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Nigerian government commits to developing different economic zones across the country

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The Federal Government has assured strategic investment partners and advisers of the Nigeria Special Economic Zone Investment Company Ltd. (NSEZCO) of its commitment to develop the zones across the country.

Laolu Akande, Senior Special Assistant on Media and publicity to Vice President Yemi Osinbajo, said in Abuja on Friday, 24 May 2019, that Osinbajo gave the assurance, at a meeting with the representatives of the investment partners of NSEZCO.

The meeting also had in attendance, African Export-Import Bank, Bank of Industry, Nigerian Sovereign Investment Authority, Africa Finance Corporation and the African Development Bank.

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Osinbajo condemned the recent misrepresentations that had been created about NSEZCO in certain sections of the media and regretted the embarrassment it might have caused the investors.

He reaffirmed Federal Government’s endorsement of the strategies and plans put in place for the actualisation of the zones.

The vice president also assured the investors of the readiness of President Muhammadu Buhari’s administration to offer all the support required to complete their investments in the company.

He said it was the vision and plans of the present administration to be the pre-eminent manufacturing hub in Sub-Saharan Africa and a major exporter of manufactured products.

He restated government’s commitment to “Project MINE“, a project designed to promote exports of products made in Nigeria.

“It is also a Presidential Priority Intervention project, using special economic zones to achieve the objectives of boosting manufacturing’s share of GDP to 20 percent.

“It is generating 30 billion dollars in annual export earnings and creating 1.5 million new jobs in the export-oriented manufacturing value chain,” he said.

According to him, the project is fundamental for Nigeria as industrialisation is a major pillar of its Economy Recovery and Growth Plan.

Malam Abubakar Malami, the Attorney-General of the Federation, explained to the investors that the recent investigation into the affairs of the company was to establish the integrity of the Federal Government.

Malami said the investigation was also to establish the propriety of government’s actions in the light of the negative perceptions created in the media.

He also said that Federal Government had no intention whatsoever, to frustrate investment in the company and its smooth take-off.

Dr. Okechukwu Enelamah, Minister of Industry, Trade and Investment, thanked Osinbajo and Malami and the investors for their support.

He said from all indications, NSEZCO remained on course to raise 500 million dollars for investment in the zones.

‘’NSEZCO is a special purpose vehicle set up by the Federal Government to facilitate Public Private Partnerships (PPP) with development finance institutions and other investors.

It is designed to develop special economic zones across the country as well as offering world class infrastructure and facilities at competitive costs and creating an enabling environment for export-oriented manufacturing activities.

– APA

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