For the purpose of economic growth and development, job opportunity and generation of wealth, the federal government is proposing to carry out a comprehensive restructuring of the Free Trade Zones (FTZs) in the country.
FTZs are special industrial and commercial zones set up by the government to facilitate inflow of Foreign Direct Investment (FDI), encourage the manufacturing of goods for export,boost technology transfer and job creation.
According to the Minister of Trade and Investment, Olusegun Aganga, during his inspection of the FTZs in Calabar and the Tinapa Business and leisure Resort in Calabar: “ Nigeria has about 24FTZs licenced by the federal government since 1992 but only 13 FTZs are operational.
“The review of the FTZs is in allignent with President Jonathan’s transformation agenda and the new mandate by the ministry in attracting foreign direct investments into the country. Also, the review will make the FTZs function and efficient in contributing meaningfully to the economy of the nation.”
The minister also said he had met with the governor of Cross Rivers State, Liyel Imoke and FTZs investors to know the existing problems and how the government could actualise these potential.