Nigeria Embarks on Special Economic Zones

Agency Report/

Nigeria has embarked on the building of a number of Special Economic Zones in Lekki (Lagos State), Aba (Abia State) and Kano.

Presidency reveals that Vice President Yemi Osinbajo told investors and the business community in Germany on Monday.

He said that the economic zones which will serve as hubs for manufacturing activity, while Small and Medium Enterprises will be linked to them through a deepening of the manufacturing value chain.

On the huge investment in the mining sector, Prof. Osinbajo observed that the sector, “which has suffered great neglect with the advent of the oil boom is being revived.

“One heart-warming development is that with the priority given to the revitalization of the mining sector, a nickel deposit was found in Kaduna State which has been described as ‘world class and highly unusual’.

He further stated that “we are also diversifying within oil” while adding that Nigeria is already exporting urea since it is producing more than enough for its domestic needs and in the very near future.

“Thanks to the Dangote Group, we expect to have an additional petrol refining capacity of 650,000 barrels a day alongside one of the largest petrochemical facilities in the world,” Prof. Osinbajo noted.

He said that Nigeria was a leading investment destination for potential and serious investors, and the business opportunities are abundant and increasing.

According to him, “Given the economic and trading developments in other parts of the world, Nigeria has become an investment destination of choice.”

Referencing a recent McKinsey report, the Osinbajo pointed out that, “consumer spending in Africa was $1.4 trillion by 2015, with Nigeria, Egypt and South Africa accounting for more than half of that total.

“There is also increasing economic opportunities in Nigeria because of deliberate actions by our government to diversify the economy and improve the business environment.”

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