By Chris Ndibe
Nigeria stands to generate billions of dollars of foreign direct investment if its obsolete laws are amended, Nigerian Export Processing Zone Authority (NEPZA), has advised.
NEPZA said that time has come for the amendment to all obsolete laws, which have become unnecessary bottlenecks to successive operations of the zones.
NEPZA Acting Managing Director, Bitrus Dawok, disclosed this when the World Bank and International Finance Corporation (IFC) delegation paid him a courtesy visit in Abuja.
In a statement, Dawok, said: “The new partnership with the World Bank and the IFC especially in the areas of infrastructure development of the Free Trade Zones as well as staff capacity building will go a long way in attracting more Foreign Direct Investment (FDI) running into billions for Nigeria’s economy.”
“NEPZA is ever ready to work with the financial institutions to ensure that Nigeria’s free trade zones become world-class, stressing that efforts are being made for the amendment of all the obsolete laws.
“I will be on your neck from now on, especially in areas of training of my staff for optimum performance, for infrastructure development at zones.”
Responding, the Leader of the delegation, Feyi Boroface, said the visit was aimed at strengthening relationship with NEPZA, especially in the areas of providing enabling environment to attract more foreign investors into the country, building anchor projects that would encourage the establishment of industries like the Dangote Refinery and Petrochemical plant.