Federal Government Targets $68billion New Investment

The Managing Director of the Nigeria Export Processing Zones Authority, Mr. Gbenga Kuye, said, Federal Government is aiming at $68.1bn new Foreign Direct Investment from eight newly licensed free trade zones.
He said the enhanced effectiveness of the NEPZA, in conjunction with the Transformation Agenda of President Goodluck Jonathan, had helped to fast-track approvals for the free zones, based on the new checklist and methodology put in place for assessing requests.
Kuye said, “Based on the new checklist and methodology put in place for assessing free zone requests, the President approved the following: Centenary City Free Zone (business and tourism destination), with expected investment of about $18bn; the Nigeria International Commerce City, Lagos, (formerly Eko Atlantic City) $38bn and Ogogoro Industrial Park, Lagos (oil and gas activities) $160m.
“Others are: the Badagry Creek Industrial Park, Lagos, $1.3bn; Nigeria Aviation Handling Company Free Zone, $25.5m; Dangote Refinery/Petrochemical Park, $9bn; Lekki Deep Sea Port (under the Lagos Free Trade Zone) $1.4bn; and Samsung Heavy Industries and Mega Construction Integrated FZE (under the LADOL Free Zone), $300m.”
Kuye added, the authority is presently at an advanced phase for the approval of the proposed Kogi Industrial Park. They are also presently consulting with the Cross River State Government on the establishment of an automotive industrial cluster in the state.
This is sequel to bilateral relations conformity between Nigeria and Japan, where Japan has proposed to help develop an auto industrial cluster in Calabar. This is being done in conjunction with the National Automotive Council. Consultations are also ongoing for the revamping of the Idu Industrial Area located in Abuja, he said.