Nigeria's Free Trade Zones Attract $35 Billion Investment

Dr. Olufemi Ogunyemi, the Managing Director and Chief Executive Officer of the Nigeria Export Processing Zones Authority (NEPZA), announced that capital investments in Nigeria's free trade zones have hit $35 billion. This disclosure was made during the launch of two books by former NEPZA director Dr. Chris Ndibe in Abuja.

The free trade zone (FTZ) program, which began in 1992, aims to drive Nigeria's economy towards growth and industrial development. NEPZA has licensed 63 free zones that host 900 enterprises nationwide, generating approximately 100,000 direct and indirect jobs.

The scheme has also contributed to export development and has been beneficial for the service sector, including industries such as international catering, shipbuilding, oil and gas, and aviation management services. Dr. Ogunyemi spoke about the importance of the free trade zone in providing critical infrastructure, regulatory incentives, and logistics corridors necessary to enhance local manufacturing, boost value-added exports, and attract foreign direct investment (FDI) in the region.