Buhari Authorizes Ekiti Knowledge Zone As Free Trade Zone

President Muammadu Buhari has approved the Ekiti Knowledge Zone as a Free Trade Zone (FTZ) in a bid to boost the country’s investment opportunities.

This was disclosed in a statement on Tuesday, by the Special Assistant to Hon Minister of Industry, Trade, and Investment Ifedayo Sayo.

Buhari’s approval is confirmed two months after assuring the state of his commitment to make Ekiti a major free trade zone in Nigeria.

It is the first service-knowledge business park approved in Ekiti State.

According to Sayo, the approval was conveyed through a letter titled: “RE: Recommendation for Approval and Designation of Free Trade Zone Status in Ekiti Knowledge Zone (EKZ).

It reads, “President Muhammadu Buhari has approved the request of the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo seeking a free zone status to the Ekiti Knowledge Zone.

“This EKZ is Situated on 208.949 Hectares of Land Located at Ado-Ijan Road, Ado Ekiti, Ekiti State, it is in accordance with Section 1(1) of the NEPZA Act Cap. N107 Laws of Federal Republic of Nigeria, 2004.”

Sayo also noted that the letter addressed to the minister was signed by the Chief of Staff to the President, Prof. Ibrahim Gambari.

The Managing Director of the Nigeria Export Processing Zone Authority (NEPZA) Adesoji Adesugba, had earlier said that free trade zone schemes in Nigeria have attracted cumulative investment of N14.1 trillion to the country.

Adesugba also revealed that the provision of more FTZ across the country will boost investment and economic productivity which in turn will generate revenues.