James Emejo in Abuja
The Minister of Industry, Trade and Investment, Chief Niyi Adebayo, yesterday said the federal government had suspended further issuance of licences for the operation of the Free Trade Zones (FTZ).
Adebayo, during the inauguration of the panel set up for the evaluation of the performance of FTZs, explained that all applications for FTZ licences will henceforth not be processed pending the completion of the panel’s assignment.
He said: “It is important to note that FTZs in most developed countries have contributed successfully towards their industrialisation process. The model was adopted by the Asian Tigers and today most countries, including African countries are beginning to key into the idea.