NEPZA licences Delta as special economic zone, seeks $22bn investment

Adesoji Adesugba, managing director of the Nigeria Export Processing Zone Authority (NEPZA), says to attract gains of economic zones and revamp the sector, Delta, as well as other states, need an investment of about $22 billion.

Adesugba spoke when he officially presented the licence of Delta as a special economic zone to Ifeanyi Okowa, the state governor, at an event in Abuja.

Speaking on the benefits of an economic zone at the event on Wednesday, Adesugba said some countries are already addressing their developmental challenges by harnessing the huge advantages in their economic zones.

Adesugba, who called for massive investment in the sector, said for a state like Delta to enjoy the revenues of an economic zone, a huge investment is required.

“Everybody is talking about Lagos. In Lagos, there is $22 billion investment in free zones and we believe that we can replicate what is happening in Lagos in Delta and other states,” the NEPZA boss said.

“Delta state stands to gain and is well-positioned. All it needs is leadership; the vision which the governor has shown, and we are praying that whoever is taking over from him will key into this and make sure that we actualise this.

“NEPZA is willing and capable of giving you all the necessary support.”

Also speaking after receiving the licence, Okowa said the state was set to enjoy enormous benefits.

He said his administration was “in a hurry to get the special economic zone work for Delta and Nigeria”.

“…and we also realise that it will create advantages in our state because we produce a lot of gas,” the governor said.

“We also produce a lot of oil. We are very much involved in agriculture, and putting up these things together, I believe that we are set for this nation and for the world.”

Also the former presidential candidate of Peoples Democratica Party (PDP), Okowa said the state government was ready to partner with NEPZA to fully develop its economic zones.

The governor promised that the incoming administration would continue with the scheme even after the end of his tenure on May 29.

On his part, Adetokunbo Kayode, lead consultant, Delta special economic zone, commended Okowa for the initiative, adding that the state would reap bountifully from the scheme in years to come.

“The essence of having a special economic zone goes beyond the free zones that we have in Lagos and Ogun states,” Adetokunbo said.

“The special economic zone gives a dynamic platform for Delta state to harness its huge opportunities, especially in petrochemicals and agriculture. It can become a hub for manufacturing across the board and I think the state is well placed for this.”