BoI, Investors kick off investment discussions on special economic zones

The Nigerian Government on Tuesday revealed that the Bank of Industry (BoI) and several investors are already advancing discussions on possible investment in Nigeria’s Special Economic for job creation.

Okechukwu Enelamah, the country’s minister of industry, trade and investment, gave the information in Abuja at the inauguration of the board of BOI.

He said that the Muhammadu Buhari-led administration has placed high premium on issues of economic development, adding that the recently inaugurated Industrial Competitiveness Council will work closely with the Bank to industrialise the country.

He added that the inaugurated board will work closely with the Ministry to ensure it delivers on its mandate.

“Just as the life blood of any institution is the quality of its corporate governance and how well it is managed. We must work in line with the President Muhamadu Buhari’s commitment by ensuring that we have good governance by strengthening good governance practice, while ensuring Nigeria is a bettter place to do Business,” he said.

Also speaking, Olukayode Pitan, the Managing Director of BoI, said discussions are already advanced on four major economic zones: the Calabar Free Trade zones, Kano Free Trade zones, Nnewi and Akwa-Ibom deep seaports.

“As the Minister mentioned, we are already discussing with would be investors. I actually was in Cairo in Egypt with the team from the Minister,” Pitan said. “We are going to work with these investors in terms of raising money to ensure that some of the remedial works such as access roads to the zones is done. Both Kano and Calabar are owned by the federal Government, and there must be some level of selling down to the Public, so that it attracts people seeking to invest.”

He added that there is a major investor that is coming for the Calabar Free Trade Zones, and some Arab investors coming for the one in Kano. According to him, “What we are doing currently working with the Ministry to ensure that there is enabling environment to operate as private investors.”

In his response, the Chairman of the Board, Abdulamai Dikko, assured that the Board will ensure sound and transparent leadership in services delivery to Nigerians, while also working with various agencies in ensuring that the Growth and Economic Recovery Plan becomes a success.

The Nigerian government has made provisions of N46 billion for special Economic Zones projects to be set in each of the geo-political zones to drive manufacturing and exports. Industry watchers also maintained that Nigeria could take advantage of the Economic zones to deepen it’s industrialisation journey.