FG says that the free zones have contributed $46 billion

The Nigerian government has revealed that its export processing zones have attracted investment valued at $46.6 billion so far.

This was revealed by Prof. Adesoji Adesugba, Managing Director of the Nigerian Export Processing Zones Authority (NEPZA) on the 30th anniversary of the free trade zone scheme in Nigeria.

He added that NEPZA-regulated commercial zones have attracted more than $30 billion in investment since their creation in 1992.

Adesugba noted that Nigeria’s free zones were meeting their goal of accelerating economic growth and industrialization.

He added that NEPZA-regulated zones have attracted investment of more than $30 billion since the scheme’s inception in 1992 and that Oil and Gas Free Zones have attracted $16.6 billion since 1996.

The news continues after this announcement.

Employment creation: NEPZA also revealed that the zones are home to 600 companies providing 150,000 direct jobs and an estimated 400,000 indirect jobs.

  • “To date, the zones have attracted more than $30 billion in investment, which is expected to grow exponentially in the coming years with our sustained incentives and aggressive investment drive around the world. The future is bright for the Free Trade Zone scheme in Nigeria.
  • “And again, we express our deep appreciation to the administration headed by President Muhammadu Buhari for the approval granted for the establishment of six Special Economic Zones and the designation of four international airports as Free Trade Zones in 2021.”‘ he said.

He added that NEPZA has also set up a Special Economic Zones Security team to professionally secure lives and investments in the zones, citing the Special Economic Zones Training Institute, Kano will help bridge the knowledge gap in the free zone scheme.

  • “The authority has also established an automated platform to digitize the operations of the scheme to improve efficiency and accountability,” he said.

He also pointed out that in the last 30 years, the scheme is operating under strong tax incentives as stated in the Enabling Law, which allowed the Authority to stop attempts by revenue-generating agencies to overreach in the collection of taxes and levies. .

The news continues after this announcement.

Senator Tijjani Y. Kaura, CEO/CEO of the Oil and Gas Free Zones Authority, said the oil and gas free trade zones have attracted more than 200 companies with more than $16.6 billion and created more than 200,000 jobs direct and indirect that contribute to the development of local content.

OGFZA revealed that it is a partnership to develop the huge potential in the intermediate and downstream sectors in line with the Nigerian National Development Plan.

  • This is done with immediate emphasis on the National Medium-Term Development Plan 2021-2025 while providing model development hubs to achieve the African Union’s 2063 agenda, in collaboration with other international development partners,’‘ they said.

For the record: Nairametry reported Last year, the Nigerian Export Processing Zones Authority (NEPZA) revealed that there are more than 500 licensed free trade zone companies operating in Nigeria.

They added that the companies operating in the Nigerian Free Trade Zones are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, auto assembly and nearby new industrial parks.

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