From Uche Usim, Abuja

The Minister of Budget and National Planning, Senator Udoma Udo Udoma has revealed that N46 billion has been earmarked for the development of Special Economic Zones (SEZ) in the 2017 budget, which he described them as projects that will transform the economy.  

SEZs are special areas dedicated for industrial parks and zones where power, infrastructure and facilities are made available production and manufacturing.

He said the projects are to be set up in each of the six geo-political zones in the country, even as he added that Export Expansion Grant (EEG) in form of tax credits will gulp N16 billion. 

Speaking in Abuja at the public presentation of the 2017 budget, Udoma also said N15 billion was for the recapitalisation of Bank of Industry (BOI) and the Bank of Agriculture to support Micro, Small and Medium Scale Enterprises (MSMEs).  

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Throwing more light on the SEZ, the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah described the project as an important attempt to solving the problems hindering industrialization in the country. 

The Federal Government is dedicated to providing SEZs to attract both local and foreign investors.

“The government decided because it has an important role to play, it provided infrastructure and land, access in terms of logistics.”

In Nigeria, we do have some but they have not been well ran and they are not up to world class standards. When we met with the Minister of Power, Works and Housing, we are collaborating to make sure that this special economic zones would have adequate power. So it is definitely about implementation and it is certainly to aid industrialization and the implementation of the Nigerian industrial revolution plan”, he said.