31.1 C
31.1 C

NEPZA attracts $1bn worth of investment




Share this story

THE Nigeria Export Processing Authority (NEPZA) said it has facilitated and attracted $1 billion worth of investment into the country’s economy.

The agency, in a statement it issued today, assured it would remain committed to the nation’s economic development.

The statement quoted the Chief Executive Officer of NEPZA, Adesoji Adesugba, as making the commitment when handing over an approved Free Trade Zone declaration licence to officials of an investment company, Hydropolis Investment Limited, in Abuja.


Fish farmers lament N500m investment loss to flood in Ogun

Lagos records $750m investment in one year

Anambra: Did Charles Soludo say Peter Obi’s investment in SABMiller is worth $100m?

- Advertisement -

2023: Adama, CEO accused of multi-million naira investment fraud, allegedly eyes National Assembly

NEPZA had on July 8, 2022 secured an investment worth $100 million at the Medical/Pharmaceutical Special Economic Zone in Lekki, Lagos, for the production of a variety of medical equipment.

Adesugba, speaking on further plans of the agency in attracting investment, said it was scouting for investment to assist both the Federal government and the sub-nationals to bridge the country’s development deficits speedily.

He said that the Authority was glad about delivering an operative free trade zone licence to Hydropolis Investment Limited, adding that the new Hydropolis Free Trade Zone occupied 2,000 hectares of land at Amfani Village, Magama Local Government Area, Niger State.

The NEPZA managing director further said that the new zone was set to commit over $1bn to establish an industrial park, a smart city and a world-class cargo international airport that would provide backward linkages for both local and foreign businesses.

He added that the development was another economic milestone as the zone was bound to positively impact on the country’s employment profile and gross domestic product.

The Managing Director, Hydropolis Investment Limited, Abdulmalik Ndagi, expressed satisfaction on the speedy nature of the approval, describing the zone as an ideal economic pivotal for the entire country, as according to him, the zone would be a replica of the Lekki Free Trade Zone in the North Central region of the country.

- Advertisement -

Ndagi said that the strategic location of the zone to the Kainji Dam gave it the desired edge, adding that the business ecosystem had already struck a deal with the Federal government to source its electricity from the dam.

“We are sincerely indebted to President Muhammadu Buhari; the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo; and the NEPZA MD/CEO, Prof. Adesoji Adesugba for their efforts and magnanimity in ensuring that the project became a reality.

“As a business venture, we are promising to leverage on this confidence reposed on us to contribute our quota to the development of this great nation.

“Work has commenced in the location and we hope to round off the development of the internal infrastructure like road networks, offices, fencing and electricity before November, when the president shall be inaugurating this world-class business haven,’’ he said.


Author profile

Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation



Please enter your comment!
Please enter your name here

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

Support the ICIR

We need your support to produce excellent journalism at all times.



Naira redesign: CBN imposes limit to cash withdrawals in banks

Approximately a week to the commencement of the circulation of the newly redesigned naira...

Police arrest suspected kidnapper, rescue victims in Nasarawa

THE Nasarawa State Police Command says it has arrested a suspected kidnapper and rescued...

Labour Party accuses APC of sponsoring violence against its members in Lagos

THE Lagos State chapter of the Labour Party (LP) has accused the All Progressives...

Nigeria, Morocco, five West African nations collaborate on gas project execution

THE Nigerian and Moroccan governments have teamed up with five West African countries to...

2023: APC campaign council faults Peter Obi’s manifesto

THE All Progressives Congress (APC) Presidential Campaign Council has faulted the manifesto of Labour...

Most Read


Subscribe to our newsletter