FG targets $68.1bn fresh FDI from 8 free zones

FDI-International

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

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