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NEPZA looking for investors for non-viable zones

The Managing Director of Nigeria Export Processing Zones Authority (NEPZA), Mr Gbenga Kuye has hinted that his agency is currently searching for investors with big hearts to take over the growing number of non-viable free zones.

Barring his mind during a workshop for the media penultimate week said a new Act that would make NEPZA the sole agency responsible for the country’s industrialisation was already underway.

While revealing that the agency had already reached out to some investors to take over some of the zones found to be non-viable, buy out the people there , and run them, he noted that the kind of approach that we are using now, if you keep shutting down, you will never get to the desired level, to set up a free zone takes a lot of time,” he added.

Some of the areas licensed by NEPZA according to him, include  the Centenary City ($18billion), with  expected employment generation of 69,030 jobs on completion; Ogogoro Industrial Park ($160million), with  estimated  employment generation  of 30,000 jobs when completed; Nigeria International Commerce City  formerly Eko Atlantic City ($38billion), with expected  employment generation  of one million jobs when completed ; Badagry Creek Integrated Industrial Park ($1.3billion), with expected employment generation of  23,000 jobs ; NAHCO Free Zone($22.5million), expected to generate  5,613 jobs on completion; Lekki Deep Sea Port($1.4billion),expected to generate 150,000  jobs on completion ; General Electric (GE) of USA ($1billion)  in the Calabar free zone to create over 1,000 jobs on completion; Gas Revolution Industrial Park at Ogidiben in Delta State ($15billion), to create  800,000 jobs on completion; and the  Maritime Economic City ($2.8billion).

Besides, the NEPZA boss revealed during the chat that it received over $77billion in foreign direct investments (FDI) for the nation’s free trade zones. The development amounts to over 60 per cent of FDI inflows into the country within the period under review.

The authority said it was possible because it has been focusing on high profile investors and their value chains.

According to NEPZA, the inflows also covered four industrial parks spread across the country.

The agency also said that the ingenuity deployed in the management of these zones has also contributed in no small way in retaining the confidence of these investors.

Managing director, NEPZA, Mr Gbenga Kuye, who dropped this hint

Kuye, who said the country was currently under performing in industrial development explained that under the new Act, the name of the agency would be changed to Nigerian Industrial Development and Zones Authority (NIDZA), to reflect its expanded role.

While stressing that the path to industrialisation, no matter how ambitious, cannot succeed without a sound infrastructure base, Kuye said under the new Act, the agency would rigorously pursue an industrial policy aimed at creating a dynamic domestic comparative advantage in an increasingly complex and sophisticated range of products and services.

NEPZA would not create additional free zones, nor shut down those found to be non-viable, but would instead, create additional industrial parks that would stimulate the nation’s economy and accelerate industrialisation.

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