Presidency clarifies status of SEZ investment company

Presidential Spokesperson, Femi Adesina, in a statement tonight, confirmed that NZESCO was incorporated as a special purpose vehicle to deliver Project MINE (Made in Nigeria for Exports) which is a Presidential initiative. The Federal Government’s Economic Recovery & Growth Plan (ERGP) identified the development of Special Economic Zones (SEZs) as a major strategic tool to accelerate the implementation of the Nigeria Industrial Revolution Plan (NIRP). Project MINE was envisioned by the Federal Ministry of Industry Trade and Investment (MITI) to develop SEZs to world-class standards and position Nigeria as the pre-eminent manufacturing hub in sub-Saharan Africa and a major exporter of made in Nigeria goods and services regionally and globally. He said in June, 2018, the Federal Executive Council (FEC) approved NSEZCO, with the endorsement of the Economic Management Team, as the holding entity for FGN investments and proprietary interests in existing and future SEZs. The presidential aide said the FEC approval also provided that all current and future capital appropriations for Project MINE should be transferred to NSEZCO’s account, as soon as opening formalities were completed. He said with the formalities completed, NSEZCO became the platform through which Federal Government’s capital budget appropriations for SEZs are converted into long term value creating investments. He said pilot projects in the first phase are Enyimba Economic City, Abia State, Lekki Model Industrial Park, Lagos State and Funtua Cotton Cluster, Katsina State. “In addition, pre-development studies are on-going in Benue, Kwara and Sokoto States whilst studies will soon commence in Ebonyi, Edo and Gombe States amongst others,” Adesina said.]]>