President Muhammadu Buhari has approved four Nigerian airports as special economic zones (SEZs), the Minister of Aviation, Hadi Sirika, disclosed this on Thursday.
SEZ is an area in a country that has different economic regulations than other regions within the same country. The SEZ economic regulations tend to help attract foreign direct investment.
When businesses are conducted in an SEZ, there are typically additional economic advantages for them, such as tax incentives and the opportunity to pay lower tariffs.
The approved airports are Murtala Muhammed International Airport, Lagos; Aminu Kano International Airport, Kano; Nnamdi Azikiwe International Airport, Abuja, and Port Harcourt International Airport.
“I am very glad to announce that Mr President has approved our four International Airports as Special Economic Zones. These are Lagos, Kano, Abuja & Port Harcourt. Our roadmap working,” the minister wrote
On Wednesday, Mr Sirika announced a new national carrier will commence operation in the first quarter of 2022.
He said the COVID-19 pandemic caused the postponement of the planned date for the establishment of the national carrier that was initially slated for the end of 2021.
The airline is potentially poised to cater to millions of travelers in Nigeria and Africa, he added.