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FG says free trade zones have brought in $46 billion

The Nigerian government has revealed that its export processing zones have attracted investments valued at $46.6 billion so far.

This was disclosed by Prof. Adesoji Adesugba, managing director of Nigeria Export Processing Zones Authority (NEPZA) at the 30th anniversary of free trade zones scheme in Nigeria.

He added that the trade zones regulated by NEPZA attracted over $30 billion in investments since its inception in 1992.

Adesugba noted that Nigeria’s FTZs were meeting its objective in fast-tracking economic growth and industrialization.

He added that the zones being regulated by NEPZA have attracted over $30 billion dollars investments since the inception of the scheme in 1992 and that the Oil and Gas Free Zones attracted $16.6 billion since 1996.

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Job creation: NEPZA also revealed that the zones house 600 enterprises providing 150,000 direct employment and an estimated 400,000 indirect employment.

  • “To date, the zones have attracted over 30 billion dollars investments, which is expected to exponentially increase in the next few years with our sustained incentives and aggressive investment drive across the world. The future is bright for the Free Trade Zone scheme in Nigeria.
  • “And again, we express our profound appreciation to the President Muhammadu Buhari-led administration for the approval given for the establishment of six Special Economic Zones and the earmarking of four international airports as Free Trade Zones in 2021,’’ he said.

He added that NEPZA has also established Special Economic Zones Security outfit to professionally secure lives and investments in the zones, citing , the Special Economic Zones Training Institute, Kano will help bridge the knowledge gap in the free zones scheme.

  • “The authority also established an automated platform to digitise the operations of the scheme for enhanced efficiency and accountability,’’ he said.

He also noted that in the last 30 years, the scheme is operating under robust fiscal incentives as enunciated in the enabling Act, which enabled the Authority to checkmate attempts by revenue-generating agencies to overreach themselves in a collection of taxation and levies,

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Sen. Tijjani Y. Kaura, the managing director/CEO of Oil and Gas Free Zones Authority, said oil and gas free trade zones attracted over 200 companies with over $16.6 billion and created over 200,000 direct and indirect jobs which contribute to local content development.

OGFZA revealed it is a partnership to develop the enormous potential in the mid and downstream sectors in line with Nigeria’s National Development Plan.

  • This is with immediate emphasis on the Medium-Term National Development Plan 2021-2025 while providing model development centres for achieving the agenda 2063 of the African Union, in collaboration with other international development partners,’’ they said.

For the record: Nairametrics reported last year that The Nigeria Export Processing Zones Authority (NEPZA) revealed that there are over 500 licensed free trade zone enterprises operating in Nigeria.

They added that the enterprises operating in Nigeria’s Free Trade Zones are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, car assembling, and new upcoming Industrial Parks.

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