Nigeria’s Free Trade Zones rise to 46, attracted $30 billion in investments – Buhari - Pegars News | Pegars News

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Nigeria’s Free Trade Zones rise to 46, attracted $30 billion in investments – Buhari – Pegars News

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Nigeria’s President Muhammadu Buhari acknowledged that Free Trade Zones in Nigeria have attracted over $30 billion in investments which is anticipated to enhance in the subsequent few years with sustained incentives and an aggressive funding drive.

Buhari disclosed this on Tuesday at the inauguration of Kano FTZ new administrative constructing and Nigeria Special Economic Zones Institute in Kano.

The President was represented by the Minister of State, Industry, Trade and Investment, Maryam Katagum, including that his administration has recorded a geometrical enhance in the quantity of FTZs from 21 to 46.

$30 billion: President Buhari famous that financial zones, which additionally embrace 4 worldwide airports as free commerce zones have attracted investments price $30 billion.

  • “The zones have attracted over $30 billion in investments which is anticipated to enhance in the subsequent few years with sustained incentives and aggressive funding drive.
  • “Incentives in the free commerce zones embrace tax-free operations, free fiscal responsibility for imported items, equipment and tools, exemption from levies.

Geometric enhance: He added that there has been a geometrical enhance in the quantity of FTZs from 21 to 46, contributing to Nigeria’s financial progress.

  • “The presence of key enterprises in the zones is an attestation to the truth that FTZs are contributing immensely to the progress and industrialisation of the Nigerian economic system.
  • “Under this administration, there has been a geometric increase in the number of FTZs from 21 to 46”.

The Chairman of, the Senate Committee on Trade and Investment,  Sen. Sabo Nakudu praised NEPZA for its dedication ensuing in the profitable completion of the trendy administrative workplace and FTZ coaching institute.

He additionally recommended the federal authorities for giving the FTZ scheme the wanted help and funding to drive the industrialisation course of in a extra pragmatic method.

What you ought to know

Nairametrics reported final month that Prof. Adesoji Adesugba, managing director of Nigeria Export Processing Zones Authority (NEPZA) at the thirtieth anniversary of the free commerce zones scheme in Nigeria acknowledged that the commerce zones regulated by NEPZA attracted over $30 billion in investments since its inception in 1992.

Adesugba famous that Nigeria’s FTZs have been assembly its goal of quick-monitoring financial progress and industrialization.

He added that the zones being regulated by NEPZA have attracted over $30 billion {dollars} investments since the inception of the scheme in 1992 and that the Oil and Gas Free Zones attracted $16.6 billion since 1996.

 

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