Abuja — President Umaru Musa Yar'adua has asked the National Assembly to review the legal framework of the Free Trade Zones (FTZ) to ensure that the country derives maximum benefits in terms of Foreign Direct Investments (FDI), employment generation, foreign exchange conservation and transfer of technology.

The presidential request followed reports that the Free Trade Zones may have deviated from the original concept and intentions and have lent themselves to all sorts of trade malpractices, money laundering, terrorism financing and transit camps for illicit drug trade.

Yar'adua who spoke at a Summit on the Free Trade Zones organised by the National Assembly Anti-Money Laundering and Cyber Security Coalition said the repositioning of the Free Trade Zones had become necessary at this time of global meltdown and dwindling oil resources.

The President who was represented at the event by the Minister of Commerce and Industry, Chief Achike Udenwa, said that the Federal Government was irrevocably committed to creating the enabling environment for the FTZs to thrive but warned against the use of the zone for illicit trade which undermines the Nigerian economy.

"In our determination to ensure that investors are assured of the safety of their investments and thus encouraged to invest without fear, the Federal Government has approved that goods manufactured or produced in the free zones shall be imported into the Customs territory, provided they are not under absolute prohibition, on payment of appropriate duties."