NEPZA, Borno Government Move to Revive Banki Free Trade Zone

The Nigeria Export Processing Zones Authority (NEPZA) has reaffirmed its commitment to support the Borno State Government in revamping the moribund Banki Free Trade Zone (FTZ).

This was contained in a statement signed by Martins Odeh, Ph.D., Head, Corporate Communications, NEPZA, following a courtesy visit by the Governor of Borno State, Prof. Babagana Zulum, to the Authority in Abuja.

The Managing Director and Chief Executive Officer of NEPZA, Dr. Olufemi Ogunyemi, emphasised the urgent need to overhaul the zone, describing it as a strategic economic gateway between Nigeria and the Maghreb region. He noted that the Banki Border Free Trade Zone had remained inactive largely due to adverse natural occurrences such as flooding, as well as funding constraints and insecurity.

“We have agreed to leverage our expertise in attracting Foreign Direct Investment and providing technical assistance to transform this business ecosystem that has significant potential to economically empower the North Eastern region of our country,” Ogunyemi stated.

In his remarks, Governor Zulum expressed appreciation for NEPZA’s commitment to supporting the state’s efforts to revive, expand and reconstruct the zone to meet global standards.

“The state is prepared to make substantial investments in the zone and develop the essential physical infrastructure as we work to bring prosperity closer to our people,” Zulum said.

The governor also commended President Bola Ahmed Tinubu for his support of the free trade zone scheme, describing it as a viable pathway to economic growth and industrialisation.

“Let me thank His Excellency, President Ahmed Bola Tinubu, GCFR, for his support of the free trade zone scheme, as it is a sure way to boost economic growth and industrialisation, so we are here to take advantage of this,” he added.

In a related development, Chairman of the NEPZA Board, Sen. Tijjani Yahaya Kaura, said the newly constituted board was committed to ensuring the Authority continued to fulfil its mandate of promoting non-oil export growth through the free trade zone scheme.

Kaura, a former Minister of State for Foreign Affairs, made this known during the board’s maiden meeting held on Tuesday in Abuja.

“All the board members are pleased with their appointments, and we must thank the president for his leadership in helping us pursue the country’s export-driven ambitions,” he said.