and management that SNG is now diversifying into offshore activities and gas distribution.
While announcing the changes in its Nigerian business structure, the company said, subject to following regulatory approvals, it would sell Shell Petroleum Development Company of Nigeria Limited (SPDC).
The onshore business is to be acquired by Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group. The companies are ND Western, Aradel Energy, First Exploration and Production (First E&P), Waltersmith, and Petrolin.
The SPDC is the operator of the NNPC/SPDC/Total Energies/NAOC joint venture, which comprises Nigerian National Petroleum Company Limited (55 per cent holding), SPDC (30 per cent), Total Energies (10 per cent), and the Nigerian Agip Oil Company Limited (5 per cent).
The delegation, however, made a case for the removal of bottlenecks for accessibility to enable them to carry out their enumeration exercise in the Onne/Ikpokiri Oil and Gas Free Zone in Rivers State.
Responding to the delegation, the OGFZA boss assured them of the authority’s readiness for collaboration, stating that OGFZA is responsible for promoting, securing and sustaining investments in the nation’s oil and gas-free zones.
He urged them to explore other gas hubs in the Oil and Gas Free Zones such as Liberty Oil and Gas Free Zone in Akwa Ibom State and Orashi Energy City in Imo state which has recently been declared a free zone under the regulation of OGFZA by President Bola Ahmed Tinubu.
He said the newly declared free zone is the largest in Nigeria with a land mass of over 140,000 hectares and a huge gas deposit. He further disclosed that Orashi Energy City has the potential to attract over US$8b of Foreign Direct Investment.
Jada then assured the visiting delegation of the authority’s commitment to remove all bottlenecks that might cause a hindrance to ease of doing business in the zones, adding that the Authority would continue to provide a conducive environment for investors operating in the zones.
Jada applauded SNG for their interest in committing more resources and investments into Nigeria and their confidence to partner with OGFZA. He clarified the notion that investors are exiting Nigeria to neighbouring countries, affirming that investors are not leaving Nigeria but rather diversifying and making new investments into more environmentally friendly energy sources, stating that gas is very critical to national development.
The OGFZA helmsman on behalf of President Bola Ahmed Tinubu and the Honourable Minister of Industry Trade and Investment, Dr. Doris Uzoka-Anite, assured the investors of the protection and security of their investments in Nigeria.
Meanwhile, in a bid to ensure additional investment in the oil and gas sector thereby driving the ‘Renewed Hope mandate’ to expand investment and also create jobs to help ease the unemployed population in Nigeria, Jada through his agency has secured a massive investment in the energy, Oil and gas sector with the introduction of APM Terminals Global who is currently constructing a $112 million state-of-the-art facility with an addition of $500 million over the next four years to boost operational efficiency and drive standard delivery in capacity and also create over 1.8million direct and indirect jobs.
This was made known at a meeting hosted by the Honourable Minister of the Federal Ministry of Industry, Trade, and Investment; Dr Doris Uzoka-Anite, on Thursday, 8 February, at the Bank of Industry head office in Abuja.
Also in attendance was Mr Olasupo Olusi, the Managing Director of the Bank of Industry; Emmanuel Nwagwu, COO of Nesgas; Frederik Klinke, COO of APM Terminals Nigeria; Keith Svendson, CEO of APM Terminals Global; Bamanga Usman Jada, MD/CEO of the Oil & Gas Free Zone Authority and a host of others.
APM Terminals Global further pledge its commitment to breathe fresh life into the oil and gas sector in support of the industrialization quest of Nigeria and also to boost local production of Oil and gas to attract Foreign Direct Investment FDI and save forex.
While addressing the meeting, Bamanga disclosed that investments and job creation in Nigeria’s oil and gas industry is something of high interest and it will also drive employment for 900,000 skilled and unskilled workers.
He disclosed that; “The Special Economic Zones have become magnets for Foreign Direct Investment FDI, thanks to Mr President’s unwavering support for enhancing productivity and building a resilient and sustainable economy.”
He further stated that other massive investments are ongoing in the oil and gas sector with the addition and construction of a 50,000 metric ton storage facility by Nesgas LPG which will be a game changer in both domestic and international LPG markets.
“The construction of this facility is projected to create over 100,000 direct employments and help launch 500,000 enterprises. This venture underscores the untapped opportunities across Nigeria and Africa and positions Nigeria as a key player in the global gas supply chain.” He said.
Dr Uzoka-Anite also applauded and welcomed their unwavering dedication to the massive growth by injecting life and hope into the Nigerian economy as she said it’s a clear demonstration of sharing the same vision to ensure more investors see Nigeria as a destination for investment with massive Return on Investment ROI due to the large population and enormous availability of natural resources in commercial quantity.
She also disclosed her readiness and that of the government to assist when the need arises.
“Our administration is committed to making doing business seamless. With our policies thereby expunging all bottlenecks, I am more than sure that in the next few months, the surge in investment in Nigeria will be on the rise. We are committed to making the ease of doing business work in Nigeria,” she stated.
Speaking on behalf of Alternative Petroleum Power Limited (APPL), Mr Emmanuel Nwagwu harped on the value of green energy. He spoke about the achievements of APPL, which is expected to export 520 metric tons of green and blue hydrogen and generate 300,000 jobs directly and indirectly.
Mr Keith Svendson disclosed that the nearly $100 million in investments that APM Terminals has made in the port infrastructure of Nigeria will assist towards sustainable energy solutions which will tap into Nigeria’s enormous natural gas reserves. He also stressed the need for the government to ensure a total overhauling and upgrade of Apapa Ports as it would enhance commercial and economic growth thereby attracting additional investment into the country. Posted by: Imo Udokang, source ogfza.gov.ng
The Lagos Free Zone has emerged the best free trade zone in West Africa at the just concluded West African Brands Excellence Awards held in Lagos.
Announcing this in a statement on Wednesday, the free trade zone said that the award was conferred on LFZ during an event organised by the Institute of Brand Management of Nigeria.
It added that the event was organised to recognise extraordinary achievements by businesses in the year under review across the sub-region.
The convener of the award, who is also the Deputy Registrar, IBMN, Ifeoma Emeka, explained that LFZ was selected as the winner in the category following a rigorous and in-depth evaluation of nominees by the jurors.
She noted that the choice of Lagos Free Zone as Best Africa Trade Zone was undisputed, “given that it has become a big vehicle for promoting economic development in Nigeria and West Africa, especially with the influx of new businesses and increased economic activities within the Ibeju-Lekki axis.
She said that LFZ was a great vehicle for foreign direct investment needed to drive economic development.
“In the last few years, the zone has provided a sense of reassurance for investors by offering incentives and world-class infrastructure that would help them to achieve good returns,” she said.
Also, the Chief Executive Officer of Lagos Free Zone, Dinesh Rathi, stated that the honour underlined the growing profile of the company as the best destination for investment not only in Nigeria but in West Africa as a whole.
Rathi added that the award was a testament to the commitment of the entire team to contribute towards the economic prosperity of the subregion. source; punch news