NEPZA and Borno State Revive Banki Free Trade Zone

The Nigeria Export Processing Zones Authority (NEPZA) and the Borno State government are partnering to revive the moribund Banki Free Trade Zone, which has been inactive for years due to security challenges, flooding, and poor infrastructure. Olufemi Ogunyemi, the Managing Director and Chief Executive Officer of NEPZA, disclosed this during a courtesy visit to Borno State Governor Babagana Zulum.

The agreement includes providing technical investment support to reposition the zone for global competitiveness. The Banki Free Trade Zone, located in the Bama Local Government Area near the Cameroon border, is envisioned as a trade and logistics hub to stimulate cross-border commerce and industrial job creation.

Governor Zulum expressed optimism about the partnership and emphasized the state government's readiness to invest heavily in infrastructure to attract investors. The revival of the zone is expected to complement federal efforts to rebuild the northeast and expand Nigeria's network of export processing zones, aiming to diversify the economy away from crude oil dependency.