FG Targets $68.1Bn Fresh Foreign Direct Investment

Mr Oluwagbemiga Kuye, managing director of the Nigeria Export Processing Zones Authority (NEPZA), said on yesterday that the Federal Government targets $68.1bn in Foreign Direct Investment from the eight newly-licensed free zones.

Kuye said this in Abuja while fielding questions from newsmen.

He said $18 billion would come from Centenary City Free Zone; $160 million from Ogogoro Industrial Park, Lagos, and $38 billion from Nigeria International Commerce City, also in Lagos.

“Others are Badagry Creek Industrial Park, Lagos; $1.3bn, Nigeria Aviation Handling Company (NAHCO) Free Zone, $25.5m; Dangote Refinery/ Petrochemical Park, $9bn. Lekki Deep Sea Port (under Lagos Free Trade Zone) $1.4bn, Samsung Heavy Industries and Mega Construction Integrated FZE (under LADOL Free Zone), $300m.”

According to him, the authority is currently considering approval for Kogi Industrial Park and consulting with Cross Rivers State Government to establish an automotive industrial cluster in the state.

Kuye said Japan would help to develop an auto industrial cluster in Calabar, based on a bilateral agreement with Nigeria.

“This is being done in conjunction with the National Automotive Council, while consultations are also ongoing for the revamping of the Idu Industrial Area located in Abuja,’’ he added.

Kuye said the authority had undergone massive transformation since he took over in 2013, with focus on research and excellent investor relations.

He said that the authority had adopted a rigorous process to enhance efficiency and productivity which had helped to reduce the delays which usually characterized its operations.

He noted the need to review the NEPZA Act 2004, to ensure the full realization of the Authority’s mandate.

“In view of this, the Agency has embarked on the review of the Act which is currently at the National Assembly with a view to amending it and getting it passed as soon as possible.”