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Free Trade Zones attracted over $30bn investments to Nigeria – Buhari

President Muhammadu Buhari has said his administration’s designation of Free Trade Zones (FTZs) in the country has attracted investment worth over $30billion into the country.…

President Muhammadu Buhari has said his administration’s designation of Free Trade Zones (FTZs) in the country has attracted investment worth over $30billion into the country.

The president, who spoke through the Minister of Industry, Trade and Investment, Amb. Maryam Katagum in Kano, at the inauguration of Kano Free Trade Zone new administrative building and Nigeria Special Economic Zones Institute, said the zones have become the Launchpad for economic development and growth.

He also said the government has designated six special economic zones, four international airports as free trade zones and attracted $30 billion investments 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.

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“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, the Managing Director, Nigeria Export Processing Zones Authority (NEPZA), noted that the development of the largest US consulate in the world at Eko Atlantic free zone, Lagos as one of the achievements of the administration “estimated at $500 million dollars and will employ about 1,500 Nigerians in five years.”

The chairman of Kano FTZ investors’ forum, Alhaji Umar Marshall, appealed to the minister to clarify issues on the planned concession of Kano and Calabar free zones and how it would affect investors.