Key highlights
- NEPZA said free trade zones across the country have attracted a total of N14.1 trillion in investments.
- The free trade zones are said to have also created a total of 100,000 jobs and 170,000 indirect jobs for Nigerians.
- According to NEPZA, the number of registered private free trade zones in Nigeria has also increased to 44.
The Nigeria Export Processing Zones Authority (NEPZA), has said that free trade zone schemes in Nigeria have attracted cumulative investment of N14.1 trillion.
The Managing Director of NEPZA, Prof. Adesoji Adesugba, disclosed this in a media interview on Sunday.
While speaking on the success recorded by NEPZA in its drive to attract investors to Nigeria, Adesugba said it also attracted one billion dollars in investment to Niger State through Hydropolis FTZ in Kainji in 2022.
He said that the impact of the scheme was being seriously felt in the country’s Gross Domestic Product (GDP) and attraction of Forex.
Many jobs created
Speaking further on the impacts of the free trade zones in the country, Adesugba said:
- “For instance, we have at the moment, 500 enterprises operating in these zones providing a total of 100,000 direct jobs and more than 170, 000 indirect jobs for the country’s teeming youth population.
- “The authority has in the last two and half years developed the right strategic plan to put the scheme at the front-burner of global competitiveness.”
He said the Federal Government approved six public Special Economic Zones (SEZs) within seven years as against two that had existed for 30 years. According to him, the number of registered private free trade zones also increased to 44 while 500 functional enterprises were attracted to the zones.
He added that there are several projects currently ongoing at the free zones, which include the construction of the Deep-Sea Port at Lagos FTZ and the construction of Dangote Refinery at the Dangote free zone enterprises in Lagos.
- “There is an ongoing development of Medical special economic zone, Lekki, development of Agro-Allied special economic zone, Ilorin and development of Integrated Cotton and Garment special economic zone, Funtua, Katsina State,’’ he said.
What you should know
The managing director added that with its highly proficient workforce, it had increased investment prospecting and promotion. This, he said led to the desired attraction of Foreign Direct Investments (FDIs) and Local Direct Investments (LDI) respectively.
NEPZA is the major driver of the Government’s initiative to diversify the Nigerian economy. With attractive investment packages and a focus on economy-driven sectors, NEPZA provides opportunities in different sectors across the entire country.
