China Exim Bank to spend $1bn on Nigeria’s economic zones
The Minister of Industry, Trade and
Investment, Mr. Okechukwu Enelamah, said that the Export-Import Bank of
China had promised to commit $1bn for Special Economic Zones in the
country.
Enelamah, who said this in Abuja on
Thursday at a news
conference, added that the ministry was facilitating
the setup of special economic zones throughout Nigeria.
He said that the Federal Government was
understudying all the economic zones and industrial parks that being
managed by different stakeholders.
He said, “The good news is that the
China Exim Bank says it is prepared to committee one billion dollars for
special economic zone.
“So there is going to be funding
available as we begin to build on the industrial centres and centres of
excellence in the country.”
He said the ministry was running a
feasibility study for the development of six Special Economic Zones and
securing funding in the budget for the first development phase to be
launched in 2017.
He said, “The specific goals include to
help overcome the infrastructure disadvantages faced by local
manufacturers, and promote the cluster effects gained by locating
similar manufacturing businesses together.”
He said the ministry was working with
the Nigerian Investment Promotion Commission to enhance investments and
reverse the overall decline of FDI inflows.
He said, “Key achievements include
important investment promotion and protection agreements signed with
Singapore and UAE and Investment roadshows undertaken in China, Germany,
Singapore, Turkey, UAE, UK, and US.
“Also investors such as Nissan, Coca-Cola among others, have continued to express interest to expand investment in Nigeria.”
He said a Presidential Enabling Business
Environment Council had been created and monthly meetings had begun to
monitor results achieved.
Enelamah said for industry, the ministry
would broaden the scope and accelerate the growth of the manufacturing
and industrial businesses, with a special focus on agribusiness and agro
allied industries.
He said, “This includes auto assembly
and component manufacturing, mining, sugar, food processing, textile and
garments, palm oil and leather.”
Enelamah said that initiatives currently
underway within the Nigerian Industrial Revolution Plan include the
approval of the Nigerian Automotive Industry Development Plan and a
roadmap implementation with sugar, tomato, textile and garments.
According to him, to keep up with the rapidly transforming global economy, Nigeria’s digitisation has to be accelerated.
“The ministry digitalization initiatives
currently underway include the establishment of the Smart Digital
Nigeria Economy project, as the baseline strategy for the digital-led
growth of the Nigerian economy,’’ he said.
Enelamah said that the ministry was
working in partnership with the Bank of Industry (BoI) and other
relevant government departments to support Micro, Small and Medium
Enterprises through funding.
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