Experts in the financial sector have said there is need for increased focus on industrialisation and vibrant trade flows in Nigeria’s free trade zones to ensure quick economic recovery from COVID-19 challenges.
They spoke at an event organised by Alaro City, the mixed-use city being built in the Lekki Free Zone to discuss the roles of free zones in driving economic growth through business-friendly incentives.
Launched in January 2019, Alaro City was planned as a 2,000-hectare mixed-income, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces.
Alaro City is a partnership between Rendeavour, Africa’s new city builder and Lagos State.
Speaking on the theme of the event, “Free zones as engines of growth: A spotlight on Alaro City,” the Managing Director, Nigerian Export Processing Zones Authority, Prof. Adesoji Adesugba, said free zones provided protection against the disruptions and strain on global transportation and logistics systems caused by COVID-19.
He urged the business community to partner with Nigeria’s 42 free trade zones to reduce the economic impact of the pandemic.