NEPZA, Borno Government Move to Revive Banki Free Trade Zone

NEPZA, Borno Government Move to Revive Banki Free Trade Zone

JOEL OLADELE, Abuja

The Nigeria Export Processing Zones Authority (NEPZA) has pledged its support to the Borno State Government to revive the dormant Banki Free Trade Zone as part of efforts to boost economic activities in the North East.

The Managing Director and Chief Executive Officer of NEPZA, Olufemi Ogunyemi, made the commitment in Abuja during a courtesy visit by the Borno State Governor, Babagana Zulum.

Ogunyemi said there was an urgent need to overhaul the Banki Border Free Trade Zone, describing it as a strategic economic gateway between Nigeria and countries in the Maghreb region. He noted that the zone had remained inactive due to flooding, funding challenges and insecurity.

According to him, NEPZA would deploy its expertise in attracting Foreign Direct Investment and provide technical support to reposition the zone for growth.

“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 said.

Governor Zulum welcomed the Authority’s commitment and assured that the state government was ready to invest heavily in the project. He said the state would focus on developing critical infrastructure to make the zone globally competitive.

“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.

He also thanked President Bola Tinubu for supporting the free trade zone scheme, describing it as a key driver of economic growth and industrialisation.

In a related development, the Chairman of the NEPZA Board, Tijjani Yahaya Kaura, said the newly inaugurated board was committed to strengthening the Authority’s mandate of promoting non-oil exports through the free trade zone scheme.

Kaura, a former Minister of State for Foreign Affairs, spoke during the board’s maiden meeting in Abuja. He said members of the board were grateful for their appointments and pledged to support the country’s export-driven agenda under the current administration.