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

The Federal Government has been tasked togive top priority to developing the Free Trade Zones and supporting the growthof 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 bythe Lagos Chamber of Commerce and Industry (LCCI).

He cited the example of the Lekki FreeTrade Zone corridor with investments worth $50bn as an example of a strategicindustrial zone and hub that will be connected to the first deep seaport in thecountry. 

Still in that zone he noted that DangotePetrochemical Refinery complex one of the world's largest single trainrefineries which is close to completion, will open up the area for economicactivities.

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

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

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

The Managing Partner of Verraki emphasizedthe importance of deliberate policies in the country that could help MSMEs growand create jobs.

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

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