President Buhari Awards Free Trade Zone Status To Ekiti

President Muhammadu Buhari approved Ekiti state as a free trade zone at the request of Niyi Adebayo, Federal Minister of Industry, Trade and Investment of Nigeria.

Special Assistant to the Minister on Media, Ifedayo Sayo, issued a statement on Tuesday, revealing President Buhari's approval and said that the letter, titled "Re: Recommendation for approval and designation of free trade zone status in Ekiti Knowledge Zone" was addressed to the minister.

"The letter reads, 'Kindly note that Mr. President has granted free zone status approval for the Ekiti Knowledge Zone located along Ado-Ijan Road, Ekiti State on a parcel of land measuring approximately 208.949HA with coordinates 8042765.02m'N; 761' 244.963m' E, in accordance with Section 1 (1) of the NEPZA Act Cap. N107 Laws of Federal Republic of Nigeria 2004," TheCable reported.

Free trade zones mean that the businesses running in these areas will be exempted from the normal regime applicable in the country.

The government provided such an exemption so that such companies can boost the national economy by creating more jobs, improving exports, and helping diversify Nigeria's economy.

Managing Director of Nigeria Export Processing Zone (NEPZ) Authority, Adesoji Adesugba, previously said that Federal Government is committed to making Ekiti State a major free trade zone in the country during his January visit to Ekiti.

"I personally came to Ekiti State to show the commitment of the Federal Government to support the state in delivering an economic and knowledge free zone and be the home of block chain technology where technological companies and other industries that have things to do with education," Adesugba said at that time, Punch reported.

"Ekiti is known for education and ideas innovation and this is where we are going to show the world that Nigeria has arrived," he added. "The first thing for us is to, first of all, get a Presidential declaration to make that place a free zone."

Adesugba promised that within the next 18 months, the government plans to get many industries in this zone - virtually as well as on-sight. "As we speak, there are people who are already planning and working, so, we, on our own part, are to get this approval," he said.

President Buhari will step down from his position in May and the new administration of President-elect Bola Tinubu will be in power.

Forty-four ministers in the Federal Executive Council, including President Muhammadu Buhari, Vice President Yemi Osinbajo and Member of the Senate of Nigeria Kashim Shettima will be declaring their assets before leaving the office.

President Buhari's government announced last month that before the change of administration on May 29, the controversial airline, Nigeria Air will become operational. Nigeria's minister of state on aviation, Hadi Sirika said the work is 98% finished, adding that the implementation of this aviation roadmap cost around $14.166 billion.