Nigerian Government To Set Up 6 Economic
Zones
As
part of efforts to boost the fledgling manufacturing sector and
create the much-needed jobs, the Nigerian Government is to set
up six economic zones, one each in the six geo-political zones
of the country. Also, it has assured Chinese investments and
indeed other foreign investors of the safety of their
investments in Nigeria.
Executive Secretary of the Nigeria Investment Promotion
Commission (NIPC), Mr. Mustafa Bello, gave indication of
government's desire to set up the six economic zones at the
opening session of the 6th Nigeria-China Business and Investment
Forum (NCBIF) at the Zhejiang Narada Grand Hotel in Hangzhou,
China on Thursday. Bello said that the economic zones, which
would cover 50 to 100 sq kms would be self sustaining and would
have all the necessary infrastructure that would promote
production.
He said that clusters of enterprises around these econonomic
zones would service them, and by so doing realising the
objective of promoting small and medium scale enterprises.
The economic zones, a brainchild of Minister of Trade and
Commerce, Mr. Charles Ugwuh, have already been approved by the
nation’s Federal Executive Council (FEC).
However, the modality for its implementation in terms of the
kinds of incentives to offer to investors that may be willing to
partner government has not yet been worked out.
The envisaged economic zones will bear semblance to that of Ogun-Guangdong
Free Trade Zone, which materials for construction are set to
leave China for Nigeria by next month.
Also, Bello assured Chinese investors at the plenary of the 6th
NCBIF of the safety of their investments.
He said that the assurance is predicated on the commitment of
the administration of President Ya'Ardua to the rule of law and
due process.
He assured prospective investors
that the government would honour all undertakings with them
including that on 100 per cent repatriation of their profits.
NP/MICHAEL
