NEPZA officially grants license to Badagry FTZ port project

Posted: January 3, 2017 in general

SavedPicture-20161218205728.jpgThe Nigeria Export Processing Zones Authority (NEPZA) has formally presented an operational license to the new Badagry Free Trade Zone to be built in Lagos.

At a ceremony in Abuja, Monday, to officially present the license to the Badagry FTZ by the Managing Director of NEPZA, Mr. Gbenga Kuye, the Project Director of the Zone, Mr. Patrick Bird, remarked that it was the intention of the Lagos State government to develop an African Maritime City in the country.

“Today marks a tremendous milestone in the development of the Badagry project. With NEPZA, we intend to develop the Maritime Africa Economic City into one of the most successful special economic zones in all of Africa.

“The benefits of having this approval are enormous for our clients and despite the current downturn in the economy, we are still fielding a lot of interests from domestic and foreign companies wanting to set up in Badagry.

“We thank NEPZA for their continued support. This is going to be a great partnership to the benefit of Nigeria,” he said. Bird said some of the benefits of the new Free Trade Zone include various tax advantages, 100 per cent repatriation of profits and dividends, immigration incentives, round the clock operations and fast track cargo clearance procedures.

The Maritime Africa Economic City captured in the proposed Zone will be developed on 1,100 hectares of land with over six kilometres of quay wall, including a container terminal, roll-on-roll-off (RORO) terminal, general cargo terminals, oil service centre and refined products import terminals. It will also include a power plant, an oil refinery, industrial park, warehousing and inland container depot functions as well.

The Zone is connected to Lagos by the Lagos-Badagry Expressway, which is currently being upgraded and expanded by the Lagos State Government as well as the Porto Novo Creek, allowing for the barging of cargo between the existing port system of Lagos and the new facility.

A rail line will also be developed in the future to connect the new Free Trade Zone for even more seamless transit of goods.

The Maritime Africa Economic City is being developed by a consortium of top local and international companies.

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