Nigeria's Free Trade Zones Attract $35 Billion in Investments

The Nigerian Export Processing Zones Authority (NEPZA) has announced that Free Trade Zones in Nigeria have pulled in about $35 billion in capital investments since they started. Dr Olufemi Ogunyemi, NEPZA's Managing Director and Chief Executive Officer, shared this news in Abuja. He spoke during the launch of two books by Dr Chris Ndibe, a former NEPZA director. Stakeholders discussed how well Nigeria's Free Trade Zones (FTZs) are doing and their potential to boost the economy.

Dr Ogunyemi highlighted that Nigeria has made good strides in the Free Zones program since it began in 1992. This scheme aims to promote economic growth and industrial development in Nigeria. "So far, NEPZA has licensed 63 Free Zones that are home to over 900 Enterprises across the country, with a total capital investment of about $35 billion. In terms of jobs, the Free Zones have created more than 100,000 direct and indirect jobs," he said.

He added that in export development, the Free Zones are doing well, especially in the services sector. This includes areas like international catering, shipbuilding and repairs, oil and gas, and aviation management services.

Dr Chris Ndibe, the author of the books "Reimagining Free Trade Zones in Nigeria" and "Accelerating Growing Economies Through Free Trade Zones," also spoke at the event. He mentioned that these books would help Nigeria build the necessary infrastructure, regulatory support, and logistics needed to grow local manufacturing. This will increase value-added exports and attract Foreign Direct Investment (FDI) in the regional market.

Ndibe stated that his books aim to spark discussions among policymakers, regulators, investors, scholars, and development practitioners about the future of Free Zones in Nigeria and Africa. He believes this dialogue is essential for the growth and success of these zones.