Nigeria's Dr. Jumoke Oduwole Advances SEZ Reforms

The Federal Government of Nigeria has progressed the reform of the Special Economic Zones (SEZs) to the drafting stage, as announced by Dr. Jumoke Oduwole, the Honourable Minister of Industry, Trade and Investment. This reform aims to strengthen the integrity of the Free Zones regime while safeguarding legitimate investments made under the current framework.

The Special Economic Zones Legislative and Regulatory Reform Committee, which includes members from the Federal Ministry of Industry, Trade and Investment, Nigeria Export Processing Zones Authority, and Oil and Gas Free Zones Authority, is conducting a dedicated drafting retreat. Key stakeholders, including the Nigeria Customs Service and Nigeria Revenue Service, participated to ensure that customs and tax provisions are developed collaboratively.

The drafting process incorporates feedback from operators and industry associations gathered during a stakeholder engagement on 17 September. Dr. Oduwole emphasized that the reform is not intended to dismantle the Free Zones regime or withdraw lawful incentives, which include duty-free importation of capital goods and tax exemptions on qualifying export profits.