NEPZA, NIPC Partner On Investments Migration To New SEZs

The Nigeria Export Processing Zones Authority (NEPZA) and Nigerian Investment Promotion Commission (NIPC) are partnering on the migration of investments to new Special Economic Zones (SEZs).

The three new zones are in Lagos, Kwara and Katsina for medical, agro-allied and cotton clusters.

Prof. Adesoji Adesugba, NEPZA’s Managing Director, and his counterpart Ms Yewande Sadiku, NIPC’s Executive Secretary, agreed on this partnership during a meeting in Abuja.

NEPZA’s Head of Corporate Communications, Mr Martins Odeh, made this known in a statement on Wednesday in Abuja.

The Federal Government approved six SEZs to be evenly sited in the six geo-political zones, but earmarked these three for development in 2021 fiscal year while the rest three were deferred to 2022.

Adesugba explained that efforts were underway to use the zones to stimulate genuine economic activities nationwide.

He added that a synergy with NIPC would help to migrate desired local and international investments to these zones.

The NEPZA Chief Executive Officer said that the three new zones would boost production linkages required for economic growth.

Adesugba added that the partnership would spur international investors interest on the medical free zone to be sited in Lekki as well as reduce capital flight through medical tourism by Nigerians abroad.

“We are also hopeful that the Medical Free Trade Zone will be a convergence of world-class hospitals, pharmaceutical companies, aged homes, hotels and medical based research institutes.

“This enclave when operational will retard the migration of medical professionals abroad,” he said.

Sadiku on her part, expressed satisfaction in the way the NEPZA boss had promoted the special economic zones model across the country.

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The NIPC boss said that the commission was prepared to partner with NEPZA to accelerate economic development,.

She added that the three new SEZs would be used as pilot scheme for more investment drive.

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