Nigeria's Free Trade Zones Draw $200bn Investment, Create Jobs

The Federal Government of Nigeria announced that the country's free trade zones have attracted more than $200 billion in foreign investment and over ₦900 billion in domestic investment, generating over 100,000 direct jobs and more than 500,000 jobs across supply chains, logistics networks, and host communities. Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment, disclosed this information during a virtual meeting with Special Economic Zones stakeholders in September.

The government is revising the Nigeria Export Processing Zones Authority regulations to modernize the regulatory framework, making it more responsive to evolving business models, including digital operations. The reforms aim to address issues affecting the integrity and competitiveness of the scheme, particularly the diversion of goods into the Nigerian Customs Territory.

The revised framework will clarify the 75 percent export and 25 percent domestic sales structure and introduce Digital Free Zones. NEPZA and the Oil and Gas Free Zones Authority will oversee licensing, while the Nigeria Revenue Service will manage tax administration.