FG will make Ekiti home of blockchain technology with free trade zone, says NEPZA

The federal government says plans are underway to make Ekiti a major free trade zone in Nigeria.

Free trade zones are areas in which businesses are exempted from the normal regime applicable in Nigeria. However, the government expects such companies to boost national exports, create jobs, and help in diversifying the country’s economy by bringing in new activities.

Adesoji Adesugba, managing director, Nigeria Export Processing Zone Authority (NEPZA), spoke during a courtesy visit to Biodun Oyebanji, governor of Ekiti, on Thursday.

He said the government is committed to supporting the state in delivering knowledge-free zones where education-based industries and technology companies could operate.

The NEPZA boss also said the establishment of the free trade zone would boost the economy of the state and increase its internally generated revenue as well as reduce over-reliance on federal allocation.

According to Adesugba, the free trade zone would be ready within 18 months, adding that he was in Ekiti to confirm the commitment of the federal government toward the successful completion of the project.

“Government is committed to making Ekiti home of blockchain technology, where technology companies and other industries that have things to do with education will be ready to invest,” he said.

“Ekiti is known for education and innovative ideas and this is where we are going to show the world that Nigeria has arrived.”

Adesugba further gave the assurance that plans and works have started, and on the part of the agency, it would ensure the approval of the president.

In his remarks, Oyebanji said there was a need for the federal government to fast-track the completion of the project to attract more investors to the state, adding that productivity would always lead to shared prosperity.

He also said it was not wise for any state to drive its economy on monthly federal allocation, as it could not be used for effective wealth creation.

Oyebanji noted that there was a need to fast-track the declaration on Ekiti knowledge zone.

“As a government, I am ready to lead from the front, I am ready to provide every support that is needed to drive this to ensure success,” he said. 

“It will be fine if we can meet the stipulated deadline because without that certification, we will not be able to do anything and investors will not come.”

Oyebaji who further appealed to the federal government to execute the project, added that the state government had invested a lot in infrastructure to drive the zone, especially in the airport project.