Akwa Ibom woos investors for free trade zone

The Akwa Ibom State government has called on investors across the world to invest in its free trade zone, citing opportunities worth over $3bn.

The Chairman, Technical Committee on Foreign Direct Investments, Akwa Ibom State Government, Gabriel Ukpeh, made the call at the German-Nigerian Business Forum in Lagos.

Ukpeh highlighted the growth and income-generating potential of the state.

According to a statement by state government, he said the free trade zone has 50,000 hectares of land, free container import – zero duties, and no company taxes.

He said, “The Governor of Akwa Ibom State, Udom Emmanuel, came from the private sector, hence, bringing a private sector perspective to bear on governance in the state and restructuring the way the business of governance is done in Nigeria.

“Akwa Ibom State stands out when compared to other states in Nigeria for obvious reasons. It has been affirmed by many Nigerians, including the Nigerian Police Force, as one of the most peaceful states in Nigeria. The security architecture is at par with those found elsewhere in the world.”

He added, “Oil and gas abound in large quantity for investors – whether in the area of petrochemical plants, a methanol plant, thermal power plant, gas processing and other possibilities.

“In terms of infrastructural development, the Ibom Deep Sea Port with 17-metre depths, set to be the best in Nigeria, is in top gear and by March 2022. Construction at the site is expected to commence and would facilitate shipment and trade to other African countries. Behind the Deep Sea Port is the 14,000 Ibom Industrial City Free Trade Zone which has started attracting investors.”

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