The managing director of the Nigeria Export Processing Zones Authority (NEPZA), Dr. Olufemi Ogunyemi, has called for immediate commencement of infrastructure development in the Centenary Economic City Free Trade Zone, Abuja, and the revamping of the Abuja Technology Village.
This, according to him, is to position the Federal Capital City for economic growth and industrialisation.
According to a press statement issued by the Authority’s head of corporate communications, Dr. Martins Odeh, Ogunyemi made the call while delivering a paper entitled, “Free Trade Zones: Holy Grail to National Economic Growth and Development” at the Abuja Investment Summit.
Ogunyemi, represented by the director, corporate services, Hajia Haleema Kamba, said the two Free Trade Zones located in the FCT were a business ecosystem to catalyse the industrialisation of the city.
He said, “We understand the current hemorrhages and setbacks recorded by businesses; the Free Trade Zone ecosystem is no exception as we have many inactive or moribund Free Zones inclusive of the Abuja Technology Village (ATV) and the Centenary Economic City Free Trade Zone, both located along the Luge-Airport Road of the FCT.
“I am also of the view that the Idu Industrial Park could be effectively put to use to reflect the thinking of the ‘Renewed Hope Agenda’ of His Excellency, President Bola Ahmed Tinubu.
“The Authority is, therefore, ready to partner with the FCT administration to revamp both the Abuja Technology Village and the Idu Industrial Park for global competitiveness, adding that the promoters of the Centenary Economic City Free Trade Zone must work hard to commence the development of the enclave without further delay.”
The NEPZA boss, who noted the remarkable milestones recorded by the 30 years existence of the scheme, said the business model was “one of the best global economic concepts that opened implausible business opportunities for countries that embraced it.”
“For us in Nigeria, there are a total of 612 enterprises operating in the 52 Free Trade Zones at the moment with the following investment coverage in manufacturing (45 per cent); services (30 per cent); Oil & Gas (11 per cent); Trading (10 per cent); logistic (30 per cent) and agriculture (one per cent).
“These records, however, are testament to how far behind we are as a country in leveraging on the diverse opportunities afforded us by the scheme.
“I, therefore, urge the 36 states governments and the Federal Capital Territory to embrace the scheme as it is the sure route to attracting investment and infrastructure financing.”
