• About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, July 1, 2025
  • Login
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
Advertisement
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
No Result
View All Result
Home Business

NASS urges FG to maximise CFTZ potentials to boost economy

Our Reporters by Our Reporters
August 26, 2022
in Business
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

By Chesa Chesa

The House of Representatives Committee on Commerce says the ongoing process to concession the Calabar Free Trade Zone (CFTZ) is a positive approach in unleashing the full potentials of the zone to boost the country’s economy significantly.

Hon. Richard Gbande, Deputy Chairman of the committee said this on Wednesday when he led some members of the committee on an inspection tour of the zone in Calabar.

Recall that the management of the country’s only two public zones located in Calabar and Kano are on the verge of being handed over to private investors.

The lawmaker, representing Katsina-Ala/Ukum Federal Constituency of Benue State, explained that the public must understand what led the Federal Government to adopt the free trade zone scheme, adding that it was basically aimed to spike industrialization and economic growth.

He, however, said that the scheme required a long period of sustained funding to yield any significant benefit to the country.

Gbande further said that the Nigeria Export Processing Zones Authority (NEPZA) had so far performed well within its limited resources, adding that the impact of the scheme had reflected positively on the country’s Gross Domestic Product (GDP).

“We are in the Calabar Free Trade Zone to see the progress the business ecosystem is making and I can say that NEPZA has done well so far for keeping the country’s pioneer free zone intact and working.

“The committee has noticed some of the challenges which include outside infrastructure and the dredging of the Calabar Port.

“In spite of these challenges, the enterprises, most of which are foreign companies are still functioning and helping to provide employment for the locals as well as serving the markets,” he said.

Gbande explained that the zone would be brought to the required optimal level of competitiveness when handed over to private investors.

Managing Director of NEPZA, Prof. Adesoji Adesugba, had used the occasion to express delight on President Muhammadu Buhari commitment and support in truly revamping the scheme to meet international standards.

The NEPZA boss explained that the Federal Government was committed to ensuring stable electricity supplies in the Calabar and Kano free trade zones, adding that the recent blackout in the Calabar zone had been addressed.

He further said that the government’s approval of funds for the development of infrastructure at the two public zones and two other new ones was an indicator of the president’s commitment to reposition the scheme.

According to him, the Authority has continued the execution of the power and other projects in Kano, Calabar, the Textile & Garment Park as well as the Medical Special Economic Zone in Lagos.

“Already, works are ongoing in these areas as infrastructure development remains the bait that can attract investors to the zones”, said Adesugba.

Previous Post

FG lauds Diasporans $20bn remittances in 2021

Next Post

FG approves rail surveillance facilities, N1.49b to repair cranes

Next Post

FG approves rail surveillance facilities, N1.49b to repair cranes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

https://youtu.be/FHyJ1Wr0FAk?si=0WVYI_2OR4OrIrQ4
https://youtu.be/gbE3azm_Io0?si=GdE3Mqelo1ujTNla
I will be on the ballot in 2027, says Obi
Politics

I will be on the ballot in 2027, says Obi

by Adepegba Abioye
June 30, 2025
0

The Labour Party's standard bearer in the 2023 Presidential election, Peter Obi, has again reiterated to his numerous supporters at...

Read moreDetails
SDP warns against dealing with suspended Chairman, Auditor, Youth Leader

SDP warns against dealing with suspended Chairman, Auditor, Youth Leader

June 30, 2025
Suspected herdsmen, military exchange gunfire near Benue IDP camp 

Suspected herdsmen, military exchange gunfire near Benue IDP camp 

June 30, 2025
Court orders 54 banks to return N9.3bn stolen from customers accounts

Go to the first-class hospital you commissioned in Kogi, EFCC prosecutor tell Yahaya Bello 

June 30, 2025
Price of beans crashes by over 100 per cent nationwide

Price of beans crashes by over 100 per cent nationwide

June 30, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Homepage

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng