IPR Free Trade Zone Promoters Get Funding Partners Multi-billion-dollar Scheme

The managing director of the Nigeria Export Processing Zones Authority (NEPZA), Dr Olufemi Ogunyemi has said that the Arise Integrated Industrial Platforms (AIIP), the promoter of a newly registered Industrial Platform Remo (IPR) Free Zone is set with its funding partners to deploy multi-billion-dollar into the country’s free trade zone scheme.

Ogunyemi, who is also the chief executive officer of NEPZA, dropped the hint on Monday while presenting the Declaration Licence of the new zone to the representative of the promoter in Abuja.

“We are holding a significant event of presenting the Declaration Licence of the newly registered Industrial Platform Remo (IPR) Free Zone to the promoter and its partners.

“We have through due diligence found that the promoter and the partners have the financial muscle to immediately inject multi-billion-dollar into the Nigeria economy through the free trade zone scheme.

“It is our hope, therefore, that the impact of this exploit will be positively felt by the citizens in no distant time as the promoter will ensure the placement of world-class enterprises across the country. We can only imagine the benefits these can bring to our people,’’ the NEPZA MD said.

On his part, vice president & country head of Arise Integrated Industrial Platforms, Suren Abeywickrema, who took delivery of the licence, stated that three enterprises that specialises in Cotton/Garment production and processing as well as that of Solid Mineral would be sited in the northern region.

He further said that additional enterprises with different specialties would be located in the eastern region while two others would be sited in the western region.

Abeywickrema explained further that the firm would kick-off its operation soon with the injection of 3.5 billion dollar into the economy with the commencement of construction work in proposed sites in the north.

Arise Integrated Industrial Platforms (AIIP) was established through a joint venture between Equitane, formerly ATIF, and Africa Finance Corporation (AFC).

Other shareholders are NorFund, NorFinance, FMO, and RBO Partnerships as well as African Development Bank (ADB).

Arise currently has minority stakes in nine financial institutions based in eight countries.