Federal Government Establishes Technical Committee for Business Roundtable on Economic Diversification

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ABUJA, May 16, 2024: – The Federal Ministry of Trade, Industry and Investment (FMTII), in partnership with Newwaves Ecosystem, announced the formation of a Technical Committee for the upcoming “Renewed Hope Business Roundtable.” This roundtable will focus on economic diversification through the strategic use of Free Trade Zones (FTZs) and Special Economic Zones (SEZs).

The (Technical) Committee which was set up on May 16th 2024 by the Permanent Secretary, FMTII, aligns with President Bola Ahmed Tinubu’s “Renewed Hope Agenda” for economic diversification through FTZs and SEZs, with special focus on the Agriculture and Manufacturing sectors, revenue generation, creation of employment and paving the way for more foreign direct investments (FDIs) in the Country.

The FMTII approved the sixteen-member Technical Committee comprising various stakeholders, investors and representatives from relevant government agencies. Members include the FMTII, Nigeria Export Processing Zones Authority (NEPZA), Oil and Gas Free Zone Authority (OGFZA), Nigeria Economic Zones Association (NEZA), Newwaves Ecosystem, with NAPAAS as the Coordinating Consultant.

The Committee is chaired by Alhaji Umar. A. Mutallab, CON, FCA with Mr. Jude Amalunweze acting as the Secretary. Other members include Mr. Femi Williams, Mr. Mohammad A. Bello (walin katsina), Maj. Gabriel Adofikwu, Mr. Abdulwahid Umar, Mr. Morgan Umahi, Mrs. Celestina Obiora, Mr. Aliyu Othman, Mr. Ogbonna Chiedebere, Engr. Eze Nnadi, Ms. Marie-Therese Eyo, Ms. Chidinma Udeogu, Mr. Haroon Al Amin, Mr. M.A Barde and Mr. Kabir Folorunsho.

The Technical Committee’s primary function is to facilitate the Business Roundtable, and ensuring its success in exploring economic diversification through the FTZs and SEZs.

The “Renewed Hope Business Roundtable” is to be a platform for generating new ideas and fostering interactive discussions on economic diversification. It aims to promote public-private partnerships for commercialisation initiatives, and open access to opportunities for investors within the Nigerian economic ecosystem. Discussions during the roundtable will be diverse and will include employment generation, industrialisation, manufacturing, agriculture, housing, transport, health, infrastructure development among others.

The committee will hold a pre-event press conference and establish sub-committees to manage various identified aspects of the roundtable.