Trade Ministry Clarifies Status of Special Economic Zone Company - THISDAYLIVE

Following the altercation between the Minister of Trade, Industry and Investment, Okechukwu Enelamah, and the Senate last Monday over the controversial Special Economic Zone Company , which led to the rejection of the ministry’s 2019 budget estimates by the Senate, the ministry has insisted that the company is genuine.

However, in a statement issued yesterday to clarify the status of the ‘SEZ Company’, the Special Adviser to the minister on Strategy and Communications, Mr. Bisi Daniels, said the company was a presidential initiative incorporated as a special purpose vehicle to deliver Project MINE . “We wish to restate that NZESCO was incorporated as a special purpose vehicle to deliver Project MINE which is a presidential initiative. The Federal Government’s Economic Recovery and Growth Plan identified the development of Special Economic Zones as a major strategic tool to accelerate the implementation of the Nigeria Industrial Revolution Plan .

“Indeed, Project MINE was necessitated by the following factors, which include lack of operating competitiveness that limits the growth of the zones, despite the presence of generous fiscal and regulatory incentives. For government-owned SEZs, there were limited federal budget allocations to make the required investments in infrastructure, operations and management services.

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