The Ministry of Industry Trade and Investment, has said that the Economic Recovery and Growth Plan (ERGP) identified the development of Special Economic Zones (SEZs) as a major strategic tool to accelerate the implementation of the Nigeria industrial revolution plan (NIRP).
A statement signed by Mr Bisi Daniel, Head of Communication Strategy Project MINE (Made in Nigeria for Exports), said the programmed was therefore envisioned by the Ministry and the Nigeria Export Processing Zone Authority (NEPZA) to develop SEZs to world class standards and position Nigeria as the pre-eminent manufacturing hub in sub-sahara Africa and a major exporter of made in Nigeria goods and services regionally and globally.
The ministry stated that the project seeks to aid structural transformation of the Nigeria economy by increasing the manufacturing sector’s contribution to Gross Domestic product to 20 percent by 2025.
Also it will contribute to sustainable inclusive growth by creating 1.5 million new manufacturing jobs in the initial phase of the project. Others include increasing and diversifying of foreign exchange earnings by increasing manufacturing sector exports to at least $20bn annually by 2025.
Creating local models of global best practice in provision of world class infrastructure at competitive costs connecting SEZS to international and regional markets with transport links, uninterrupted power, ICT, water sewage and other services to ensure smooth and efficient operation of SEZ businesses.
It will also attract world class investors with strong positions in global supply chains and investors with potentials to increase the scale of operations rapidly to set up operations in SEZs.
Furthermore it will create an enabling environment for SEZ businesses by instituting best in class legal and regulatory frame works, using technology and streamlined processes to facilitate movement of people, goods and capital and easy access to government services, approvals and permits.