The Nigerian Export Processing Zones Authority (NEPZA) has granted licence to Nigeria’s largest Free Trade Zone and Mega Port project – the Maritime Africa Economic City, also known as the Badagry Free Zone.
The licence was presented to the Project Director of the Zone, Mr Patrick Bird by NEPZA’s Managing Director, Mr Gbenga Kuye, in Abuja.
In a statement the company released to newsmen on Tuesday in Lagos, it said that the development marked a tremendous milestone in the development of the Badagry project.
Bird said: “With NEPZA, we intend to develop 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 in spite of 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 listed some of the benefits of the new Free Trade Zone as various tax advantages, 100 per cent repatriation of profits and dividends, immigration incentives, round the clock operations and fast track cargo clearance procedures.