NIGERIA – The Nigeria Export Processing Zones Authority (NEPZA) has entered into a US$100M manufacturing deal with Ash Biomedical Diagnostics Limited for the production of a variety of medical equipment in the newly approved Pharmaceutical Special Free Zone in Lekki, Lagos State Government.
Established in 1992, the Nigeria Export Processing Zones Authority is the federal agency responsible for promoting and facilitating local and international investments into the 34 licensed Free Export Processing Zones (EPZ) in Nigeria.
NEPZA mandate is to stablish, license, regulate and operate highly efficient Free Zones by providing a highly competitive incentive scheme, excellent support facilities and service for the purpose of creating an enabling environment for export manufacturing and other commercial activities.
The licensing, monitoring and regulation of Free Zones Scheme in Nigeria is vested on the Nigeria Export Processing Zones Authority (NEPZA) by the Nigeria Export Processing Zones’ Act 63, of 1992
For instance, Active Free Zones in Lagos include Newrest Airline Services & Logistic EPZ, Dangote Industries Free Zone, Ladol Free Zone, Lagos Free Trade Zone, Lekki Free Zone, Nigeria Aviation Handling Company (NAHCO), Eko Atlantic Free Zone to mention a few.
The Lekki Special Economic Zone remains a business hot-spot with opportunities for business chains ranging from transport & logistics, electricity and estate development to tourism, medical and hospitality opportunities.
The Nigeria Export Processing Zones Authority announced that potential investors had made inquiries about the possibility of establishing world-class hospitals and pharmaceutical industries in the Lekki Medical Special Free Zone with the aim to end the unnecessary medical tourism abroad.
Recently, the Nigerian Agency disclosed that Ash Biomedical Diagnostics Limited had scaled through a series of tests and financial evaluations aimed at determining its capacity to carry out the expected tasks in bringing in world-class medical enterprises to the Lekki Medical Free Zone.
NEPZA Managing Director Mr. Adesoji Adesugba revealed that the partnership deal with Ash Biomedical Diagnostics Limited was the outcome of the authority’s relentless investment campaigns and drives across targeted investment potentials within and outside of the country.
Mr. Adesoji Adesugba said that Ash Biomedical Diagnostics Limited had a solid investment capital base while noting that the agency became more convinced with the pharmaceutical company’s capacity to deliver on the expectations after being exposed to its famous and world-class foreign partners.
The NEPZA Managing Director further said the agency was open to bringing international pharmaceutical companies into the Lekki zone to serve not only Nigeria but Africa and the rest of the world while pointing out that the prospects of the Lekki zone are unimaginable.
Mr. Adesoji Adesugba noted that the NEPZA was still prepared to ease rules that will ensure the comfort of anchor tenants, adding that the future benefits that could accrue to investors who dared to first explore the zone usually would outweigh the initial challenges.
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