Trade Ministry restates commitment to Nigeria’s Free Trade Zones

Nigeria’s Federal Ministry of Industry, Trade and Investment (FMITI) has reiterated its commitment to support activities that would harness the immense benefits of Free Trade Zones (FTZs) to Nigeria’s economy.

Dr. Nasir Sani-Gwarzo, Permanent Secretary, FMITI, made this known in Abuja, the country’s capital, while speaking at a one-day sensitization awareness workshop with the theme, “Creating Awareness on the Activities of the Free Trade Zones in Order to Stimulate Investment in The Sub-Sector’’.

The workshop centred on the promotion and development of free trade zones across the country.

Represented by Dr. Suleman Audu, Director, Commodities and Export Department, FMITI, Sani-Gwarzo stressed the need to explore investment potential in free trade zones to create profitable and sustainable businesses.

“It is important to bring to the fore the vast opportunities in the free trade zones and the strategies for harnessing them for wealth creation and employment generation.

“It is equally important to develop innovative ways to harness the investment potential that abound in the free trade zones in order to create profitable and sustainable businesses.

“As a ministry, we are committed to supporting activities that will help harness the immense benefit of free trade zones to the economy, which is at the core of why the ministry set up a review committee not too long.

“The committee will come up with far-reaching recommendations that will upscale activities in the zones, especially now that the export market is growing by the day.

“It is equally important to state that the Federal Government, through the FMITI is committed to the pursuit of implementing the Nigeria Economic Sustainability Plan MSME Fund (NESP-F), designed to revitalize and strengthen MSME in Nigeria,’’ said Sani-Gwarzo.

He urged the private sector to key into the enormous opportunities that are accruable with investment at the free trade zones.

“The challenges are very daunting but equally surmountable,’’ he, however, admitted.

Corroborating, the Permanent Secretary, Mrs Vivian Ibeku, Deputy Director, Export Promotion and Free Zones, FMITI, described Free Trade Zones in Nigeria as evolving with enormous opportunities to create employment and promote non-oil commodities.

Ibeku, who expressed the concern that potential in the Free Trade Zones had yet to be harnessed, blamed it on poor implementation.

“In spite of the evolving positive trends, Nigeria has not maximally harnessed the inherent potential in the sub-sector.

“This is because the country is yet to properly take advantage of the true potential of Free Trade Zones as an instrument of economic growth and diversification,’’ she noted. (NAN)