The Nigeria Export Processing Zones Authority (NEPZA) has reaffirmed its commitment to supporting the Borno State Government in reviving the dormant Banki Free Trade Zone as part of efforts to boost economic activities and attract investments to Nigeria’s North-East region.
Managing Director and Chief Executive Officer of NEPZA, Dr. Olufemi Ogunyemi, made this known during a courtesy visit by Borno State Governor, Prof. Babagana Zulum, in Abuja. He stressed the urgent need to overhaul the zone, describing it as a strategic economic gateway linking Nigeria with countries in the Maghreb region.
According to Ogunyemi, the Banki Border Free Trade Zone had remained inactive due to a combination of flooding, funding challenges, and insecurity, which hindered its operational sustainability.
He explained that NEPZA would leverage its expertise in attracting Foreign Direct Investment (FDI) and providing technical support to reposition the zone for optimal performance.
“We have agreed to leverage our expertise in attracting Foreign Direct Investment and providing technical assistance to transform this business ecosystem that has significant potential to economically empower the North-Eastern region of our country,” he said.
Governor Zulum commended the Authority’s commitment, expressed optimism that renewed collaboration would facilitate the revitalisation, expansion, and reconstruction of the zone to meet global competitiveness standards.
He noted that the Borno State Government was ready to invest significantly in developing critical infrastructure needed to restore economic activities in the area.
“The state is prepared to make substantial investments in the zone and develop the essential physical infrastructure as we work to bring prosperity closer to our people,” the governor said, while appreciating President Bola Ahmed Tinubu for supporting the free trade zone initiative aimed at accelerating industrialisation and economic growth.
Meanwhile, Chairman of the NEPZA Board, Sen. Tijjani Yahaya Kaura, reaffirmed the board’s commitment to strengthening the Authority’s mandate of promoting non-oil exports through the free trade zone scheme.
Speaking during the board’s maiden meeting in Abuja, Kaura said members were determined to advance Nigeria’s export-driven economic agenda.
“All the board members are pleased with their appointments, and we must thank the president for his leadership in helping us pursue the country’s export-driven ambitions,” he stated.
The renewed collaboration between NEPZA and the Borno State Government is expected to reposition the Banki Free Trade Zone as a catalyst for regional trade, investment inflow, and economic recovery in the North-East.
