Adesoji Adesugba, MD of the Nigeria Export Processing Zones Authority (NEPZA), has solicited the intervention of the National Assembly through a sustained and robust appropriation to boost the development of Special Economic Zones in Nigeria.
According to a statement issued on Thursday, in Abuja, by Martins Odeh, Head, Corporate Communications, NEPZA, Adesugba made the appeal at the agency’s presentation of its 2022 budget at the National Assembly.
The NEPZA CEO explained that ensuring an improved system and re-alignment of the operations of the free trade zone business ecosystem could only be realised by huge investments in infrastructure.
“Infrastructure development in the zones is the ultimate attraction to this concept. We shall not be dissipating too much energy in promoting the concept if the right infrastructures are in place,” he explained. “China has about 3,000 state-of-the-art free trade zones and has leveraged them to transform its economy to an enviable form. This is indicative of the socio-economic possibilities embedded in this global concept.”
He added, “We need to, therefore, rethink our strategies to improve appropriation and funding of the free trade zones if the country truly aims at using it to accelerate economic growth.”
Mr Adesugba pointed out that NEPZA had developed a formidable SEZs structure that could stand the test of time.
“What is, therefore, required is the political will to substantially enhance its funding. If we failed to do this, the country would finally become a dumping ground for goods and services from other African countries due to the current trade liberalisation regime allowed by the African Continental Free Trade Agreement (AfCFTA),” he noted. “Nigeria must become competitive by being a producing nation as opposed to being a consuming nation,” he said.
(NAN)
