Nigeria Export Processing Zone Authority has stated that an investment of approximately $22 billion is required in Delta State and other states of Nigeria to rejuvenate the sector and fully benefit from the economic zones.
The Managing Director of the sector, Prof Adesoji Adesugba said this on Wednesday in Abuja during the official license presentation ceremony of the Delta State Special Economic Zone to Governor Ifeanyi Okowa.
The Punch reported that the event was attended by notable personalities, particularly officials from the Delta State government. Prof Adesugba emphasized the need for significant investment in the sector and cited other countries that have leveraged the advantages of their economic zones to address developmental challenges.
In his words, “Everybody is talking about Lagos. In Lagos, there is a $22 billion investment in free zones and we believe that we can replicate what is happening in Lagos in Delta and other states.
“Delta State stands to gain and is well-positioned. All it needs is leadership; the vision which Governor Okowa has shown, and we are praying that whoever is taking over from him will key into this and make sure that we actualize this. NEPZA is willing and capable of giving you all the necessary support.”
Commending Governor Okowa for the initiative, the Lead consultant of the Delta Special Economic Zone and former Minister of Justice, Adetokunbo Kayode, stressed that Delta State would benefit abundantly from the it in years to come.
“The essence of having a special economic zone goes beyond the free zones in Lagos and Ogun states. The special economic zone gives a dynamic platform for Delta State to harness its huge opportunities, especially in petrochemicals and agriculture. It can become a hub for manufacturing across the board and I think the state is well placed for this,” he stated.
Governor Okowa, who accepted the license on behalf of the state, discussed the potential economic benefits for the people of Delta State.
He expressed a sense of urgency in developing the Special Economic Zone. He acknowledged that it would bring advantages to the state due to its abundant production of gas, oil, and involvement in agriculture.
Governor Okowa believes that combining these industries will position Delta State to excel both domestically and globally.
In his words, “We are in a hurry to get the Special Economic Zone work for Delta State and for Nigeria, and we also realize that it will create advantages in our state because we produce a lot of gas. We also produce a lot of oil. We are very much involved in agriculture, and putting up these things together, I believe that we are set for this nation and for the world.”
