NEPZA Secures $1bn Investments to Boost Development in Niger State

by - Adedapo Adesanya /
17-July-2022
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By Adedapo Adesanya

The Nigeria Export Processing Zones Authority (NEPZA) has attracted investments put at $1 billion in Niger State by approving and handling over Free Trade Zone declaration license to Hydropolis Investment Limited.

This was made known by the Managing Director of NEPZA, Mr Adesoji Adesugba, during the handing over of the license to the investor in Abuja.

Business Post reported recently that NEPZA secured an investment worth $100 million at the Medical/Pharmaceutical Special Economic Zone in Lekki, Lagos for the production of a variety of medical equipment.

Mr Adesugba explained that the authority was assiduously scouting for investment to assist both the federal government and the sub-nationals to bridge the country’s development deficits speedily.

He said that the agency was enthused in delivering an operative free trade zone license to Hydropolis Investment Limited, adding that the now Hydropolis Free Trade Zone occupied 2000 hectares of land at Amfani Village in Magama Local Government in Niger State.

The NEPZA managing director further said that the new zone was set to commit over $1 billion to establish an Industrial Park, Smart City, and a world-class cargo international airport that would provide backward linkages for both local and foreign businesses.

He said that the development was another economic milestone as the zone was bound to positively impact the country’s employment profile and Gross Domestic Product (GDP).

On his part, Mr Abdulmalik Ndagi, Managing Director, Hydropolis Investment Limited, expressed satisfaction with the speedy nature of the approval, describing the zone as an ideal economic pivotal for the entire country, as according to him, the zone will be a replica of Lekki Free Trade Zone in the North Central region of the country.

He further said that the strategic location of the zone to the Kainji Dam gave it the desired edge, adding also that the business ecosystem had already struck a deal with the federal government to source its electricity from the Dam.

“We are sincerely indebted to the President, Muhammadu Buhari, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo as well as the NEPZA MD/CEO, Prof. Adesoji Adesugba for their efforts and magnanimity in ensuring this becomes a reality.

“As a business venture, we are promising to leverage on this confidence reposed on us to contribute our quota to the development of this great nation.

“Work has commenced in the location and we hope to round off the development of the internal infrastructure like road networks, offices, fencing, and electricity before November when the president shall be inaugurating this world-class business haven,” Mr Ndagi said.

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