Ifedayo Sayo, special adviser on media to Niyi Adebayo, Minister of Industry, Trade and Investment announced this development on Tuesday.
Such zones are exempted from the normal regime applicable in Nigeria. However, the government expects such companies to boost national exports, create jobs, and help diversify the country’s economy by bringing in new activities.
The approval followed a request by the trade minister. It was conveyed via a letter titled ‘RE: Recommendation for Approval and Designation of Free Trade Zone Status in Ekiti Knowledge Zone (EKZ) Situated on 208.949 Hectares of Land Located Ado-Ijan Road, Ado Ekiti, Ekiti State’.
Read also: Nigeria’s Q4 2022 Capital Importation Falls by 8.53% – NBS.
The letter was addressed to the minister and signed by Ibrahim Gambari, chief of staff to the president.
“I refer to your letter Ref.No., FMITI/CED/4748/Vol1 dated 22 February 2023 on the above subject,” the letter reads in part.
“Kindly note that Mr. President has granted free zone status approval for the Ekiti Knowledge Zone located along Ado-Ijan road, Ekiti State on a parcel of land measuring approximately 208.949HA with coordinates 8042765.02m’N;761’ 244.963m’ E.
“This is in accordance with Section 1 (1) of the NEPZA Act Cap. N107 Laws of Federal Republic of Nigeria 2004. Please accept the assurances of my highest regards.”
This move is expected to create a favourable environment for the growth of industries in the area, attract foreign investments and encourage local businesses to expand.
