FTZs: Lack Of Foresight In Management Cause Of Huge Revenue Loss

By Ossom Raphael

Prof. Adesoji Adesugba Managing Director of the Nigeria Export Processing Zones Authority, NEPZA played host to members of Senate Committee on Trade, Industry and Investment.

The Senate Committee on Trade, Industry and Investment has said that Nigeria is losing huge amounts of money from lack of foresight in the management of the free trade zone scheme.

Acting Chairman of the committee, Sen. Francis Fadahunsi, was however optimistic that with the appointment of Prof. Adesoji Adesugba as the Managing Director of Nigeria Export Procesding Zones Authored (NEPZA), changes would soon be witnessed in the trade zones

Sen. Fadahunsi, stated this when he led other of his colleagues to pay courtesy visit on Prof Adesugba on Thursday in Abuja.

In a statement by the Head, Corporate Communications of NEPZA, Martins Odeh, Fadahunsi, urged Adesugba to bring his experience to bear in ensuring that trade zones in the country attracts foreign investors.

“There is now a respite that you have come to manage the agency. We expect positive changes in many areas. We shall also support you in the creation of additional or new free trade zones.

“We will support such initiative as that will provide opportunities for our teeming youth population to be gainfully employed. Such development will help in taming the current high crime rate.

“We are going to back you on behalf of the 9th senate for you to have new trade zones.

“As soon as you set some good foundations others will follow but you have to have synergy with all the relevant agencies so that the economy will move. NEPZA is one of the pillars of the country’s economy”, Sen. Fadahunsi said.

On his part, Prof. Adesugba assured the committee of its objective in playing a very critical role in the industrialization of the country, and was optimistic of working closely with the lawmakers.

“The role of the Senate and the entire National Assembly in enabling us to reach our mandate is very critical to us.

“I have no doubt that we will be working very closely with your committee to ensure that NEPZA attains its objective in playing a very critical role in the industrialization of Nigeria.

“We are all part of the downturn in the global economy and that also which is affecting Nigeria we are looking in-house at the possibilities of NEPZA been a catalyst to propel the economy from where it is now”, Adesugba said.

The NEPZA MD, explained that the negative economic outlook brought by the Covid-19 pandemic could be quickly ameliorated using the strategy of the free zone.