The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has described the Federal Government’s adoption of the Special Economic Zone (SEZ) model of the Free Trade Zone concept as a wise step toward making the scheme more meaningful and beneficial to local investors and markets.
The minister made the remark on Wednesday at the official licence presentation of the Delta State Special Economic Zone (DSEZ) by the Nigeria Export Processing Zone in Abuja.
Adebayo, represented by Mr S.A Jaja, Deputy Director, Trade in the ministry, said the President Muhammadu Buhari-led administration had encouraged NEPZA to adopt the model for all-inclusive industrialisation process across the country.
The minister further explained that the SEZ model was better positioned to both attract Foreign and Local Direct Investments into the free zone business ecosystem, adding that the model allowed for easy interface with the custom territory.
He therefore, expressed delight on the giant step taken by the Delta State Government to embrace the economic model that had the capacity to unlock the state’s wealth and growth potentials.
Adebayo also thanked Prof. Adesoji Adesugba, the Managing Director of NEPZA for his relentless passion in ensuring that all-state governments keyed into the free zone scheme.
On his part, the governor of Delta State, Sen. Ifeanyi Okowa, thanked President Buhari for approving the Delta State SEZ Licence, describing it as a milestone.
Okowa said the state would leverage on the new business enclave to fully harness the potentials of the Koko Port, Kwale Industrial Park, and the Ogwashiku Agro-Allied Park.
The governor also said that the state would greatly rely on its comparative advantage in gas and crude oil deposits to also lure sustainable investments into the zone.
Adesugba, while delivering the licence to the governor, said the Authority was committed to further assisting the state in providing it with technical assistance and attracting world class investors into the zone.