President Muhammadu Buhari yesterday expressed commitment to the African Economic Zones Organization (AEZO) while aiming for gains from the African Continental Free Trade Area agreement (AfCFTA).
Buhari, during the fifth African Union Symposium on Special Economic Zones (SEZs) and Green Industrialization and the 7th edition of the African Economic Zones Organisation (AEZO) annual meeting in Abuja , said the three-day event with the theme: “African Special Economic Zones: Engine for Resilience and Accelerator for Sustainable Industrial Value Chains Development,” was an opportunity for the country to leverage on a platform such as the AEZO that will enhance intra-African trade and promote peer review among operators and in addition, place the country in a pole position in AfCFTA.
Represented by the minister of Niger Delta Affairs, Mr. Umana Okon Umana, the president told the over 200 delegates that in Nigeria for instance, the free zone scheme has attracted a significant number of landmark infrastructure projects sufficient to transform the country’s economy since its inception 30 years ago.
These projects include the newly- commissioned state seaports and Dangote Refinery expected to become the largest single facility once it comes on stream in a few months’ time.
Buhari said the zones have also transitioned the country from being a net importer to a net exporter of fertiliser.
Another project of significance to the administration, he continued, is the oil and gas downstream manufacturing hub with dedicated sea terminals focused on driving local manufacturing of local oil and gas derivates for exports.
The president however admitted that regardless of the achievements, the scheme still lacks key economic developmental indices compared to what has been attained by other free zones in the world.
To this end, he, therefore, charged stakeholders to take a deeper look at the factors slowing the growth of free zones in Africa and come up with appropriate strategies to address them.
Also speaking on some notable developments in the country’s free zones , the managing director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, disclosed that the Authority has signed a Memorandum of Understanding (MoU) with the Federal Inland Revenue Service (FIRS) towards tax administration within the free zones.This he maintained, is to protect investors and investments in the country.
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