The Presidency, yesterday, explained that the Nigeria Special Economic Zones Company, NZESCO, was incorporated as a special purpose vehicle to deliver Project MINE (Made in Nigeria for Exports), a Presidential initiative.
A statement by the Special Adviser to the President on Media and Publicity, Chief Femi Adesina explained that the Federal Government’s Economic Recovery and Growth Plan, ERGP, identified the development of Special Economic Zones as a major strategic tool to accelerate the implementation of the Nigeria Industrial Revolution Plan, NIRP.
According to him, “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.
“Indeed, Project MINE was necessitated by the following factors: Lack of operating competitiveness that limits the growth of the zones, despite the presence of generous fiscal and regulatory incentives.”
He said that Project Mine therefore, seeks to support structural transformation of the Nigerian economy by increasing the manufacturing sector’s contribution to GDP to 20 percent by 2029 and contribute to sustainable inclusive growth by creating 1.5 million new direct manufacturing jobs in the initial phase of Project MINE.
It also seeks to increase and diversify foreign exchange earnings to at least $30billion annually by 2029, by increasing manufacturing sector exports and create local models of global best practice in the provision of world class infrastructure at competitive costs connecting SEZs to international and regional markets with transport links, uninterrupted power, ICT, water, sewage and other services to ensure smooth and efficient operation of SEZ businesses.
Other objectives include the promotion of “cluster” effect to be gained by locating similar export-oriented manufacturing businesses within the same locality, attract world class investors with strong positions in global supply chains and investors with potential to increase the scale of operations rapidly to set up operations in SEZs; and to create an enabling environment for SEZ businesses by instituting best in class legal and regulatory frameworks, using technology and streamlined processes to facilitate movement of people, goods and capital and easy access to government services, approvals and permits.
