NEPZA to Revitalize Borno's Banki Free Trade Zone

The Nigerian Export Processing Zones Authority (NEPZA) has announced plans to assist the Borno State government in revamping the moribund Banki Free Trade Zone. During a courtesy visit to Borno State Governor Prof. Babagana Zulum in Abuja, NEPZA's Managing Director, Dr. Olufemi Ogunyemi, highlighted the critical need to overhaul the zone, which has remained inactive primarily due to adverse natural events, flooding, funding constraints, and security challenges.

Dr. Ogunyemi expressed the importance of leveraging expertise to attract foreign direct investment and provide technical assistance to transform the business ecosystem, which holds significant economic potential for the northeastern region of Nigeria. Governor Zulum expressed gratitude for NEPZA's commitment to supporting the state in its mission to revamp, expand, and reconstruct the zone to enhance global competitiveness and prepare for substantial investments.

He also acknowledged the support of President Bola Tinubu for the free trade zone scheme, which is expected to boost economic growth and industrialization.