Business, Economy

NEPZA approves 3 new Free Trade Zones worth $2.751bn

The Managing Director of Nigeria Export Processing Zones Authority (NEPZA), Emmanuel Jime, has said that the authority had given approval and formally licensed three new Free Trade Zones (FTZs).

He made this known in  in a statement signed by the Head, Corporate Communications of the Authority, Simon Imobo-Tswam, on Wednesday, in Abuja.

According to Jime, the names of the new FTZs are Nasco Town FTZ; Quit Aviation Services FTZ; and Tomaro FTZ.

“The new licensed FTZs have over 2.751 billion dollars in Foreign Direct Investment (FDI) in-flows into the country.

“Besides the over 2.751 billion dollars in FDI in-flows, the new FTZs are targeting direct jobs in excess of 50, 000.

“Under my stewardship, we have, so far, been able to licensed three new industrial parks. The first one is Nasco Town Free Zone, which is valued 2.086 billion dollars.

“It is estimated at completion to be able to provide 15,000 direct jobs.

“The second is Quit Aviation Services Free Zone, valued at 215million dollars and it is estimated to provide jobs in their thousands.

“And there is Tomaro Industrial Park, in Lagos valued at 450 million dollars. It would also provide jobs running into the thousands.”

Jime said that the challenges he met upon assumption of office included low staff morale, inter-agency rivalry, delayed promotions and poor investor-confidence, among others.

He said that he had been able to make appreciable impact with the support of his management team.

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