The concept of Free Trade Zones (FTZs) is not only the greatest catalyst to economic diversification, it is also an economic innovation that holds the key to Nigeria’s long-delayed industrialisation.
The Managing Director of Nigeria Export Processing Zones Authority (NEPZA), Hon. Emmanuel Jime, said this yesterday (Monday) in Abuja while receiving a Business Delegation from China under the auspices of Made-in-Nigeria Initiative (MINA).
According to him, the focus of the present administration is, therefore, to reposition the FTZs by putting in place the enabling environment as well the appropriate regulatory framework that guarantees smooth operations in the Zones.
Towards this end, Jime said NEPZA would partner with both the Chinese government as well as Chinese investors since China has given the world one of the most successful stories in the area of FTZs.
His words: “The biggest challenge before us today is to refocus, rebrand and reposition our Free Trade Zones so that they acquire the character and functionality of true FTZs as obtains elsewhere in China, Europe and the Americas.
“The concept of FTZs came about in 1992, but It is clear that we have not achieved the objective and capacity that was envisioned that we should have some 25 years later. A situation whereby we have only between 12 and 15 functional FTZs is not good enough.”
He added: “We will, therefore, be seeking the full cooperation of the Chinese who have proven to be industry experts by giving the world one of the most successful stories in the area of FTZs. We will definitely be tapping from the Chinese success story.”
Earlier, while explaining their mission to Nigeria, the leader of the Chinese delegation and Co-founder of MINA, Athena Yu, her organisation has so far attracted over $16billion investment to Africa, and desires to help Nigeria power her industrialization drive.
Yu, who was accompanied by research professors from the University of Peking, said FTZs are failing in Africa because of gaps between research and implementation.
“We are currently in seven African countries, including Ethiopia, and we identify with Nigeria’s renewed industrialisation efforts. We would, therefore, love to help Nigeria set Nigeria’s FTZs on a sound footing in order to accelerate her quest for industrialization.
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