The Federal Government, on 19th February announced, it had signed a 25 megawatt Independent Power Project agreement, to enhance electricity supply to industries in the Kano Free Trade Zone.
Richard Adeniyi Adebayo, the Minister of Trade, Industry and Investment, who stated this during a facility tour of the Kano Free Trade Zone, in Kano, explained that the agreement was signed with a reputable firm and that the project was expected to be completed within 11 months.
Richard Adeniyi Adebayo said the government also initiated viable programmes to fast track infrastructure development and provision of other facilities to encourage investment in the Kano Free Trade Zone.
“We are investing money on infrastructure, the major constraint to investors is power. People need power to invest and when the power gets here, this place will bloom.
“We already have expression of interest from companies who want to set up their industries here. We are trying to increase the amount of land and the capacity of facilities to be able to cope with the demand,” Richard Adeniyi Adebayo said.
According to the minister, the Federal Government had derived proactive measures to encourage investments that would stimulate industrial growth, to enable indigenous companies to compete favourably with industries elsewhere.
“We are trying to take advantage of the African Continental Free Trade Area to encourage investors to come and invest in Nigeria. It is our desire and hope to make Nigeria an industrial hub of Africa,” Richard Adeniyi Adebayo said.
Mr Richard Adeniyi Adebayo added that the ministry was implementing sound policies and programmes to assist investors, to enable them run successful and profitable enterprises.
Richard Adeniyi Adebayo said the ministry was in discussions with the Bureau for Public Enterprises, adding that no decision had been taken on the proposed privatisation of Kano and Calabar Free Trade Zones.
He guaranteed that decision on the issue would be to the best interest of the country and investors.
The minister further lauded the management of the Nigeria Export Processing Zone Authority and its staff over commitment toward promoting investment in the zone.
In a remark, Adesoji Adesugba, Managing Director of NEPZA, thanked the minister for the visit and his support to the Authority.
Adesugba advised investors to avail themselves opportunities of the Free Trade Zones to enable them to compete in the African Continental Free Trade Area.
Also, Umar Sani-Marshall, 1 of the investors urged the minister to address power and other challenges facing the zone, to enhance their operations.
The News Agency of Nigeria (NAN) reports that Adebayo, accompanied by the Minister of State, Maryam Katagum, and other officials of the ministry, inspected ongoing housing projects and some enterprises in the zone.
