President Muhammad Buhari has said that in the last seven years, the Free Trade Zones Scheme has been repositioned, in infrastructure development as a means of attaining global competitiveness.Making the disclosure yesterday in Kano, the President explained that, his administration had deployed free trade zones, as launchpad for economic development and growth.
President Buhari, who was represented by the minister of state for industry, trade and investment, Ambassador Maryam Katagum, made this known during the commissioning of Kano free trade zone new administrative building and Nigeria special economic zones institute, held in Kano.
He highlighted that that, the scheme has immensely contributed to the execution of the economic policies, of the present administration, which includes designation of six special economic zones, four international airports as free trade zones, attraction of investments worth N14.1 trillion.
“Incentives in the free trade zones include, tax free operations, free fiscal duty for imported goods, machinery and equipment, exemption from levies”
In his welcome address, the managing director, Nigeria Export Processing Zones authority (NEPZA), Professor Adesoji Adesugba, commended the federal government, for the confidence reposed on NEPZA, as the vanguard deploying the free trade zones scheme, to expedite economic development of the country.
He highlighted that, the tremendous achievements recorded by the scheme, under the Muhammadu Buhari-led administration, exceeded what was achieved in 23 years since inception.
The managing director pointed out that, part of the achievements by the present administration include commencement of development of the largest United States of America consulate in the world, located at Eko Atlantic free zone Lagos, estimated at 500 million US dollars employing 1,500 Nigerians in the period of five years.
In his remarks, the chairman senate committee on trade and investment, Senator Mohammed Sabo Nakudu, maintained that the completion of ultra modern administrative office,investors suite,roads and free trade zone training institute,is a clear indication of the hard work and dedication of NEPZA managing director, Professor Adesoji Adesugba to ensure the scheme attains global recognition.
He said, the celebration of the 30th anniversary of the free trade zones in Nigeria, and the hosting of both 7th annual meeting of the Africa economic zones organization (AEZO),and the 5th African union symposium on economic zones, with 46 African nations in attendance, showcased the potentials of Nigeria’s friendly business environment.
Speaking on behalf of investors, chairman of Kano free trade zone investors forum, Alhaji Umar Sani Marshall, appealed to the minister to clarify the issue of the planned concession of Kano and calabar free zones and how it would affect investors.
In his vote of thanks,head of Kano free trade zone, Alhaji Mu’azu Musa Sahabi applauded the management and staff of NEPZA, investors, Kano state government and relevant stakeholders for their commitment in moving KFTZ forward.
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