NEPZA, NIPC Partner to Facilitate Investments’ Migration to Economic Zones
The Nigeria Export Processing Zones Authority (NEPZA) and the Nigerian Investment Promotion Commission (NIPC) are currently seeking partnership to stimulate the migration of huge investments to the newly approved Special Economic Zones (SEZs) in Lagos, Kwara and Katsina.
The federal government last year approved six SEZs to be evenly sited in the six geo-political zones. Three have already been earmarked for development in 2021 while work on the remaining zones were deferred till 2022.
Managing Director/Chief Executive of NEPZA, Prof. Adesoji Adesugba and the Executive Secretary of NIPC, Ms Yewande Sadiku, both agreed on the partnership to boost investments into the economic zones during a meeting in Abuja.
Adesugba explained that efforts were underway to use the special economic zones to stimulate genuine economic activities across the country, adding that a synergy with NIPC would help to migrate the desired local and international investments to those zones.
The NEPZA boss said that the three new zones which were approved as medical, agro-allied and cotton clusters respectively would help to boost production linkages required for economic growth.
He said the partnership would also significantly spur the interest of international investors on the medical free zone to be sited in Lekki, saying that the zone would drastically reduce the country’s capital flight through medical tourism abroad.
Adesugba said,”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 would retard the migration of medical professionals abroad.
The Authority has in the last one year under my watch adopted a few innovations to assist the workforce to execute our mandate.
“These include restructuring of the directorate cadre; establishment of Health and safety unit; establishment of NEPZA security outfit; establishment of special economic zones’ association; establishment of Alternative Dispute Unit among others.”
He added that President Muhammadu Buhari had great expectation of the authority to fast track the country’s industrislisation, stressing that the management team and the entire workforce appreciated the huge investment the federal government had so far made to upscale the potentials of the agency.
He said,”This visit is aimed at seeking more investment information and direction from the commission so that we can jointly deliver on our mandates.”
Head, Corporate
Communications, NEPZA, Martins Odeh, he said all the agencies with direct affiliation to execute the country’s lofty economic programmes must engage in frequent cross fertilisation of ideas as doing so will help to expand the country’s investment horizon.
Sadiku on her part, expressed satisfaction in the way and manner the NEPZA boss had repositioned the agency and promoted the special economic zones model across the country.
The NIPC boss had described Adesugba as an investment promotion guru with long years of experience.
She said,”I am not surprised with the high level of successes recorded so far within your 12 months of being the MD of this important establishment.’’
She said that the commission was prepared to partner with NEPZA to accelerate economic development, adding that the three new special economic zones would be used as pilot scheme for vigorous investment drive.