The Director General of the Bureau of Public Enterprises (BPE), Alex Okoh, has said that if Nigeria’s Free Trade Zones (FTZs) are well harnessed, they could bring in Foreign Direct Investment (FDI) and manufacturing inflows like China.
This was disclosed in a statement by the BPE Head of Public Communications, Amina Tukur, stating that Okoh gave the hint recently at the sidelines of a meeting with the Kano State Governor, Dr. Abdullahi Umar Ganduje on the concession of the Kano Free Trade Zone (KFTZ) to be executed by the BPE.
The Director General disclosed that in 2006 alone, Free Trade Zones, also known as Special Economic Zones (SEZs) accounted for 68 per cent of China’s Gross Domestic Product (GDP) about $1.5trillion.
According to him, 87 per cent of China’s exports are from FTZs while the national level zones attract $ 9.2B in FDI and provide access to more advanced technology, thereby boosting technological progress.
Giving an insight into the planned reform of the Kano FTZ, Okoh maintained that it would be a Property Holding Company (PropCo) with the Nigeria Export Processing Zones Authority (NEPZA), representing the Federal Government as the owner and regulator as well as guarantor of the concession.
He added that the concessionaire would be responsible for the rehabilitation, operation and management of the FTZs.