The Acting Managing Director, Nigeria Export Processing Zones Authority NEPZA, Mr. Bitrus Dawuk says its partnership with the World Bank and the International Financial Co-operation, IFC in the area of infrastructural development of Free Trade Zones across the country and staff capacity building will help attract more Foreign Direct Investment to the economy.
Mr. Bitrus Dawuk made this known when he received a delegation from the World Bank and the International Financial Co-operation, IFC in Abuja Nigeria’s capital.
He stated that one of the bottlenecks hindering optimal performance of Free Trade Zones is NEPZA’s obsolete legislation that is in the process of being amended by the National Assembly, adding that after its amendment it will be capable of generating billions of dollars worth of investments in the country.
“NEPZA is ever ready to work with the World Bank and the IFC in giving Nigeria a world class free zones as there are already measures in place to review the outdated regulations of NEPZA to make it more favourable for foreign investors to come in and invest in the country.”
Strengthening cooperative ties
The Leader of the delegation, Mr. Feyi Boroffice said the visit was aimed at strengthening relationship with NEPZA in providing an enabling environment to attract more foreign investors into the country by building anchor projects that would encourage the establishment of industries such as the Dangote Refinery and Petrochemical plant.
According to him, “The World Bank group is the multilateral development institution so our aim is to go to all the developing countries in the world to see where we can provide funding or advice to help with development. So out of the 210 or 220 countries in the world, 150 of them are developing countries, so we need to go there and see how we can help with development especially on how we can create more jobs; increase women participation in the economic process; how can we increase money and standard investment and how we can increase exports”.
Mr Boroffice explained how the World Bank has been part of the Dangote Refinery and Fertilizer plant project in Ibeju Lekki, suggesting the need for a replication of such massive project across other zones in the federation.
“We are also very interested in the Akwa Ibom Free Trade Zone project which we understand is under your Authority’s supervision as we appeal to you and the Authority to give us the opportunity to participate in the project for the total economic benefit of Nigeria” he said.
The IFC representative, Mrs Bambo Kunle-Salami said what the world bank does is to provide funding and advice to the public sector and government while the IFC dwells more on Private sectors.
“We do the same thing the World Bank does but what we do is that we only deal with the private companies. We also provide funding and provide advice to private companies. So in Nigeria we have been active for over 30 years” she said.
Source: VON
