NEPZA, NIPC team up to boost investment in Lagos, Kwara economic zones

September 1, 2021 4:57 pm

The Nigeria Export Processing Zones Authority (NEPZA) and the Nigerian Investment Promotion Commission (NIPC) have partnered to boost investments in the newly approved special economic zones (SEZs).

SEZs are areas in a country offering economic advantages such as tax incentives and the opportunity to pay lower tariffs to businesses.

The three new zones are in Lagos, Kwara and Katsina for medical, agro-allied and cotton clusters.

Martins Odeh, NEPZA’s head of corporate communications, disclosed this in a statement released on Wednesday in Abuja.

Last year, the federal government reaffirmed its commitment to the development of special economic zones across the country.

In May 2021, President Muhammadu Buhari approved four Nigerian airports as special economic zones (SEZs). These are Murtala Muhammed International Airport, Lagos; Mallam Aminu Kano International Airport, Kano; Nnamdi Azikiwe International Airport, Abuja and Port Harcourt International Airport, Rivers state.

Speaking on the new partnership, Adesoji Adesugba, NEPZA’s managing director, acknowledged that the federal government had approved six SEZs to be evenly sited in the six geo-political zones but the agency earmarked these three for development in the 2021 fiscal year while the rest three deferred to 2022.

He further explained that there are ongoing efforts to use the zones to stimulate genuine economic activities nationwide.

He said the synergy with NIPC would help to migrate desired local and international investments to these zones.

According to Adesugba, the partnership would spur international investors interest in the medical free zone to be sited in Lekki and reduce capital flight through medical tourism by Nigerians abroad.

“We are also hopeful that the Medical Free Trade Zone will be a convergence of world-class hospitals, pharmaceutical companies, aged homes, hotels and medical-based research institutes.

“This enclave, when operational, will retard the migration of medical professionals abroad,” he said.

Yewande Sadiku, executive secretary of the NIPC, on her part, expressed satisfaction in the way the NEPZA boss had promoted the special economic zones model across the country.

She added that the commission was prepared to partner with NEPZA to accelerate economic development, stating that the three new special economic zones would be used as a pilot scheme for more investment drive.