FG’S PLAN TO SUSPEND AIRPORT FZ LICENCES WILL DISCOURAGE FDI, EXPERTS WARN

geographic areas in which a governmental authority offers incentives, different from the host country’s regular policies, to companies operating in the region. Given the nature of these incentives, designated zones are often said to function as ‘growth poles’ for the region, or even beyond. They are used to attract foreign investors and boost industrialization. The pioneering role and status of the MMIA, Ikeja-Lagos as a foremost airport of repute in Nigeria and its support stature for the neighbouring states in the South-Western part of Nigeria (and her neighbouring countries) stands it out as one which will engender rapid growth of the South-West region of Nigeria and indeed the sub-Saharan African region,” Adam said.

He stated that another formidable feature of all free economic zones (including the proposed MMIA, Ikeja-Lagos Free Zone) is the favourable investment climate – customs, tax, financial privileges and administrative concessions compared to the general regime operating in the rest of the economic area or customs territory.

“Owing to these special benefits and privileges, free zones encourage Foreign Direct Investment and the transfer of skills and knowledge from the different countries establishing their presence with the zone. It is our considered opinion that, besides serving as an Aviation Hub for our nation’s fledging aviation industry, it will certainly provide a hub base for the establishment of companies that will provide spare servicing parts and sundry support services for the crafts operating within the African region,” he added.

At the recently concluded Federal Airports Authority of Nigeria (FAAN) National Aviation Conferences (FNAC) in Abuja, the General Manger, Vicven Integrated Services, Obinna Umeazo, who spoke on free trade zone, lamented the massive rots in Tinapa, a planned free trade zone for investment and export by the Cross River State government, which he said was simply abandoned due to government policy summersaults and lack of infrastructure.

Emeazo complained that the change in policy by the government had negatively impacted on the country’s Gross Domestic Product (GDP), especially in the area of exports.

“Tinapa Resort started well and so many investors were attracted by the benefits, but along the line, there was policy changes, which led to the dwindling of the growth of the resort. Everyone especially tourists go to Tinapa for shopping and enjoy their holidays. So, it is inconsistency on the part of the government. You brought out policies that attracted investors and in mid-way, you change such policy. If they have to focus on the special economic zones, we have to make it right. NEPZA must stand its feet and make it strong. The regulations must be strong. If you cannot manufacture, you cannot export. How much are you able to attract? When last did you hear about Tinapa? It is still at the elementary stage and one would have expected that it would have gone beyond that,” he said.