NEPZA Attracts N1.4tr Investment -Ag MD

The Nigeria Export Processing Zones Authority (NEPZA) says
it has attracted Foreign Direct Investments (FDI) worth more than N1.4 trillion
through the operations of free export zones.

Mr David Nongo, the NEPZA Acting Managing Director, made
this known in an interview with newsmen in Abuja on Monday.

“Presently Nigeria has attracted more than nine
billion-dollar FDIs through free zones operation across the country and that
will triple very soon with the government’s efforts at developing the sector,”
he said.

He commended the Ministry of Trade and Investment for
organising the first Oil and Gas Trade and Investment Forum held recently in
Port Harcourt.

He also said the forum had opened up the Onne Oil and Gas
Free Zone, which he described as the largest in the world to both foreign and
local investors.

Nongo said NEPZA had been working with other stakeholders,
especially the Ministry of Petroleum Resources, to attract more FDIs through
persons, oil and gas sector.

“We are out to promote the free trade zone to enhance inflow
of FDIs and boost the economy; the government plan was to attract investments
to oil and gas sector and we will work in conjunction with the government in
that direction.”

He said government would put in place measures to increase
the number of free zone in the country.

“The US started with more than 300 free trade zones but
today look at the level they are now; we are now working toward getting 500
free zones in Nigeria.”

He expressed regrets that irregular power supply and lack of
adequate infrastructure were the challenges facing the development of free
zones in the country.

“Our greatest challenge in the development of the zones has
been power and infrastructure but the interesting thing about it is that the
challenge is being presently addressed by the government.”