Irregular supply of electricity and rising cost of providing alternative sources of electricity have marred the operation of the two Special Economic Zones in the country.
The two zones are in Kano and Calabar, while the remaining thirty trade zones are owned by private investors, in conjunction with State’s government.
The Minister of Industry, State and Investment, Otunba Adeniyi Adebayo,gave this indication, in Abuja recently.
He said dearth of infrastructural facilities is a problem, which the zones are grappling with.
He said zones lacked capacity to record meaninigful economic growth, adding that the problem would persist, until funds are provided for the growth of the zones.
While innugurating the Transition Implementation Committee for the reforms of the two zones, in his office, in Abuja, he said the operation of the two zones was bedevilled by poor power supply and rising cost of generating alternative sources of electricity.
Others, he said, include inability of the management of the zones to attract investors, create industrial clusters and get the much needed capital for growth.
He said the issue of financing the operation of the zones is huge, urging private companies to invest in the zones, in order to fast-tracking their growth.
He said when this happens, the zones would help in creating jobs, increasing the country’s Gross Domestic Product (GDP), promote exports and facilitate Direct Foreign Investments (DFIs) into
Also, the Director General, Bureau of Public Enterprise (BPE), Mr Alex Okoh, said trade zones are introduced, by the government, in order to speed up the growth of the economy.
He said the deadline given by the government, for the implementation of the reforms of the Special Economic Zones, would be adhere to.