Free Trade Zones Vital For Economic Growth- Buhari

President Muhammadu Buhari said that his administration had deployed Free Trade Zones (FTZs) as launchpads for economic development and growth in the country.

The President disclosed this at the inauguration of Kano FTZ new administrative building and Nigeria Special Economic Zones Institute, on Tuesday in Kano.

Represented by the Minister of State, Industry, Trade and Investment, Amb. Maryam Katagum, the President said the FTZs scheme had been repositioned in infrastructure development to attain global competitiveness in the past seven years.

He said the scheme contributed enormously to the execution of the economic policies of the present administration.

This, he said, includes the designation of six special economic zones, four international airports as free trade zones and attraction of investments worth $30 billion.

“The zones have attracted over $30 billion in investments which is expected to increase in the next few years with sustained incentives and aggressive investment drive.

“Incentives in the free trade zones include tax free operations, free fiscal duty for imported goods, machinery and equipment, exemption from levies.

“The presence of key enterprises in the zones is an attestation to the fact that FTZs are contributing immensely to the growth and industrialisation of the Nigerian economy.

“Under this administration, there has been a geometric increase in the number of FTZs from 21 to 46,” the president said.

Earlier, Prof. Adesoji Adesugba, Managing Director, Nigeria Export Processing Zones Authority (NEPZA), commended the Federal Government for the confidence reposed on the authority as the vanguard for deploying FTZs scheme to accelerate economic development.

He enumerated other achievements of the present administration to include starting development of the largest U.S. consulate in the world at Eko Atlantic free zone, Lagos.