Lagos Skyline/Bloomberg

Economy

Nigeria plans special economic zones to double manufacturing by 2025

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The government has set up Nigeria SEZ Investment Company, which will finance industrial parks in special economic zones in the commercial capital of Lagos, South-eastern state of Abia and Northern state of Katsina.

Thursday 11, April 2019 BY KUDAKWASHE MUZORIWA

Nigeria has announced plans to double its manufacturing output to 20 per cent of GDP within six years and will set up production hubs across the country in partnership with regional aid banks.

The government said that lenders such as African Development Bank, Afreximbank as well as African Finance Corporation and Nigerian Sovereign Investment Authority have shown interest in co-investing with the Nigerian government, which would own a 25 per cent stake in the project.

In a statement, Nigeria’s Ministry of Industry, Trade and Investment, said that project Made in Nigeria for Export’s (MINE) strategic objectives are to increase the manufacturing sector’s contribution to the GDP by 20 per cent and generate over $30 billion annually by 2025.

The government is currently raising capital of $250 million for Nigeria SEZ Investment Company, it plans to double its equity to $500 million over four years.

The Nigerian president, who is due to start a second four-year term next month, pledged to revive the economy and is focused on building roads and expanding the railway network to lower production costs, reported Reuters.

 

TAGS : Nigeria, Made in Nigeria for Export, MINE, Nigeria SEZ Investment Company, African Development Bank, Afreximbank, African Finance Corporation, Nigerian Sovereign Investment Authority

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