Mr. Sambo said this at the ground breaking ceremony of the Idu Industrial Park in Abuja.
Vice President Namadi Sambo said on Thursday that the Federal Government has instituted reforms and incentives that will create an enabling environment and provide a competitive advantage for the private sector.
Mr. Sambo, speaking at the ground breaking ceremony of the Idu Industrial Park in Abuja, said the reforms and incentives had become imperative to create a vibrant private sector especially in the face of globalization.
“These incentives include 3-5 year Tax moratorium, 100% Repatriation of Profit (100%), 140% Capital Allowances on Research & Development, 20% Capital Allowances for 5 years on local raw materials utilization and 30% tax relief on expenditure in respect of public infrastructure”, he said.
The Vice President lauded the Federal Capital Territory, FCT Administration and Zerberced Limited for the initiative. He urged relevant government agencies to assist them in the execution, operation and attraction of patronage from both local and foreign investors.
“The Federal Capital Territory Administration has displayed a high sense of responsibility and responsiveness in the implementation of the Transformation Agenda. The collaboration with Messrs. Zeberced Limited for the establishment of an industrial Park is therefore in line with our National Implementation Plan under the Nigeria’s Vision 20: 2020,” he said.
The Minister of FCT, Bala Mohammed, accompanied by the Minister of State for FCT, Olajumoke Akinjide, said that the initiative emerged as a result of a visit to Turkey by President Goodluck Jonathan in 2011. He explained that the project was fully funded by the private sector under the FCT Land Swap Policy.
Mr. Mohammed said the initiative, when completed, is capable of creating about 170 small and medium scale industries and over 40,000 jobs.
The Managing Director of Zeberced and the project investor, Adil Kurt, said that the project would provide an integrated infrastructure to the tune of $200 million. He said the project will boast of road network, sewage system, natural gas pipeline, a rail link to the national rail corridor and independent power supply.