FG targets $68.1bn fresh FDI from 8 free zones

The Federal Government is targeting $68.1 billion fresh
Foreign Direct Investments (FDI) from eight newly licensed
free zones, the Managing Director of the Nigeria Export
Processing Zones Authority,Mr.Gbenga Kuye has said.
He said the enhanced efficiency of the agency, in line with the
Transformation Agenda of President Goodluck Jonathan, had
helped to fast-track approvals for zones, based on the new
checklist and methodology put in place for assessing requests.
Kuye, who spoke to journalists in Abuja on Wednesday, said
the investments attracted already and incoming ones that had
been sealed, provided a solid foundation for a stronger
economy and greatly improved standard of living for Nigerians,
adding that the current administration should be commended
for that.
“Based on the new checklist and methodology put in place for
assessing free zone requests, the President approved a
number of facilities including the Centenary City Free Zone
(Business and Tourism Destination), with expected investment
of about $18 billion; Ogogoro Industrial Park, Lagos (oil and
gas activities) $160 million and the Nigeria International
Commerce City, Lagos, (formerly Eko Atlantic City) $38 billion.
“Others are Badagry Creek Industrial Park, Lagos, $1.3 billion;
Nigeria Aviation Handling Company (NAHCO) Free Zone, $25.5
million; Dangote Refinery/ Petrochemical Park, $9 billion; Lekki
Deep Seaport (under Lagos Free Trade Zone) $1.4 billion and
Samsung Heavy Industries and Mega Construction Integrated
FZE (under LADOL Free Zone), $300 million.”
He added: “The authority is currently at advanced stages for
the approval for the proposed Kogi Industrial Park. We are
also presently consulting with the Cross River State
Government on the establishment of an Automotive Industrial
Cluster in the state.
“This is sequel to a bilateral relation agreement between
Nigeria and Japan, where Japan has proposed to help develop
an auto industrial cluster in Calabar. This is being done in
conjunction with the National Automotive Council (NAC) and
consultations are also ongoing for the revamping of the Idu
Industrial Area located in Abuja. According to experts, FDI can
be defined as the inflow of capital or capital importation from
Country ‘A’ to Country ‘B’ for the purpose of investment in
Country ‘B’.
“The word capital here is mainly in the form of plant and
machinery or professional services (not physical cash)
brought in from outside the country for the purpose of in­
vestment, which value can be placed upon and is quantifiable
in monetary terms.”
Kuye noted that since his assumption of office in 2013, the
authority had undergone massive transformation characterised
by the restructuring of its organogram to reflect the new
NEPZA, which is to be driven largely by in-depth research and
excellent investor relations.