Prominent legal expert and Senior Advocate of Nigeria (SAN), Chief Afe Babalola, has called on the Federal Government to approve a Free Trade Zone (FTZ) status for the industrial park of Afe Babalola University, Ado-Ekiti (ABUAD).
Speaking during the ABUAD-China Partnership Forum in Ado-Ekiti, Chief Babalola emphasized that the 132-unit industrial park holds immense potential to transform Nigeria’s economy if fully operational and efficiently managed. Hosting representatives of the China-Nigeria Consortium on Industry and Education, he expressed frustration over the government’s reluctance to grant the necessary free trade certificate, which he believes would attract significant foreign investment and boost the nation’s economic development.
Advocacy for Economic Growth through FTZ
Chief Babalola explained the importance of establishing a Free Trade Zone, noting that such a move would spur international trade and industrial activity. He cited the Chinese model, where free trade zones facilitated partnerships with global companies, enabling China to acquire technological knowledge that contributed to its rise as an economic powerhouse.
“In 1999, I visited China when it was still a struggling economy,” Babalola recounted. “Their creation of free trade zones allowed countries like the United States and Germany to set up industries there. The Chinese learned from these foreign companies, leading to their remarkable global development. Sadly, despite applying for the same concept here over the past two years, the government has yet to grant us approval.”
Missed Opportunities
Babalola revealed that an American company had expressed interest in establishing car manufacturing operations at the ABUAD industrial park but had been deterred by the absence of the FTZ certification. He lamented the lost economic opportunities and reiterated the need for a people-centric constitution to accelerate national progress.
“If the regional government system we had in the past was still in place, our development trajectory would be far better,” he noted. “This is why I continue to advocate for a new constitution that prioritizes national growth.”
Commendation from China-Nigeria Consortium
Ms. Wendy Wang, Secretary-General of the China-Nigeria Consortium on Industry and Education, praised Chief Babalola’s visionary leadership in education, health, and engineering. Speaking through an interpreter, she lauded ABUAD as Nigeria’s best institution, noting its integration of advanced technologies into its academic programs.
ABUAD Vice-Chancellor, Prof. Smaranda Olarinde, echoed similar sentiments, describing the forum as a continuation of earlier partnerships initiated by Chief Babalola. She revealed plans for ABUAD to venture into manufacturing vehicles and robots as part of its collaborative efforts with China.
A Call to Action
Chief Babalola’s push for an FTZ at ABUAD underscores his commitment to fostering innovation and economic growth. With the right support from the Federal Government, the ABUAD industrial park could become a hub for industrial advancement, driving Nigeria closer to global competitiveness.
Discover more from Destkelamedia
Subscribe to get the latest posts sent to your email.