Home Investment Nigeria to invest $125m in the Special Economic Zone

Nigeria to invest $125m in the Special Economic Zone

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The Nigerian Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has said that the federal government will invest $125 million in the Nigeria Special Economic Zone Investment Company (NSEZCO) to bolster manufacturing in free trade areas.

The minister said this in Abuja yesterday while briefing journalists on his activities since he assumed office.

He said NSEZCO, which was put in place under Public-Private Partnership (PPP) arrangement, would require $500m investment in the first instance.

While saying the Federal Government had already released N14.3bn as part of its 25 per cent ($125m) investment commitment to the company, the minister said the remaining 75 per cent ($375m) would soon be provided by other private investors.

“N14.3bn has been transferred to the Central Bank of Nigeria’s account of NSEZCO, and the money is still there intact, waiting for other investors,” he said. The minister dismissed insinuation in some quarters that there was an ulterior motive behind the establishment of the company, saying there was nothing wrong with PPP arrangement in putting in place NSEZCO.

“I have zero interest in NSEZCO. You can take that to the bank. I can also tell you no individual has an interest. The only interest is that of the Federal Government through the Ministry of Finance, incorporated, and another 75 per cent held in trust for partners,” he said.

Speaking further, Enelamah said the Federal Government had embarked on projects to improve existing infrastructure in Kano and Calabar trade zones to boost their activities, while the Lagos, Funtua and Aba industrial parks would be managed by NSEZCO.

SOURCE; NIPC INTELLIGENCE

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