The Nigeria Export Processing Zones Authority (NEPZA) has expressed partnership with the Borno State government to revive the moribund Banki Free Trade Zone.
The Managing Director of NEPZA, Dr Olufemi Ogunyemi, made this known during a courtesy visit by the Governor of Borno State, Prof. Babagana Zulum, in Abuja.
Ogunyemi, who is also the Chief Executive Officer of NEPZA, said there was a strong need to overhaul the zone, describing it as an economic gateway between Nigeria and the Maghreb region.
The Banki Border Free Trade Zone has remained inactive largely due to adverse natural events such as flooding, as well as funding constraints and insecurity.
“We have agreed to leverage our expertise in attracting Foreign Direct Investment and providing technical assistance.
“This is aimed at transforming this business ecosystem that has significant potential to economically empower the North Eastern region of our country,” Ogunyemi said.
He reiterated the Authority’s resolve to deploy its regulatory and investment promotion capacity to reposition the zone for optimal performance.
Responding, Zulum expressed delight at NEPZA’s commitment to supporting the state in its mission to revamp, expand and reconstruct the zone to meet global standards.
“The state is prepared to make substantial investments in the zone and develop the essential physical infrastructure as we work to bring prosperity closer to our people,” the governor said.
Zulum also appreciated President Bola Tinubu for supporting the free trade zone scheme.
“Let me thank President Bola Tinubu, for his support of the free trade zone scheme, as it is a sure way to boost economic growth and industrialisation.
“We are here to take advantage of this,” he added.
Meanwhile, the NEPZA board Chairman, Sen. Tijjani Kaura, said the newly inaugurated board was committed to ensuring NEPZA continued to fulfil its mandate of promoting non-oil export growth through the free trade zone scheme.
Kaura, a former Minister of State for Foreign Affairs, made the pledge during the board’s maiden meeting in Abuja.
“All the board members are pleased with their appointments, and we must thank the President for his leadership in helping us pursue the country’s export-driven ambitions,” he said.
