The Nigerian Export Processing Zones Authority (NEPZA) has granted licence to Nigeria’s largest and most ambitious Free Trade Zone and Mega Port project – the Maritime Africa Economic City, otherwise known as the Badagry Free Zone.
A statement made available to newsmen on Tuesday in Lagos, said the licence was handed over to the Project Director of the Zone, Mr. Patrick Bird, by the Managing Director of NEPZA, Mr Gbenga Kuye, in Abuja.
“Today marks a tremendous milestone in the development of the Badagry project.
“With NEPZA, we intend to develop Maritime Africa Economic City into one of the most successful special economic zones in all of Africa,’’ Bird said shortly after receiving the NEPZA licence.
“The benefits of having this approval are enormous for our clients and in spite of the current downturn in the economy, we are still fielding a lot of interests from domestic and foreign companies wanting to set up in Badagry.
“We thank NEPZA for their continued support. This is going to be a great partnership to the benefit of Nigeria,’’ he said.
Bird said some of the benefits of the new Free Trade Zone include: various tax advantages, 100 per cent repatriation of profits and dividends, immigration incentives, round the clock operations and fast track cargo clearance procedures.
The Maritime Africa Economic City will be developed on 1,100 hectares of land with over 6 km of quay wall, including a container terminal, Roll-On/Roll-Off (RORO) terminal, general cargo terminals, oil service centre and refined products import terminals.
It will also include a power plant, oil refinery, industrial park, warehousing and Inland Container Depot functions as well.
The zone is connected to Lagos by the Lagos-Badagry Expressway, which is currently being upgraded and expanded by the Lagos State Government as well as the Porto Novo Creek.
This allows for the barging of cargoes between the existing port system of Lagos and the new facility.
A rail line will also be developed in future to connect the new Free Trade Zone for even more seamless transit of goods.
According to the statement, in October, Lagos State Governor, Mr Akinwunmi Ambode said the Badagry Free Zone and Mega Port project would be a major turning point that would go a long way to bring about global growth to Nigerian waters and by extension, the nation’s economy.
The governor said the project would also complement the emergence of Lagos as the fifth largest economy in Africa.
The governor lauded the investors for staying the course with the project, which is expected to generate hundreds of thousands of direct and indirect jobs upon completion.
He pledged his government’s commitment to ensuring the interests of the host communities alongside a sustainable regeneration and urban renewal of the area.
The Federal Government approved the construction of the proposed Mega Port and Free Zone at the Federal Executive Council meeting of Aug. 3, 2016.
Also, speaking in support of the project, the Minister of Transportation, Mr Rotimi Amaechi, said the project would boost Foreign Direct Investment in the country.
The Minister of Information, Alhaji Lai Mohammed, said the approval showed that Nigeria was still a preferred investment destination in Africa in spite of the challenges it is currently facing.
Also speaking on the project, the Minister of Power, Works and Housing, Mr Babatunde Fashola, thanked President Muhammadu Buhari for granting the approval.
He said, “There are bigger vessels now being built across the world that require larger depths and drafts to berth.’’
“Now some of our competitors on the continent like Djibouti are building bigger ports; so if we do not build this port, we risk becoming uncompetitive and we risk a threat to our maritime hub status.
“In the sense that we may become a transhipment port instead of a port of original destination,’’ he said.
The Maritime Africa Economic City is being developed by a consortium of top local and international companies.