Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • AfDB, AUDA-NEPAD to roll-out Africa’s electricity market master plan

  • My Ultimate Target Is To Represent My Country, Says Nigerian Youngster Who Joined Dubai’s FC Dhaid

  • Nigeria opens negotiation with Bosnian govt over detained students

  • How UK newspapers use push alerts to skew negative on Labour, positive for Tories-Guardian Analysis

  • Nigerian church introduces free primary, secondary education for the less privilege

AfricaBusinessNews Now
Home›Africa›Why we must develop special Economic Zones for Nigeria’s Industrialisation-Minister

Why we must develop special Economic Zones for Nigeria’s Industrialisation-Minister

By alternativeafrica
December 25, 2018
306
0
Share:

London, Dec. 25, 2018 (AltAfrica)-The Ministry of Industry, Trade and Investment has stressed the importance of developing special economic zones by the federal government.

The ministry, in a statement, said its attention was drawn to a media statement on the development of the zones.

It recalled that the Economic Recovery and Growth Plan (ERGP) identified the development of Special Economic Zones (SEZs) as a major strategic tool to accelerate the implementation of the Nigeria Industrial Revolution Plan (NIRP).


Okechukwu Enelamah, Nigeria’s Minister of Industry, Trade and Investment harps on developing special economic zones to accelerate industrialisation in Nigeria

According to the statement, project MINE (Made in Nigeria For Exports) was therefore envisioned by the Federal Ministry of Industry Trade and Investment (MITI) and the Nigeria Export Processing Zone Authority (NEPZA), to develop SEZs to world class standards and position Nigeria as the pre-eminent manufacturing hub in sub-Saharan Africa and a major exporter of made in Nigeria goods and services regionally and globally

Among others, the project sought to aid structural transformation of the Nigerian economy by increasing the manufacturing sector’s contribution to Gross Domestic Product to 20 per cent by 2025; contribute to sustainable inclusive growth by creating 1.5 million new manufacturing jobs in the initial phase of the project and increase and diversify foreign exchange earnings by increasing manufacturing sector exports to at least $30 billion annually by 2025.

READ ALSO: NIGERIANS LAUD BUHARI, BARU ON FUEL AVAILABILITY AT FESTIVE PERIOD

Others include the creation of local models of global best practice in provision of world class infrastructure at competitive costs connecting SEZs to international and regional markets with transport links, uninterrupted power, ICT, water, sewage and other services to ensure smooth and efficient operation of SEZ businesses; promote the “cluster” effect to be gained by locating similar export-oriented manufacturing businesses within the same locality and attract world class investors with strong positions in global supply chains and investors with potential to increase the scale of operations rapidly to set up operations in SEZs.

“The first phase of the project is to focus on the development and upgrade of SEZs in 12 states across Nigeria, following which the initiative will be extended to other States in subsequent phases.

“This involves, among others, partnering with the private sector to develop new world-class SEZs in Abia, Katsina and Lagos as pilot projects to demonstrate proof of concept and provide models for future SEZ development Nigeria.

“On governance, oversight of the project rests with the Honourable Minister of Industry, Trade & Investment, supported by the Honourable Minister of State and the Permanent Secretary, who comprise the leadership of MITI.

“The leadership of MITI is supported by a Project Steering Committee (SteerCo), with membership drawn from a cross section of stakeholders, set up to support project oversight, governance and implementation.

“It meets on a regular basis to review progress of project implementation, proffer advice and assist in problem solving.

To this end, on June 2018 the Nigeria SEZ Investment Company Limited (NSEZCO) was set up as the special purpose vehicle to deliver project MINE and harness the federal government’s spending on the SEZs.

SHARE ON:
TagsIndustrialisationNigeriaSpecial Economic Zones
Previous Article

Nigerians Laud Buhari, Baru on fuel availability ...

Next Article

Year in Review: 2018 in 14 Charts-World ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • AfricaBusinessNews Now

    Baru says no record of TAM on Nigerian refineries for 42 years

    January 1, 2019
    By alternativeafrica
  • AfricaHealthNews Now

    Nigeria inaugurates 4-year action plan on health security

    December 18, 2018
    By alternativeafrica
  • AfricaBusinessNews Now

    Nigeria: Panel recovers another N118 million hidden in two Commercial Banks

    May 1, 2019
    By alternativeafrica
  • News Now

    Nigeria: Senate uncovers N20 million employment scam in Federal Civil Service

    October 22, 2018
    By alternativeafrica
  • AfricaBusinessNews Now

    Nigeria: It’s time to punish economic saboteurs- Emefiele

    May 18, 2019
    By alternativeafrica
  • BusinessNews Now

    Nigeria: Standard Organisation says school uniforms from China contain cancer-causing substances

    August 31, 2018
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • BusinessNews Now

    Nigeria: Four communities in Ondo reconnected to national grid after ten years

  • BusinessNews Now

    Nigeria: Fayemi signs Ekiti investment promotion bill, 7 others into law

  • AfricaHealthNews Now

    10,000 Nigerian girls forced into prostitution in Burkina Faso-Ambassador

Timeline

  • December 13, 2019

    AfDB, AUDA-NEPAD to roll-out Africa’s electricity market master plan

  • December 13, 2019

    My Ultimate Target Is To Represent My Country, Says Nigerian Youngster Who Joined Dubai’s FC Dhaid

  • December 13, 2019

    Nigeria opens negotiation with Bosnian govt over detained students

  • December 13, 2019

    How UK newspapers use push alerts to skew negative on Labour, positive for Tories-Guardian Analysis

  • December 12, 2019

    Nigerian church introduces free primary, secondary education for the less privilege

  • Popular

  • Comments

  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • THE TRINKET BOX-A JEWELLERY STORE OF DISTINCTION

    By alternativeafrica
    December 29, 2018
  • Nigeria: Ebonyi state to construct $4 m solar power factory

    By alternativeafrica
    March 29, 2019
  • Year in Review: 2018 in 14 Charts-World Bank

    By alternativeafrica
    December 25, 2018
  • Nigerians in UK, UAE begin enrollment for National Identification Number

    By alternativeafrica
    March 26, 2019
  • U.S Authorities Seize Private Jet Belonging to Wealthy Nigerian Accused of Fraud | Alternative Africa
    on
    December 12, 2019

    Ahead of full AFCFTA implementation, Nigeria announces visa on arrival for all Africans

    […] Ahead of full ...
  • Ahead of full AFCFTA implementation, Nigeria announces visa on arrival for all Africans | Alternative Africa
    on
    December 12, 2019

    Anthony Joshua to present belts to Nigerian president, Buhari

    […] Anthony Joshua to ...
  • Anthony Joshua to present belts to Nigerian president, Buhari | Alternative Africa
    on
    December 12, 2019

    Ivory Coast sign concession agreement for the largest biomass plant in West Africa

    […] Ivory Coast sign ...
  • Rwanda, Tanzania lead in women’s land, property rights in Africa | Alternative Africa
    on
    December 12, 2019

    Nine-year-old South African drummer hits limelight on Ellen show in US

    […] Nine-year-old South African ...
  • Ivory Coast sign concession agreement for the largest biomass plant in West Africa | Alternative Africa
    on
    December 12, 2019

    Nigeria commissions first solar mini-grid under World Bank electrification project

    […] Nigeria commissions first ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • 22 Laburnum Court, Laburnum Road, Mitcham London, CR4 2NA, United Kingdom
  • +44(0)2036320939 | +44(0)7535019197 | +44(0)7305356327
  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • AfDB, AUDA-NEPAD to roll-out Africa’s electricity market master plan

    By alternativeafrica
    December 13, 2019
  • My Ultimate Target Is To Represent My Country, Says Nigerian Youngster Who Joined Dubai’s FC ...

    By alternativeafrica
    December 13, 2019
  • Nigeria opens negotiation with Bosnian govt over detained students

    By alternativeafrica
    December 13, 2019
  • How UK newspapers use push alerts to skew negative on Labour, positive for Tories-Guardian Analysis

    By alternativeafrica
    December 13, 2019
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • THE TRINKET BOX-A JEWELLERY STORE OF DISTINCTION

    By alternativeafrica
    December 29, 2018
  • Nigerians in UK, UAE begin enrollment for National Identification Number

    By alternativeafrica
    March 26, 2019
  • Year in Review: 2018 in 14 Charts-World Bank

    By alternativeafrica
    December 25, 2018
  • U.S Authorities Seize Private Jet Belonging to Wealthy Nigerian Accused of Fraud | Alternative Africa
    on
    December 12, 2019

    Ahead of full AFCFTA implementation, Nigeria announces visa on arrival for all Africans

    […] Ahead of full ...
  • Ahead of full AFCFTA implementation, Nigeria announces visa on arrival for all Africans | Alternative Africa
    on
    December 12, 2019

    Anthony Joshua to present belts to Nigerian president, Buhari

    […] Anthony Joshua to ...
  • Anthony Joshua to present belts to Nigerian president, Buhari | Alternative Africa
    on
    December 12, 2019

    Ivory Coast sign concession agreement for the largest biomass plant in West Africa

    […] Ivory Coast sign ...
  • Rwanda, Tanzania lead in women’s land, property rights in Africa | Alternative Africa
    on
    December 12, 2019

    Nine-year-old South African drummer hits limelight on Ellen show in US

    […] Nine-year-old South African ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.