The Nigeria Export Processing Zones Authority (NEPZA) has reaffirmed its commitment to revitalising the long-abandoned Banki Free Trade Zone in Borno State, describing the project as a strategic economic gateway capable of transforming trade and industrial activities in the North-East.
Olufemi Ogunyemi, Managing Director and Chief Executive Officer of NEPZA, disclosed this in Abuja during a courtesy visit by Babagana Zulum, Governor of Borno State.
According to a statement issued by Martins Odeh, NEPZA’s Head of Corporate Communications, Ogunyemi said the authority had agreed to provide technical and investment support to reposition the Banki zone for global competitiveness.
He emphasised the strategic importance of the Banki Border Free Trade Zone, noting that its location near the Cameroon border places it at a vantage point to serve as a major trade corridor linking Nigeria to markets in Central Africa, the Maghreb and the wider North African region.
“There is a strong need to overhaul the Banki Free Trade Zone. We have agreed to leverage our expertise in attracting Foreign Direct Investment and providing technical assistance to transform this business ecosystem that has significant potential to economically empower the North-Eastern region of our country,” Ogunyemi said.
Located in Bama Local Government Area of Borno State, the Banki Free Trade Zone was conceived as a trade and logistics hub designed to stimulate cross-border commerce, industrialisation and job creation.
However, the project has remained largely inactive for years due to persistent security challenges linked to insurgency, recurrent flooding, inadequate infrastructure and limited funding.
The zone was originally envisioned to take advantage of its proximity to Central and North African markets to promote agro-processing, manufacturing and export-oriented enterprises.
Its revival is expected to strengthen regional integration under the African Continental Free Trade Area framework and boost Nigeria’s non-oil export base.
Responding, Zulum expressed optimism over the renewed partnership and commended NEPZA for its commitment to the project. He said the state government was prepared to invest heavily in critical infrastructure and create an enabling environment to attract investors.
“The state is ready to make substantial investments in the zone and develop essential physical infrastructure as we work to bring prosperity closer to our people. Let me thank His Excellency, President Bola Tinubu for his support of the free trade zone scheme, as it is a sure way to boost economic growth and industrialisation,” the governor said.
Both parties agreed that reviving the Banki Free Trade Zone would complement ongoing federal efforts to rebuild the North-East after years of conflict, while expanding Nigeria’s network of export processing zones aimed at diversifying the economy away from crude oil.
