The Nigeria Export Processing Zones Authority (NEPZA) said it is dedicated to helping the Borno State Government revive the moribund Banki Free Trade Zone.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, made the remarks during a courtesy visit from the governor of the state, Prof. Babagana Zulum, in Abuja.
Dr. Ogunyemi, who is also the CEO of NEPZA, said there was a strong need to overhaul the zone, emphasising that it served as an economic gateway between Nigeria and the rest of the Maghreb.
The Banki Border Free Trade Zone has remained inactive mainly due to adverse natural events, such as flooding. Funding constraints and insecurity are the other challenges.
“We have agreed to leverage our expertise in attracting Foreign Direct Investment and providing technical assistance to transform this business ecosystem that has significant potential to economically empower the North Eastern region of our country,” Dr. Ogunyemi said.
Gov. Zulum expressed delight at the Authority’s rare commitment to supporting the state in its mission to revamp, expand, and reconstruct the zone for global competitiveness.
“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.
“Let me thank His Excellency, President Ahmed Bola Tinubu GCFR, for his support of the free trade zone scheme, as it is a sure way to boost economic growth and industrialisation, so we are here to take advantage of this,” the governor said.
In another development, Sen. Tijjani Yahaya Kaura MFR, Chairman of the NEPZA Board, stated that the newly formed Board was dedicated to ensuring that the Authority 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, said this during the board’s maiden meeting on Tuesday 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,’’ Kaura said.
