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One thing that gives me a hope of rapid economic growth in the not too distant future are Nigeria's active free trade/export processing zones.
In Lagos,
Lekki free trade zone
Alaro free zone
Dangote free zone
Lagos free trade zone
Ladol free trade zone (among others),
are some
In Lagos,
Lekki free trade zone
Alaro free zone
Dangote free zone
Lagos free trade zone
Ladol free trade zone (among others),
are some
of the state's biggest claims to be Nigeria's no. 1 growth and employment area within the next decade.
The state's effort at preparing for the needed skills include its employment trust fund (LSETF)
Other notable free zones in Nigeria include:
Ogun Guangdong free zone
The state's effort at preparing for the needed skills include its employment trust fund (LSETF)
Other notable free zones in Nigeria include:
Ogun Guangdong free zone
Olokonla oil and gas free zone (jointly owned by Ogun and Ondo)
Ore industrial city
Cross River free zone
etc
Some will sneer at the time it is taking for these initiatives to yield appreciable returns in terms of economic and employment impact, but we must bear in mind that
Ore industrial city
Cross River free zone
etc
Some will sneer at the time it is taking for these initiatives to yield appreciable returns in terms of economic and employment impact, but we must bear in mind that
free zones actually take time to develop and build investor confidence.
Challenges
1. Security: Nigeria's security issues are one of its biggest impediments in attracting FDI
2. Port capacity: a free zone without a functional port access, is like a man without a penis.
Challenges
1. Security: Nigeria's security issues are one of its biggest impediments in attracting FDI
2. Port capacity: a free zone without a functional port access, is like a man without a penis.
Majority of the FTZs are facing slow development and operations because most port access is focused on the Apapa ports in Lagos
Because of the sheer size of Nigeria's population and trade needs, focusing all the activity from 36 states and the FCT on only one major port is bound
Because of the sheer size of Nigeria's population and trade needs, focusing all the activity from 36 states and the FCT on only one major port is bound
to lead to a gridlock in its operations.
Most of the problems with Nigeria's economic efficiency stem from congestion.
The infrastructure facilities are simply inadequate for the population.
From Cross River, Bayelsa, Akwa Ibom, Edo, and Ondo states, each should have its port
Most of the problems with Nigeria's economic efficiency stem from congestion.
The infrastructure facilities are simply inadequate for the population.
From Cross River, Bayelsa, Akwa Ibom, Edo, and Ondo states, each should have its port
Unfortunately, efforts over the years to attract investment into the development of ports have faced a huge obstacle due to corruption and dysfunctional enforcement of the laws.
