Ekiti State Secures Free Trade Zone Status, Joining 21 Other States with Big Opportunities
- Ekiti has joined the league of 21 other Nigerian states in having a free trade zone approved by the government
- The primary objective of free trade zones in Nigeria is to attract foreign investment which will in turn help creates job, economic growth
- Nigeria has attracted cumulative investment of N14.1 trillion through free trade zones NEPZA recently revealed
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Ekiti State has officially been granted free trade zone status by the federal government, making it the 22nd state in the country to be granted this status.
Dailytrust reports that President Muhammadu Buhari gave the approval following the request of the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo.
The free trade is for the Ekiti Knowledge Zone Situated on 208.949 Hectares of Land Located Ado-Ijan Road, Ado Ekiti.
Ifedayo Sayo, Special Assistant to Hon Minister of Industry, Trade, and Investment disclosed the development in a statement on Tuesday, April 11, 2023, Punch reports
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The statement read:
“President Muhammadu Buhari has approved the request of the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo seeking a free zone status to the Ekiti Knowledge Zone“
“The approval was conveyed via a letter titled: “RE: Recommendation For Approval and Designation of Free Trade Zone Status in Ekiti Knowledge Zone (EKZ) Situated on 208.949 Hectares of Land Located Ado-Ijan Road, Ado Ekiti, Ekiti State,” addressed to the Minister and signed by the Chief of Staff to the President, Prof Ibrahim Gambari
“I refer to your letter Ref.No., FMITI/CED/4748/Vol1 dated 22 February 2023 on the above subject
“Kindly note that Mr. President has granted free zone status approval for the Ekiti Knowledge Zone located along Ado-Ijan road, Ekiti State on a parcel of land measuring approximately 208.949HA with coordinates 8042765.02m’N;761’ 244.963m’ E, in accordance with Section 1 (1) of the NEPZA Act Cap. N107 Laws of Federal Republic of Nigeria 2004.
“Please accept the assurances of my highest regards.”
What is a free trade zone
Free trade zones (FTZs) are designated areas within a country where goods can be imported, exported, and stored without customs duties or other trade barriers.
In Nigeria, the Nigeria Export Processing Zones Authority (NEPZA) regulates and oversees the operations of FTZs.
The primary objective of FTZs is to attract foreign investment and promote economic development by providing a conducive business environment.
The benefits of operating within FTZs in Nigeria include tax exemptions, streamlined customs procedures, and access to a large consumer market.
Companies operating within these zones also enjoy simplified administrative procedures, streamlined business registration, and 100% repatriation of profits.
List of free trade zones in Nigeria
There
- Calabar Free Trade Zone, Cross River State
- Tinapa Business and Leisure Resort, Cross River State
- Onne Oil and Gas Free Zone, Rivers State
- Snake Island Integrated Free Zone, Lagos State
- Lekki Free Zone, Lagos State
- Ogun-Guangdong Free Trade Zone, Ogun State
- Kano Free Trade Zone, Kano State
- Ibom Science and Technology Park, Akwa Ibom State
- Olokola Free Trade Zone, Ondo State
- Ogidigben Gas Revolution Industrial Park, Delta State
- Eko Atlantic City, Lagos State
- Brass Oil and Gas City, Bayelsa State
- Ibaka Deep Seaport, Akwa Ibom State
- Nigeria International Commerce City, Abuja
- Bakassi Deep Seaport and Free Zone, Cross River State
- Koko Free Trade Zone, Delta State
- Escravos Gas City, Delta State
- Ado-Odo Ota Free Trade Zone, Ogun State
- Tomaro Industrial Park, Lagos State
- Imo Industrial City, Imo State
- Ogogoro Industrial City, Bayelsa State
- Bodo Industrial City, Rivers State
- Enyimba Economic City, Abia State
- Ibom Industrial City, Akwa Ibom State
- Kebbi State Special Economic Zone, Kebbi State
- Kwara State Free Trade Zone, Kwara State
- Nasarawa State Free Trade Zone, Nasarawa State
- Lafiaji Oil and Gas Free Trade Zone, Lagos State
- Ondo-Linyi Industrial Hub, Ondo State
- Ibeno Beach Tourism City, Akwa Ibom State
- Oyo State Free Trade Zone, Oyo State
- Dangote Refinery Free Zone, Lagos State
- Benin Industrial Park, Edo State
- Edo Inland Container Dry Port and Industrial Park, Edo State
Nigeria sold N21tn worth of crude oil in 2022
Meanwhile, another report revealed that Nigeria sold N21.09 trillion worth of crude oil in 2022.
The sales recorded a 46.41% increase compared to N14.41 trillion in 2021.
NBS captured the sales in its fourth quarter foreign trade report obtained by Legit.ng from its website.
Source: Legit.ng
