(Ecofin Agency) - The Nigerian Senate on Tuesday, April 5, passed a bill creating a national industrial and technology park. The bill, sponsored by Senator Ibikunle Amosun, aims to establish the National Industrial and Technology Park as a mechanism for “ clustering of knowledge & innovation-based industrial parks formation in Nigeria.”  It has been referred to the Committee on Trade and Investment which is expected to report back to the House within four weeks for legislative action.

“The establishment of Parks, such as this, makes it easier for companies and entrepreneurs to leverage the availability of resources, technical know-how, knowledge, and professionalism, which can pave the way for developing and testing business and technology solutions,”  declared Senator Ibikunle Amosun. 

The initiative is part of the Nigerian government's strategy to attract investment from major digital industry players and drive technological development in line with the 2022-2025 Digital Development Strategy. 

Once established, the industrial technology park is expected to help accelerate the diversification of the national economy, and attract innovative companies that can generate jobs. It is also expected to help increase incomes and channel more financial resources into the country while enabling it to become an industrial nation. 

Isaac K. Kassouwi