The Nigeria Export Processing Zones Authority (NEPZA) says the new partnership with the World Bank and the International Financial Co-operation (IFC) in the area of infrastructural development of Free Trade Zones across will attract more Foreign Direct Investment to the economy.
The Acting Managing Director of NEPZA, Mr. Bitrus Dawuk made this known when the World Bank and the International Financial Co-operation (IFC) delegation paid him a courtesy visit in Abuja.
Mr.Dawuk said one of the bottlenecks militating against optimal performance of Free Trade Zones is NEPZA’s obsolete legislations
He, however, said the legislation was in the process of being amended by the National Assembly and after its amendment would be capable of generating billions of dollars worth of investments into the country.
Earlier, the leader of the World Bank delegation, Mr. Feyi Boroffice said the visit was aimed at strengthening relationship with NEPZA by providing an enabling environment to attract more foreign investors.
He said the World Bank which has the mandate of providing funding or advice for the national development with the help of the four arms of the organization.
International Financial Co-operation (IFC) which finances private Companies, International Development Association (IDA) which provides assurance on political risks for foreign investors and the International Centre for Settlement of Investment Disputes (ICSID) which provides arbitration for investment disputes.
The IFC representative, Bambo Kunle-Salami said what the world bank does was to provide funding and advice to the public sector and government while the IFC dwells more on Private sectors.