The Federal Government is targeting $68.1 billion fresh Foreign Direct Investments (FDI) from eight newly licensed free zones, the Managing Director of the Nigeria Export Processing Zones Authority,Mr.Gbenga Kuye has said.
He said the enhanced efficiency of the agency, in line with the Transformation Agenda of President Goodluck Jonathan, had helped to fast-track approvals for zones, based on the new checklist and methodology put in place for assessing requests.
Kuye, who spoke to journalists in Abuja on Wednesday, said the investments attracted already and incoming ones that had been sealed, provided a solid foundation for a stronger economy and greatly improved standard of living for Nigerians, adding that the current administration should be commended for that.
“Based on the new checklist and methodology put in place for assessing free zone requests, the President approved a number of facilities including the Centenary City Free Zone (Business and Tourism Destination), with expected investment of about $18 billion; Ogogoro Industrial Park, Lagos (oil and gas activities) $160 million and the Nigeria International Commerce City, Lagos, (formerly Eko Atlantic City) $38 billion.
“Others are Badagry Creek Industrial Park, Lagos, $1.3 billion; Nigeria Aviation Handling Company (NAHCO) Free Zone, $25.5 million; Dangote Refinery/ Petrochemical Park, $9 billion; Lekki Deep Seaport (under Lagos Free Trade Zone) $1.4 billion and Samsung Heavy Industries and Mega Construction Integrated FZE (under LADOL Free Zone), $300 million.”
He added: “The authority is currently at advanced stages for the approval for the proposed Kogi Industrial Park. We are also presently consulting with the Cross River State Government on the establishment of an Automotive Industrial Cluster in the state.
“This is sequel to a bilateral relation agreement between Nigeria and Japan, where Japan has proposed to help develop an auto industrial cluster in Calabar. This is being done in conjunction with the National Automotive Council (NAC) and consultations are also ongoing for the revamping of the Idu Industrial Area located in Abuja. According to experts, FDI can be defined as the inflow of capital or capital importation from Country ‘A’ to Country ‘B’ for the purpose of investment in Country ‘B’.
“The word capital here is mainly in the form of plant and machinery or professional services (not physical cash) brought in from outside the country for the purpose of investment, which value can be placed upon and is quantifiable in monetary terms.”
Source : SunOnline
