The Calabar Free Trade Zone (CFTZ) concession procedure, according to the House Committee on Commerce, is a proactive step in maximizing the zone’s potential to considerably strengthen the Nigerian economy.
Mr. Richard Gbande, the committee’s Deputy Chairman, stated this while leading some committee members on an inspection tour of the zone in Calabar.
The management of the country’s only two public zones located in Calabar and Kano are on the verge of being handed over to private investors.
The lawmaker, representing Katsina-Ala/Ukum Federal Constituency of Benue State, explained that the public must understand what led the Federal Government to adopt the free trade zone scheme, adding that it was basically aimed to spike industrialization and economic growth.
He, however, said that the scheme required a long period of sustained funding to yield any significant benefit to the country.
Mr. Gbande further said that the Nigeria Export Processing Zones Authority (NEPZA) had so far performed well within its limited resources, adding that the impact of the scheme had reflected positively on the country’s Gross Domestic Product (GDP).
He explained that the zone would be brought to the required optimal level of competitiveness when handed over to private investors.
NEPZA boss, Mr. Adesoji Adesugba used the occasion to express his gratitude to President Muhammadu Buhari’s commitment and support in revamping the scheme to meet international standards.
Adesugba explained that Federal Government was committed to ensuring stable electricity supply in the Calabar and Kano free trade zones, adding that the recent blackout in the Calabar zone had been addressed.
He further said that government’s approval of funds for the development of infrastructure at the two public zones and two other new ones was an indicator of the President Buhari’s commitment to reposition the scheme.
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