The Nigeria Export Processing Zones Authority (NEPZA) has pledged its support to revive the moribund Banki Free Trade Zone in Borno State. The commitment was made by NEPZA’s Managing Director, Dr. Olufemi Ogunyemi, during a meeting with Governor Babagana Zulum in Abuja.
“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,” Dr. Ogunyemi said, emphasizing the zone’s potential as an economic gateway between Nigeria and the Maghreb region.
The Banki Border Free Trade Zone has been inactive mainly due to adverse natural events, such as flooding, funding constraints, and insecurity. However, Governor Zulum expressed optimism that the partnership with NEPZA will help revive the zone.
“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,” Governor Zulum said, thanking President Ahmed Bola Tinubu for his support of the free trade zone scheme.
NEPZA’s Chairman, Sen. Tijjani Yahaya Kaura, also emphasized the Authority’s commitment to promoting non-oil export growth through the free trade zone scheme. “All the board members are pleased with their appointments, and we must thank the president for his leadership in helping us pursue the country’s export-driven ambitions,” Kaura said during the board’s maiden meeting in Abuja.
The move is expected to boost economic growth, industrialization, and create opportunities for the people of Borno State and the North Eastern region.