The Nigeria Export Processing Zones Authority (NEPZA) and the Borno State Government have announced a joint commitment to revamp the long-dormant Banki Free Trade Zone (FTZ) to bolster economic growth in the Northeast.
During a courtesy visit by Governor Babagana Zulum to NEPZA headquarters in Abuja, the Authority’s Managing Director and CEO, Dr. Olufemi Ogunyemi, described the zone as a strategic “economic gateway” between Nigeria and the Maghreb region.
Overcoming Historic Challenges
The Banki FTZ has faced prolonged inactivity due to a combination of factors, including:
- Environmental Issues: Significant damage caused by flooding.
- Security: Ongoing regional instability.
- Funding: Previous constraints in capital investment.
Dr. Ogunyemi stated that NEPZA will provide technical expertise and assistance in attracting Foreign Direct Investment (FDI) to transform the area into a competitive business ecosystem.
Commitment to Infrastructure
Governor Zulum expressed the state’s readiness to lead the reconstruction efforts, emphasizing that the project is central to his administration’s goal of bringing prosperity to the people of Borno.
“The state is prepared to make substantial investments in the zone and develop the essential physical infrastructure,” Zulum said. He also credited President Bola Ahmed Tinubu’s support for the free trade zone scheme as a primary driver for the state’s industrialization efforts.
Board Pledges Support for Non-Oil Exports
In a separate development, the newly inaugurated NEPZA Board held its maiden meeting in Abuja on Tuesday. The Board Chairman, Sen. Tijjani Yahaya Kaura, reaffirmed the Authority’s mandate to drive non-oil export growth.
Kaura, a former Minister of State for Foreign Affairs, noted that the board is committed to pursuing the country’s export-driven ambitions under the current administration’s leadership.
