Nigeria Licenses Three New Free Trade Zones Worth $2.751 billion

By December 29, 2017 Investment News

The Managing Director of Nigeria Export Processing Zones Authority, NEPZA, Emmanuel Jime, says the authority has licensed three new Free Trade Zones, FTZs.

Mr. Jime announced this in a statement signed by the Head, Corporate Communications of the Authority, Simon Imobo-Tswam, on Wednesday in Abuja.

According to Mr. Jime, the names of the new FTZs are Nasco Town FTZ; Quit Aviation Services FTZ; and Tomaro FTZ.

“The new licensed FTZs have over 2.751 billion dollars in Foreign Direct Investment (FDI) inflows into the country.

“Besides the over 2.751 billion dollars in FDI inflows, the new FTZs are targeting direct jobs in excess of 50, 000.

“Under my stewardship, we have so far been able to licensed three new industrial parks. The first one is Nasco Town Free Zone, which is valued 2.086 billion dollars.

“It is estimated at completion to be able to provide 15,000 direct jobs.

“The second is Quit Aviation Services Free Zone, valued at 215million dollars and it is estimated to provide jobs in their thousands.

“And there is Tomaro Industrial Park, in Lagos valued at $450 million. It would also provide jobs running into the thousands.”

Mr. Jime said that the challenges he met upon assumption of office included low staff morale, inter-agency rivalry, delayed promotions and poor investor-confidence, among others.

He said that he had been able to make appreciable impact with the support of his management team.

Source: Premiumtimes