| The Nigerian government is set to carry out a comprehensive review and restructuring of the operations of the 24 licensed Free Trade Zones (FTZs) across the country, according to Trade and Investment Minister Olusegun Aganga.
The private Guardian Newspapers quoted the minister as disclosing this during an inspection tour of the manufacturing and trade facilities at Calabar Free Trade Zone and Tinapa Business and Leisure Resort in Cross River State, in Nigeria’s South-east. “We are going to revisit the concept of the Free Trade Zones across the country with a view to reviewing their operations in order to align them to the Transformation Agenda of Mr. President and the new mandate of the ministry in the area of attracting Foreign Direct Investments (FDIs), job creation and employment generation. ”The objective is to make the FTZs functional and efficient and contribute meaningfully to the country’s drive towards economic growth and development,” the minister said. Out of about 24 FTZs licensed by the Nigerian Government since 1992, less than 13 are currently operational. Aganga said the proposed review was aimed at enhancing their capacity to create jobs, generate wealth and contribute significantly towards the nation’s economic growth and development. FTZs are special industrial and commercial zones set up by the Nigerian Government to facilitate inflow of FDI, encourage the manufacturing of goods for export and boost technology transfer and job creation. Observers are of the view that the proposed step was also in line with the new foreign policy posture of the country, which now place more emphasis on economic diplomacy with the main goal of attracting foreign investors and investments to generate wealth, create more jobs and reduce poverty |
Aug182011