The Managing Director and Chief Executive Officer of the Nigerian Export Processing Zones Authority (NEPZA) Dr Olufemi Ogunyem, disclosed that since the inception of Free Trade zones in the country in 1992, it has attracted about $35 billion in capital investments.
Dr Ogunyemi gave the figure during the launch of two books authored by a former Director of NEPZA, Dr Chris Ndibe.
The books are “Reimagining Free Trade Zones in Nigeria” and “Accelerating Growing Economies Through Free Trade Zones.
According to Dr Ogunyemi, Nigeria has made commendable progress in the Free Zones scheme since its introduction the Free Zone scheme in 1992 to drive Nigeria’s economy toward growth and industrial development.
“To date, NEPZA has licensed 63 Free Zones that host over 900 Enterprises across the country, with a cumulative capital investment of about US$ 35 billion. In terms of employment generation, the Free Zones have generated over 100,000 direct and indirect jobs.
“In export development, the scheme is performing relatively well in the services sector, including international catering, shipbuilding and repairs, oil and gas, and aviation management services,” said the NEPZA MD
The author of the books, Dr Chris Ndibe, emphasised that the books sought to stimulate dialogue among policymakers, regulators, investors, scholars and development practitioners on the future of free zones in Nigeria and Africa.
He added that the books also pinpoint the critical infrastructure, regulatory incentives, and logistics corridors required to scale local manufacturing, boost value-added exports, and attract Foreign Direct Investment (FDI) into the regional market.
