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January 30, 2018

Nigeria to develop garment economic zones

Nigeria's Federal Government and private sector is to collaborate on developing Special Economic Zones (SEZs) in the country, starting first with the textile and garment industry, as part of a bid to boost the nation's economic development.

By Beth Wright

Nigeria’s Federal Government and private sector is to collaborate on developing Special Economic Zones (SEZs) in the country, starting with the textile and garment industry, in a bid to boost the nation’s economic development.

Speaking with selected investors in Davos, Switzerland, at the World Economic Forum, Vice President Yemi Osinbaj said the collaboration between private sector and the government ensures consistency in the implementation of economic policies.

According to local reports, the Vice President added one of the reasons he is optimistic about the forthcoming SEZ for garment manufacturing is because it is “specific and is something we can measure very quickly; working with investors and allowing them to tell us what they want to achieve. This will help us attain set objectives.”

Meanwhile, Senator Udoma Udo Udoma, Minister for Budget and National Planning, reportedly added the “many advantages” for Nigeria to create a SEZ for textile manufacturing include the use of English as the country’s official language, its “stable” political environment and the provision of an enabling environment for the private sector.

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