US$1 Billion Support For Nigerian Economic Zones From China Exim Bank
Nigerian Minister of Industry, Trade and Investment, Okechukwu Enelamah, says the China Exim Bank has promised to commit US$1 billion in support of the establishment of Special Economic Zones (SEZs) throughout the country.
He told a media conference here Thursday that the Federal Government was understudying all the economic zones and industrial parks which were now being managed by different stakeholders.
“The good news is that the China Exim Bank says it is prepared to commit US$1 billion for special economic zones. So there is going to be funding available as we begin to build on the industrial centres and centres of excellence in the country,” Enelamah added.
He said the ministry was running a feasibility study for the development of six Special Economic Zones (SEZs) and securing funding in the budget for the first development phase to be launched in 2017.
“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,” Enelamah said.
He said the ministry was working with the Nigerian Investment Promotion Commission (NIPC) to enhance investments and reverse the overall decline of inflows of foreign direct investment (FDI).
“Key achievements include important investment promotion and protection agreements signed with Singapore and the United Arab Emirates (UAE) and investment roadshows undertaken in China, Germany, Singapore, Turkey, the UAE, Britain and the United States,” he added.
“Also, investors such as Nissan, Coca-Cola among others, have continued to express interest to expand their investments in Nigeria.”a