FG to boost exports, investment with enhanced special economic zones

L-R: MD, OGFZA, Alhaji Bamanga Usman Jada; Chairman, Economic Zones Association, Chief Nabil M. Sales; Chairman of House Committee Commerce and Industry, Hon. Ahmed Munir; Hon. Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole and Commissioner for Commerce and Industry, Lagos State Hon. Folashade Ambrose-Medebem, at the 3rd Special Economic Zones Annual Meeting in Lagos on Thursday

Stanley Ihedigbo

Federal Government has reiterated its commitment to boosting exports and attracting investments through the enhancement of Special Economic Zones (SEZs) across the country.

The move was part of the government’s strategic plan to drive economic growth, industrialization, and global competitiveness.

Speaking at the 3rd Special Economic Zones Annual Meeting, Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, emphasized that SEZs have proven to be powerful engines of economic growth worldwide, attracting foreign direct investment, enhancing industrialization, and generating employment opportunities.

Oduwole noted that Nigeria has made significant progress in establishing SEZs, with over $300 billion in investments and significant employment opportunities created.

However, she acknowledged that the country still faces challenges, including policy inconsistencies, infrastructure deficits, and bureaucratic hurdles.

“To address these challenges, the Federal Government is prioritizing regulatory synergy, trade facilitation initiatives, and digital special economic zones to drive economic growth and industrialization. The government aims to create a robust trade environment, foster an investment-friendly digital economy, and build future industries within Nigeria’s borders.

“With the implementation of the Africa Continental Free Trade Area (AfCFTA) agreement, Nigeria is positioning itself as a continental hub for digital services exports, facilitating cross-border transactions, building industrial parks, and special economic zones to help its partner countries take advantage of growth opportunities arising from geopolitical realignment,” she explained.

In his welcome address, Chairman of the Nigeria Economic Zones Association,Chief Nabil Saleh, said that SEZs have proven to be invaluable engines of economic growth, demonstrating their potential across diverse sectors and communities ¹.

“The SEZ scheme has driven industrialization in ways that were once unthinkable, with projects like the Lekki Quadrant transforming Lagos State into a global hub of industrial activity. These projects attract investment, create thousands of jobs, and set benchmarks for integrated economic zones worldwide,” he noted.

However, he said despite these achievements, Nigeria’s SEZs face challenges, including competition from neighboring countries, misconceptions about their impact, and the need for policy alignment and sustainable development.

“To overcome these challenges, Chief Nabil Saleh emphasized the need for collective action, calling on stakeholders to reaffirm their commitment to advancing Nigeria’s SEZs as global benchmarks for industrial excellence.

On his part, Managing Director/Chief Executive Officer, Oil and Gas Free Zones Authority (OGFZA), Mr. Bamanga Usman Jada, commended the President, His Excellency, President Bola Ahmed Tinubu, for his unwavering commitment towards attracting and sustaining huge investments into the various Special Economic Zones in Nigeria, by both foreign and domestic investors.

“The idea of the oil and gas SEZs was to drive efficiency through specialization that would accelerate investments in the sector, creating sources of wealth, facilitating skills and technology transfer as well as providing employment opportunities to host communities. Since the first oil and gas free zone was established in 1996 at Onne/Ikpokiri Rivers State, the scheme has contributed over $24.6b Direct Investments into the economy, and Nigeria has become self-sufficient in specialized and highly sophisticated technologies like Mud engineering, specialized welding & fabrication, Ocean-Going Vessels (OGVs) Ship Building, Pipe coating, Valve & Christmas Tree Assembling, and many others.

“Meanwhile, the Oil and Gas Free Zones Authority ensured that up to 31,404 Nigerians were trained in hi-tech petroleum industry skills, some of which were under the ITF programme. This collaborative effort between Agencies of government helped to fast-track the capacity building and empowerment of Nigerian employees of OGFZ companies in areas that were previously considered as exclusive for foreign expatriates. The good news is that, today, key reputable multinational oil and gas companies that operate in our Zones no longer depend on foreigners for high-responsibility roles. Hence, Nigerians are now the current Chief Executive officers of Baker Hughes, TechnipFMC, Tenaris, Pipe Coaters, etc”, he noted