• Wednesday, May 22, 2024
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BusinessDay

AIIP, others allocate $3.5bn to revive Nigeria’s Free Trade Zone

Lekki Free Trade Zone

In a move set to revolutionize Nigeria’s economic landscape, Arise Integrated Industrial Platforms (AIIP), in collaboration with its funding partners, is set to inject 3.5 billion-dollar investments into the country’s free trade zone scheme.

Olufemi Ogunyemi, managing director, Nigeria Export Processing Zones Authority (NEPZA), in a statement signed by Martins Odeh, head of corporate communication announced this during the presentation of the Declaration Licence for the newly registered Industrial Platform Remo (IPR) Free Zone in Abuja.

Ogunyemi emphasized the significant economic impact this venture would have, citing the financial capacity of AIIP and its partners to spur immediate growth. He expressed optimism that the deployment of these funds would pave the way for the establishment of world-class enterprises across the nation, leading to tangible benefits for citizens.

“We are holding a significant event of presenting the Declaration Licence of the newly registered Industrial Platform Remo (IPR) Free Zone to the promoter and its partners,” he said.

“We have through due diligence found that the promoter and the partners have the financial muscle to immediately inject multi-billion-dollar into the Nigeria economy through the free trade zone scheme.

“It is our hope, therefore, that the impact of this exploit will be positively felt by the citizens in no distant time as the promoter will ensure the placement of world-class enterprises across the country. We can only imagine the benefits these can bring to our people.”

On his part, Suren Abeywickrema, Vice President, Country Head of Arise Integrated Industrial Platforms, disclosed that the initial focus of the investment will be the commencement of construction projects in designated sites in the northern region.

According to him, These projects will pave the way for the establishment of enterprises specializing in Cotton/Garment production, processing, and Solid Mineral industries, driving job creation and economic diversification.

The collaboration between AIIP and its esteemed funding partners, including Equitane (formerly ATIF), Africa Finance Corporation (AFC), NorFund, Nor Finance, FMO, RBO Partnerships, and the African Development Bank (ADB), underscores a shared commitment to catalyzing sustainable growth and prosperity across Nigeria.