NEPZA, World Bank, IFC partner to develop Free Zones

NEPZA, World Bank, IFC partner to develop Free Zones

Business

NEPZA, World Bank, IFC partner to develop Free Zones 

From Atiku Sarki, Abuja

The Nigeria Export Promotion Zones Authority (NEPZA) has said that with the new partnership with the World Bank and the International Financial Cooperation (IFC) in the area of infrastructural development of Free Trade Zones across the country, staff capacity building will help in attracting more foreign direct investment to the Nigerian economy.

The Acting Managing Director, NEPZA, Mr. Bitrus Dawuk disclosed this when the World Bank and the International Financial Cooperation (IFC) delegation paid him a courtesy visit in his office in Abuja.

He said that one of the bottlenecks militating against optional performance of free trade zones is his authority’s obsolete legislations that are in the process of being amended by the National Assembly which he said after its amendment it will be capable of generating billions of dollars’ worth of investment into the country.

Dawuk assured of his Council’s readiness to work with the World Bank and the IFC to provide world class free zones as there are already measures in place to review the outdated regulations of the authority to make it more favourable for foreign investors to come to Nigeria and invest.

In his remark, the leader of the delegation, Mr FeyiBoroffice had said that their visit to NEPZA was aimed at strengthening relationship with the Council by providing an enabling environment to attract more foreign investors into the county and to build other projects that would encourage the establishment of industries such as the Dangote Refinery and Petrochemical Plant.

The IFC representative, Bambo Kunle Salami said what the World Bank does is to provide funding and advice to the public sector and government while the IFC dwells more on private sectors.

She said in Nigeria, they have been active for over 30 years most especially when Nigeria had no cement capacity, they finance the plant from its very beginning and the world zones were able to finance them as well.

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