Walter Ukaegbu, Abuja
The Nigerian Export Processing Zone Authority (NEPZA) said the new partnership with the World Bank and the International Financial Corporation (IFC) in the area of infrastructural development of Free Trade Zones across the country and staff capacity building will help in attracting more foreign direct investment to the Nigerian economy.
The NEPZA Acting Managing Director Mr Bitrus Dawuk who disclosed this when the World Bank and the International Finance Corporation ( IFC) delegation paid him a courtesy visit at the Authority’s Head Quarters In Abuja said one of the bottle necks militating against optimal performance of free trade zones is NEPZA’S obsolete legislations that is in the process of being amended by the national assembly which after its amendment will be capable of generating billions of Dollar worth of investment into the country.
“NEPZA is ever ready to work with the world Bank and the IFC in giving Nigeria a world class free Zones as there are already measures in place to review the outdated regulations of NEPZA to make it more favourable for foreign investors to come in and invest in the country. I will be on your neck from now on especially in areas of training of my staff for optimum performance” he said.
In his remark, leader of the delegation Mr Feyi Boroffice said the visit aim at strengthening relationship with NEPZA by providing an enabling environment to attract more foreign investors into the country by building anchor projects that would encourage the establishment of industries such as the Dangote Refinery and Petrochemical Plant.
He said the World Bank which has the mandate of providing funding or advice for the development of the countries, do so with help of the four arms of the organization.
International Finance Corporation which finances private companies, International Development Associations(IDA) which provides assurance on political risk for foreign investors and the International Center for Settlement of Investment Dispute (ICSID) which provides arbitration for investment disputes.