President Muhammadu Buhari on Friday said that Nigeria will create 1.5 million jobs and generate $30 billion in annual export earnings through a Presidential priority intervention programme, using the country’s Special Economic Zones, by the year 2025.
Buhari disclosed this at the signing of agreements between the Nigerian special Economic Zones Investment Company and its strategic investment partners at the Presidential Villa, Abuja.
According to him, the government intends to achieve the ambitious objective by implementing a comprehensive plan that includes developing special economic zones across the country and upgrading existing free trade zones in some parts of the country.
He said “Special Economic Zones have an important role to play in our scheme. Special Economic Zones (SEZ) offer investor- friendly incentives, up-to-date infrastructure and ease of doing business in order to attract local and foreign investment and have been used as a catalyst for rapid and inclusive industrialisation, job creation and diversified export earnings in countries with exemplary development records.
“Under my direct supervision, the Minister of Industry, Trade and Investment is implementing Project MINE – Made in Nigeria for Exports – as a Presidential special priority intervention using Special Economic Zones to achieve the objectives of: boosting manufacturing’s share of GDP to 20%, generating $30bn in annual export earnings; and creating 1.5 million new jobs all by 2025. In order to achieve these ambitious objectives, we are implementing a comprehensive plan.
“We have set up the Nigeria SEZ Investment Company Limited as a vehicle for participating in Public Private Partnerships involving Federal and State governments and local and foreign private investors. This company will develop new Special Economic Zones all over the country, offering advanced infrastructure and facilities at competitive costs.
“The projects in the pilot phase include Enyimba Economic City, Funtua Cotton Cluster and Lekki Model Industrial Park,”he said.
The President said that the government is reviewing its strategies, to ensure the country succeeds in wooing more investors.
He said: “We are reviewing our incentive framework to ensure competitiveness relative to the other countries with which we are in the race to attract export oriented global manufacturing investment.
“We will extend the early successes we have achieved in Ease of Doing Business to the areas critical to globally competitive export-oriented manufacturing operations.”
President Buhari stated that following the signing of investment agreements, the Nigeria SEZ Investment Company Limited will become fully operational.
He thanked Nigeria’s investment partners; Africa Export and Import Bank (AFREXIM); Africa Finance Corporation (AFC); Bank of Industry (BOI); Nigerian Sovereign Investment Authority (NSIA); and the African Development Bank (AFDB) for their strong demonstrations of support for the important initiative.
In his remark, the President of Afreximbank, Dr Benedict Oramah said the bank has ahad a robust relationship with the Nigerian government in the past two years.
He expressed delight at the signing of the agreement, which he said will help concretise the work Afreximbank intends to do for Nigerians.
In order to promote development, he said, the bank will invest $500 million on the major industrialization projects Afreximbank is implementing in Nigeria.
On his part, the Managing Director of Nigeria’s Bank of Industry, Mr Olukayode Pitan said the signing of the agreements will drive economic growth in Nigeria as well as promote made-in-Nigeria goods.
Highpoint of the event was the signing of the agreements by Afreximbank, Bank of Industry, Nigeria Sovereign Investment Authority and Africa Development Bank.
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