As policymakers and investors explore all options available to revive the post-COVID-19 economy, a group of experts have said increased focus on the vibrant trade flows in Nigeria’s free trade zones could also boost the economy.
Speaking at an event organised by Alaro City, the mixed-use city being built in the Lekki Free Zone, they said free zones in driving economic growth with business-friendly incentives.
Launched in January 2019, Alaro City is planned as a 2,000-hectare mixed-income, city-scale development with industrial and logistics locations, among others.
It is a partnership between Rendeavour and Lagos State, as over 30 companies have interests in the city.
Managing Director of Nigerian Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba urged the business community to partner with Nigeria’s 42 free trade zones to reduce the economic impact of the pandemic.
Chairman of Alaro City, Ayo Gbeleyi, said the event was organised to sustain conversations on effective ways of urgent economic revitalization.
“We must think of our economy beyond oil and that is why we need free trade zones to generate export revenue,” he said.
Stephen Jennings, Founder and CEO of Rendeavour, said: “We believe our cities across Africa will be home to the entrepreneurs and enterprises that will propel Africa into a new age.”
