TheCable

The federal government has assured its investment partners of the Nigeria Special Economic Zone Investment Company Limited (NSEZCO) of its commitment to the development of special economic zones across the country.

Vice President Yemi Osinbajo gave the assurance on Thursday at a meeting with representatives of the African Export-Import Bank, Bank of Industry, Nigerian Sovereign Investment Authority, Africa Finance Corporation and the African Development Bank.

Osinbajo condemned the “negative media reports about NSEZCO” saying it has “caused embarrassment to investors”.

“It is the vision and plan of the Buhari Administration to be the pre-eminent manufacturing hub in Sub-Saharan Africa and a major exporter of manufactured products,” a statement signed by Laolu Akande, his media aide, quoted him to have said.

He reaffirmed the government’s resolution to ensure that investors receive the support required to complete their investments in the company.

Speaking on Project MINE (Made in Nigeria for Exports), Osinbajo said the SEZs will be used to achieve the objectives of boosting manufacturing’s share of GDP to 20%, generating $30billion in annual export earnings and creating 1.5 million new jobs.

Abubakar Malami, attorney-general of the federation, who was also at the meeting, said the recent investigation into the affairs of the company was to establish the integrity of the federal government and the propriety of its actions in the light of the negative perceptions created in the media. 

He said the federal government “has no intention to frustrate investment in the company and its smooth take-off”.

The federal government set up NSEZCO as a special purpose vehicle to facilitate public-private partnerships with development finance institutions and other investors, to develop special economic zones across the country, offering world-class infrastructure and facilities at competitive costs and an enabling