TheCable

President Muhammadu Buhari has granted a free trade zone (FTZ) status to the Ekiti Knowledge Zone.

Ifedayo Sayo, special adviser on media to Niyi Adebayo, minister of industry, trade and investment, announced the development in a statement on Tuesday.

Free trade zones are areas in which businesses are exempted from the normal regime applicable in Nigeria.

However, the government expects such companies to boost national exports, create jobs, and help in diversifying the country’s economy by bringing in new activities.

Sayo said the president’s approval followed a request by the trade minister.

He said the approval 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’.

Sayo said 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, 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.”