NEPZA attracts N560bn investments into free trade zones

Within the last two years, a total investment of $3.5bn (N560bn) has been attracted into Free Trade Zones across the country, the Nigeria Export Processing Zones Authority has said.

The Managing Director, NEPZA, Mr Gbenga Kuye, who gave the figure in a presentation made at a workshop in Abuja noted that the investments were made possible as a result of the repositioning of the free trade zones by the current administration.

He said when added to the $10bn (N1.6tr) which was attracted into the FTZs between  1992 and 2012, the total investment in that sector of the economy now stands at $13.5bn (N2.16tr).

Some of the areas that attracted the investment according to him are the NAHCO Free Zone ($25.5m); Ogogoro Industrial Park ($690m); Badagry Creek Integrated Industrial Park at Snake Island, Lagos ($1.3bn);  Lekki Deep Sea Port at Lagos Free Zone ($1.4bn); and the Mega Fabrication and Integrated Yard at Ladol Free Zone ($300m).

He said, “Our achievements can better be appreciated when compared with the fact that between 1992 – 2012 the free trade zones scheme attracted a total investment of $10bn, while in the past two years alone, we have attracted over $3.5bn. This is an accumulated figure of investments to date. 

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