By Patrick Andrew
Abuja
The federal government will grant incentives to investors willing to invest in power, solid minerals and other infrastructures in the Special Economic Zones soon to be established in various parts of the country.
Budget and National Planning Minister, Senator Udoma Udo Udoma, said the Special Economic Zones will be created to speed up development in the priority sectors in the recently released Economic Recovery and Growth Plan (ERGP).
The minister said the incentives are meant to encourage investments in those priority sectors, adding that it would also hasten the nation’s recovery from recession.
The minister told the Japanese Ambassador to Nigeria, Mr Sadanobu Kusaoke, that Japanese companies among others are invited to take advantage of the various business opportunities that will be presented by the soon to be established special zones in the country.
The zones, which will serve as manufacturing hubs, will have the necessary infrastructural facilities to support the country’s industrialization drive, the minister said.
Senator Udoma assured the Japanese Ambassador that the plan is focused on achieving macroeconomic stability, transforming agriculture, driving sufficiency in energy, improving transportation infrastructure and growing industrialization with attention on small and medium scale enterprises.
Further, he said implementation is paramount to achieve the plan’s objectives, adding that attention will be on prioritizing the identified strategies, establishing a clear system of accountability, allocating resources.
Government will also create an enabling policy and regulatory environment and developing an effective monitoring and evaluation system to track progress.
“We believe in using the markets to drive the engine of the economy and allowing markets to work,” he said adding that the economy has stopped contracting and the narrowing in the gap between the official and parallel market exchange rates.
Media Adviser to the minister, Akpandem James, in a statement said Ambassador Kusaoke expressed delight with Nigeria’s economic upward trajectory.
Kusaoke also expressed Japanese companies’ interest to invest in new areas, expand existing ones in Nigeria and listed companies that are already investing in Nigeria.
He pledged his country’s continued support for the Nigerian economy, funding of more development projects as well as providing humanitarian support and social stabilization in the North East and the Lake Chad region.
