Nigeria moves to revive Banki free trade zone in Borno

By Zainab Uzomah|Abuja

Nigeria Export Processing Zones Authority (NEPZA), says it is committed to working with the Borno State government to revive the long-dormant Banki Border Free Trade Zone.

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Olufemi Ogunyemi, made the pledge during a courtesy visit by Borno State Governor Babagana Zulum in Abuja.

Dr Ogunyemi said the zone, which lies close to Nigeria’s borders with the wider Maghreb region, required a comprehensive overhaul to unlock its economic potential. He said flooding, insecurity and funding challenges had kept the free trade zone inactive for years.

He added that NEPZA would deploy its expertise in attracting foreign direct investment and providing technical support to help transform the area into a viable business hub capable of boosting the economy of north-eastern Nigeria.

Governor Zulum welcomed what he described as NEPZA’s strong commitment to the project, saying Borno State was ready to invest heavily in infrastructure to make the zone globally competitive.

He also thanked President Bola Ahmed Tinubu for supporting Nigeria’s free trade zone programme, which he said could help drive economic growth and industrialisation.

In a related development, the Chairman of NEPZA’s Board, Tijjani Yahaya Kaura, said the newly inaugurated board was determined to advance the authority’s mandate of promoting non-oil exports through free trade zones.

Speaking at the board’s first meeting in Abuja, Mr Kaura said members were committed to supporting the government’s ambition to diversify Nigeria’s economy through export-led growth.