Economy
NEPZA attracts $346.6m FDI inflows in 4 years
The Nigeria Export Processing Zones Authority (NEPZA) has attracted 346.6 million dollars Foreign Direct Investments (FDI) from 2020 to first quarter of 2023 through the free trade zones scheme.
The Managing-Director of NEPZA, Prof. Adesoji Adesugba, said this at a briefing with Commerce and Industry Correspondent Association of Nigeria (CICAN) in Abuja.
While giving an overview of his performance between 2020 and 2023, Adesugba said that NEPZA also attracted N360.7 billion local direct investments to the Nigerian economy at the same period.
The NEPZA boss said that trade zones in the country generated 30,741 employment from 2020 to first quarter of 2023, adding that skills transfer within the 39 months period was put at 8,157.
He expressed concern that out of 55 free trade zones in the country, only 30 are functional while others are being refurbished or constructed for operations.
According to him, Nigeria can do more by providing enabling environment for trade zones to turn around the economic fortunes of the country.
“So far we have 541 enterprises operating in the free trade zones but we need to be more aggressive in making Nigeria’s free trade zones more enterprising as the target is to have at least 10,000 free trade zones.
“Ogun and Delta are already leading the way. This is very important because these zones not only serve Nigeria but also the African continent with over 70,000 jobs being created,” he said.
Adesugba said that NEPZA approached the Central Bank of Nigeria (CBN) with a proposal to have a bank administering the operations and transactions at the free trade zones.
He expressed optimism that the CBN would approve the Authority’s proposal.
Adesugba also said efforts were in place to drive a robust free trade zones operation in Nigeria by liaising with the Nigerian Stock Exchange (NSE).
According to him, NEPZA is working with the Nigerian Stock Exchange to have speedy listing of companies of free trade zones on the stock exchange.
“All stakeholders have agreed and we are only waiting for the endorsement of the Federal Ministry of Justice. The plan is to have this achieved within the first 100 days of the administration of President Bola Tinubu,” he said.
By Sodiq Adelakun
Inflation in Nigeria continued to rise for the twelfth consecutive month in December, with the headline inflation rate reaching 28.92%, up from 28.20% in November.
The National Bureau of Statistics released its consumer price index report on Monday, revealing the ongoing impact of inflation on the country’s economy.
More details to come…
The Nasarawa State House of Assembly has announced the first reading of a bill aimed at regulating private schools and tertiary institutions in the state.
The bill, titled “A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” was introduced during the House proceedings on Monday in Lafia.
In addition to this bill, the House also passed two executive bills that focus on promoting education and skills training in the state.
The bills, if passed into law, are expected to enhance the quality of education and boost skills training across Nasarawa State.
Three bills have successfully passed their first reading in Nasarawa State, Nigeria.
The first bill, titled “A Bill For a Law to Establish the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other Matters Connected Therewith,” aims to establish a vocati onal and technology institute in Lafia, the state capital. This institute will provide valuable skills training and education to the youth of the region.
The second bill, named “A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof,” seeks to amend the existing law governing the College of Agriculture, Science and Technology in Lafia.
The proposed amendments aim to enhance the college’s operations and ensure it remains at the forefront of agricultural and technological advancements.Lastly, the third bill, titled “the Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” focuses on regulating the establishment and operation of private educational institutions in the state.
This bill aims to ensure that these institutions meet certain standards of quality and provide a conducive learning environment for students.
“The Speaker of the House, Alhaji Ibrahim Abdullahi, announced that the second reading of the bill for the establishment of the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other related matters will take place on October 2.
The second reading of the bill to amend the College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and matters connected thereof, will be scheduled for October 3.
These bills demonstrate the commitment of the Nasarawa State House of Assembly to improving the educational sector and providing opportunities for skills development in the state.
“I will slate Oct. 3, for the second reading of A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof.
“I will also slate Oct. 4 for the second reading of A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” he said.
Earlier, Alhaji Mohammed Omadefu, the Majority Leader of the House, moved motions for the bills to scale first readings.
The Minority Leader of the House, Mr Luka Zhekaba, seconded the motion.
The House unanimously passed the bills into first readings.
The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.
Yusuf disclosed this on Sunday in his Half Year Review of 2023.
His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.
Consequently, the prices of goods and services sharply increased.
The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.
Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.
According to him, the challenges would gradually reduce before the year ends.
Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.
“Inflationary pressure is expected to ease before the end of the year.
“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.
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