Free Trade Zones generate N650bn revenue, attract $30bn investments — Dr Jumoke
Dr. Jumoke Oduwole
Free Trade Zones generate N650bn revenue, attract $30bn investments — Dr Jumoke
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said that Free Trade Zones (FTZs) in Nigeria have attracted more than $30 billion in investments, contributed over N650 billion to government revenue and created significant employment opportunities since establishment, noting, however, that they are yet to attain full potential.
Oduwole disclosed this yesterday at the third Special Economic Zones (SEZ) yearly meeting organised by the Nigerian Export Economic Zones Association (NEZA), Nigerian Export Processing Zones Authority (NEPZA) and the Oil & Gas Free Zones Authority (OGFZA) in Lagos.
She said with over 200 operating SEZs and over 70 projects announced for completion in Africa, the highest number exist in Morocco and Nigeria.
According to her, while the 12 Free Trade Zones (FTZs) in Morocco have flourished by attracting significant FDI and emerging as hubs for automotive and aerospace industries, driven by strategic location, political stability, and proactive industrial policies, Nigeria’s ongoing and planned SEZ projects are yet to fully realize its potential.
The minister added that the ministry is prioritising regulatory synergy with the Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), and NEPZA to ensure fiscal, monetary, and trade policies align and incentives in SEZs remain competitive.
In his remark, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said many of Nigeria’s tax regimes were established decades ago, such as the Free Zone law of 1992, and require updates to align with modern economic realities and address economic distortions.
Also speaking, Managing Director of NEPZA and Council Member, World Free Zone Organisation (WFZO), Dr. Femi Ogunyemi, emphasised that SEZs remain central to Nigeria’s mission to attract investment, create jobs and establish globally competitive industries.
