Business
NEPZA Partners World Bank, IFC To Develop Trade Zones
The Nigeria Export Processing Zones Authority (NEPZA) said it had entered into partnership with the World Bank and the International Financial Corporation (IFC) to develop infrastructure in the Free Trade Zones across the country.
The move, according to NEPZA will help to attract more foreign direct investments into the Nigerian economy. The NEPZA Acting Managing Director, Mr Bitrus Dawuk disclosed this when the World Bank and the (IFC) delegation visited the authority’s headquarters in Abuja.
Dawuk according to a statement from NEPZA said one of the bottlenecks hindering the optimal performance of Free Trade Zones is NEPZA’s obsolete legislation that is in the process of being amended by the National Assembly. According to him, once the laws were amended, the Authority would be able to generate billions of dollars worth of investments into the country.
He said, “NEPZA is ever ready to work with the World Bank and the IFC in giving Nigeria a world class free zones as there are already measures in place to review the outdated regulations of NEPZA to make it more favourable for foreign investors to come in and invest in the country.
“I will be on your neck from now on, especially in areas of training of my staff for optimum performance.”
In his remark, the Leader of the delegation, Mr Feyi Boroffice said the visit was aimed at strengthening relationship with NEPZA by providing an enabling environment to attract more foreign investors into the country.
This, he said, would be achieved by building anchor projects that would encourage the establishment of industries such as the Dangote Refinery and Petrochemical plant.
He said, “The World Bank group is the multilateral development institution, so, our aim is to go to all the developing countries in the world to see where we can provide funding or advice to help with development.
”So, the typical development is how we can create more jobs, how can we increase women participation in the economic process? How can we increase money and standard investment? How do we increase exports?
”We are also very interested in the Akwa Ibom Free Trade Zone project which we understand is under your authority’s supervision, as we appeal to you and the authority to give us the opportunity to participate in the project for the total economic benefit of Nigeria.”
The IFC representative, Bambo Kunle-Salami said what the World Bank “does is to provide funding and advice to the public sector and government while the IFC deals more with the private sector.”
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
-
News14 hours agoRSG Reiterates Commitment To Youth Dev
-
Rivers12 hours agoPolice Launch Community-Centred National Day Celebration In Rivers, Today
-
Business12 hours agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Oil & Energy12 hours agoTranscorp Energy, Renewvia Partner On Renewable Energy Gap
-
Business12 hours agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Maritime12 hours agoMWUN Raises Alarm Over Port Security Lapses In Lagos
-
Maritime12 hours agoNNS Hands Over Two Suspected Stowaways to Immigration Service
-
Environment12 hours agoWDC: Rivers State Deputy Governor, Prof. Odu Call Inclusion Of Woman And Girls Decision Making