Kano, Jan. 18, 2023 – Free Trade Zones (FTZ) in Nigeria have attracted over $30 billion in investments.
President Mohammadu Buhari said this on Tuesday at the inauguration of Kano Free Trade Zone’s new administrative building and Nigeria Special Economic Zones Institute in Kano.
He said that the investments would continue to increase in the next few years with sustained incentives and an aggressive investment drive.
The president, who was represented by the Minister of State, Industry, Trade and Investment, Maryam Katagum, said his administration had recorded geometric increase in the number of FTZs from 21 to 46.
He said that economic zones, which also include four international airports as free trade zones, have attracted investments worth $30 billion.
He added that there has been a geometric increase in the number of FTZs from 21 to 46, contributing to Nigeria’s economic growth.
President said that incentives in the free trade zones included tax-free operations, free fiscal duty for imported goods, machinery and equipment as exemption of levies.
Sen. Sabo Nakudu, the Chairman of the Senate Committee on Trade and Investment, praised NEPZA for its dedication resulting in the successful completion of the modern administrative office and FTZ training institute.
He also commended the federal government for giving the FTZ scheme the needed support and funding to drive the industrialisation process in a more pragmatic manner.
The Global Business News (GBN) reports that the Calabar Free Trade Zone, the first FTZ in Nigeria, was established by former President Ibrahim Babangida in 1992.
