Capital investments of around $35 billion have been drawn to Nigeria’s Export Processing Zones (NEPZA) since the establishment of the country’s Free Trade Zones.
During the launch of two books written by Dr. Chris Ndibe, a former director of NEPZA, stakeholders evaluated the success of Nigeria’s Free Trade Zones (FTZs) program and its ability to boost economic growth. This information was disclosed by Dr. Olufemi Ogunyemi, the managing director and chief executive officer of NEPZA. The event took place in Abuja.
Since its establishment in 1992 to propel Nigeria’s economy toward expansion and industrialisation, the Free Zones concept has enabled the country to achieve noteworthy strides, he said.
“With a total investment of around US$ 35 billion, 900 enterprises across the country are hosted by NEPZA-licensed 63 Free Zones. More than 100,000 direct and indirect jobs have been created as a result of the Free Zones.
“The aviation management services, international catering, shipbuilding and repairs, oil and gas, and export development scheme is doing relatively well in the services sector,” stated the NEPZA MD.
Dr. Chris Ndibe, who was speaking at the launch of his books “Reimagining Free Trade Zones in Nigeria” and “Accelerating Growing Economies Through Free Trade Zones,” said that this would help Nigeria build the infrastructure, incentives, and corridors for logistics that the country needs to increase the size of its domestic manufacturing sector, increase the value of its exports, and entice FDI to the region.
According to Ndibe, the books’ stated goal was to spark discussion on the future of free zones in Nigeria and Africa among government officials, regulators, investors, academics, and development professionals.