Free Trade Zones

FG is committed to creating profitable businesses in free zones


The federal government says it will support activities that harness the immense benefits of free trade zones (FTAs) for the Nigerian economy.

Speaking on Wednesday in Abuja, Nasir Sani-Gwarzo, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, stressed the importance of exploring the potential of investing in free zones to create profitable and sustainable businesses.

He spoke during a one-day awareness-raising workshop on the theme “Creating awareness on the activities of free zones in order to stimulate investment in the sub-sector”.

“As a ministry, we are committed to supporting activities that will help harness the immense advantage of free trade zones for the economy, which is at the heart of why the ministry has set up a committee. review not too long, ”NAN said. .

“The committee will come up with far-reaching recommendations that will increase activities in the zones, especially now that the export market is growing day by day.

“It is equally important to state that the Federal Government, through FMITI, is committed to continuing the implementation of the Nigeria Economic Sustainability Plan (NESP-F) MSME Fund, designed to revitalize and strengthen MSMEs in Nigeria.

Represented by Suleman Audu, director of the commodities and exports department at the Ministry of Commerce, Sani-Gwarzo said Nigeria must highlight the vast opportunities of free trade zones, including strategies to harness them for wealth creation and job creation.

He urged the private sector to seize the huge opportunities offered by investments in free trade zones.

Speaking at the event, Vivian Ibeku, deputy director of export promotion and free zones at the Ministry of Commerce, described free zones in Nigeria as evolving with enormous opportunities for job creation and promotion. non-petroleum products.

“Despite changing positive trends, Nigeria has not fully exploited the potential inherent in the sub-sector,” noted Ibeku.

“This is because the country has not yet properly taken advantage of the true potential of free zones as an instrument of economic growth and diversification.”