Prof. Adesoji Adesugba, Managing Director/Chief Executive Officer of the Nigeria Export Processing Zones Authority(NEPZA),says Free Trade Zones across the country have fetched investments worth over $30 billion.
He disclosed this in Abuja on Wednesday during the 30th Anniversary of the Free Trade Zones(FTZs) Scheme in Nigeria, where he also said the FTZs have created 150,000 direct jobs and an estimated 400,000 indirect jobs.
According to him,there are 46 Free Trade Zones in Nigeria, adding that out of these 46 FTZs, 44 are privately owned while two are managed by NEPZA on behalf of the Federal Government.
He said: “Currently, NEPZA exercises regulatory oversight on 46 Free Trade Zones, out of which forty-four (44) are private-owned and two (2) fully owned and managed by the Authority on behalf of government. Even the two (2) are undergoing a process of concession to private entities.
“These business enclaves harbour over 600 enterprises providing 150,000 direct employment and an estimated 400,000 indirect employment. To date, the Zones have attracted over US$30 billion investments which is expected to exponentially increase in the next few years with our sustained incentives and aggressive investment drive across the world.”
He noted that the presence of key global enterprises in the Zones is an attestation to the fact that FTZs are contributing immensely to the growth and industrialisation of the Nigerian economy, adding that some of these FTZs include Dangote Industries Free Zone;
The Deep-Sea Port in Lagos;Lekki Free Trade Zone;Eko Atlantic City;Ogun Guandong;
and LADOL.
He disclosed some of the achievements of FTZs Scheme in Nigeria since their establishment.
He said:”Notable milestones of the FTZ Scheme in Nigeria include:
In 2014, the Free Zones Scheme has been identified as a pillar to drive the Nigerian Industrial Revolution Plan (NIRP).
“In 2016, the scheme was identified in the Economic Recovery and Growth Plan (ERGP) as a tool to accelerate and consolidate the implementation of the NIRP.
“In the extant Medium-Term National Development Plan of 2021-2025, the Free Trade Zones Scheme is recognized as a key driver to economic growth and development leading to its operators being appointed into the Technical Working Group tasked with the formulation of the Plan.
“Recently in October, 2022, Mr. President signed the Startup Bill into Law with Section 42 identifying the Free Zones scheme as the policy tool to spur growth and development of Startups and incubators in the country.
“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.”
Also speaking, Senator Tijjani Kaura, Managing Director/Chief Executive Officer of Oil and Gas Free Zones Authority (OGFZA), explained that the objectives of the Scheme which include driving industrialisation through export promotion, technology, skills and knowledge transfer, job creation, local and foreign direct investment attractiveness, have not been without challenges over the years.
