2020: FG Should Focus On Developing Free Trade Zones, MSMEs Support - Niyi Yusuf


Wednesday, January 29, 2020 / 10:57 AM / Bukola Akinyele for WebTV / Header Image Credit: WebTV


The Federal Government has been tasked to give top priority to developing the Free Trade Zones and supporting the growth of the Micro, Small and Medium Enterprises (MSMEs) in the country.


Mr Niyi Yusuf,  Managing Partner, Verraki  disclosed this at a recent economic and business forum hosted by the Lagos Chamber of Commerce and Industry (LCCI).


He cited the example of the Lekki Free Trade Zone corridor with investments worth $50bn as an example of a strategic industrial zone and hub that will be connected to the first deep seaport in the country. 


Still in that zone he noted that Dangote Petrochemical Refinery complex one of the world's largest single train refineries which is close to completion, will open up the area for economic activities.


"If we understand what we are doing we can replicate the paradigm in at least two other places. The free trade zones have been cleared and they have incentives attached to them by the Nigeria Investment Promotion Council (NIPC)" Yusuf said.


He also made a strong case for the Federal Government to sustain the Ease of Doing Business Reforms that will create an enabling environment for MSMEs to thrive in the country.


According to him in 2013 the number of MSMEs in the country was 37m while in 2018 the number moved up to 41m.


The Managing Partner of Verraki emphasized the importance of deliberate policies in the country that could help MSMEs grow and create jobs.


For 2020 he believed that businesses around clothing, food, housing, healthcare, education, transportation, communications and entertainment will experience increased activities amidst the sluggish economic growth projected for the overall economy.

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