The organised private sector under the aegis of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) have decried the migration of big companies and industries from Nigeria to Ghana and other African countries.
The National President of NACCIMA, John Udeagbala, expressed this concern when he led a delegation to pay a working visit to the Managing Director of the Nigeria Export Processing Zone (NEPZA), Adesoji Adesugba in Abuja.
He called for collaboration with NEPZA to critically look into the issue and develop solutions to stop the migration of big industries from Nigeria, attract and retain investors.
In response, the MD announced plans by the federal government to set up six more free trade zones before the end of President Muhammadu Buhari’s administration to diversify the economy and attract investment.
Read Also: NACCIMA urges FG to promote private sector through AfCFTA
He regretted that there are only two public zones in the country since 1992, while there are about 22 other schemes led by private sector individuals which he said had been very successful with state of the art facilities for investors.
Adesugba informed that three zones will be set up within this financial year (between now and the next budget circle) while others will be set in the next budget circle.
” It is significant that government is doing this if we understand that these are very expensive schemes. But, government alone cannot fund everything. We have to depend on the private sector, to work together to make the schemes of international standards. We will be very eager to market the schemes with you. I think this is the only way to go”, he said.
While also noting that funding was a huge problem for private businesses especially the Micro, Small and Medium Enterprises (MSMEs), the MD stressed the need for government to partner with the organised private sector to design a mechanism where they can get funding and give directly to their members.
Also speaking, Kayode Adetokumbo, National Vice President of NACCIMA, said NEPZA is well positioned to diversify the Nigerian economy from oil. He said the goal is tied to the success of NEPZA because production takes place in free trade zones.
Adetokumbo, therefore challenged the DG to explore other sectors like mines and agriculture. These, according to him are critical areas that can bring a lot of value, revive the economy, create more opportunities, and slow down the current migration of big companies.
“It is when we produce that our naira will have more value and strong against the international currencies”, he said.
