Special economic zones at heart of Nigeria’s economic resurgence – FG
By Rukayat Moisemhe
Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, says under the current administration, Special Economic Zones (SEZ) are being prioritised and positioned at the heart of Nigeria’s economic resurgence.
Oduwole said this at the Third SEZ Annual Meeting on Thursday in Lagos.
The meeting had the theme: “Fostering Strategic Synergies for Enhanced Special Economic Zones Operations and Sustainable Economic Growth”.
The minister said that SEZs were powerful engines of economic growth proven to be effective in attracting Foreign Direct Investment, enhancing industrialisation, and generating employment and value-added exports, among others benefits.
The minister said that Free Trade Zones (FTZs) in Nigeria had attracted over $300 billion in investments and contributed over N650 billion to government revenue.
“In January 2025, the ministry released an outlook document detailing its industry, trade, and investment priorities,” Oduwole said.
The minister said that the ministry recognised that every zone and enterprise was an investment hub, producing goods and services that were traded.
“The ministry is championing a co-ordinated strategy to boost exports, expand access to financing and drive regulatory reforms to strengthen investment in SEZs.
“We have engaged key stakeholders, the Federal Inland Revenue Service and the Presidential Committee on Fiscal Policy and Tax Reforms, to ensure the alignment of SEZ incentives with national economic priorities,” the minister said.
Gov. Babajide Sanwo-Olu of Lagos State said at the event that navigating the rapidly-evolving global economic terrain would require that SEZs remained crucial instruments for driving industrialisation.
The governor was represented by Mrs Folashade Ambrose-Medebem, the state Commissioner for Commerce, Cooperatives, Trade and Investment,
Sanwo-Olu said that the impact of the previous SEZ annual meeting was significant as it led to increased investor confidence and signing of multiple memoranda of understanding for infrastructure development within the economic zones.
Sanwo-Olu said that several businesses that participated in the meeting had since begun operations, bringing in substantial investments and generating employment opportunities.
He said that collaboration among Nigeria Export Processing Zones Authority, Oil and Gas Free Zones Authority, and the Nigeria Economic Zones Association was essential.
According to him, it will enhance efficiency and effectiveness of the special economic zones and boost government’s vision of transforming Nigeria into a hub of industrial excellence and global competitiveness.
“Discussions and resolutions from the last meeting paved the way for policy reforms that have streamlined regulatory processes and improved the ease of doing business in Lagos State.
“However, as we discuss the future of Special Economic Zones in Nigeria, we must address critical issues that could hinder their growth.
“These include the need for improved infrastructure, ease of access to financing for investors, regulatory harmonisation and the imperative to ensure that our policies remain competitive on a global scale.
“It is imperative that we implement policies that provide clear incentives to investors while ensuring that these zones serve as catalysts for inclusive and sustainable development,” he said.
Sanwo-Olu added that continuity of the annual meeting was essential to sustaining the progress that had been made in advancing the Special Economic Zones agenda in Nigeria.
He said that regular engagements among stakeholders fostered policy consistency, strengthened investor confidence, and ensured that emerging challenges were swiftly addressed.
The governor urged the public sector, private sector leaders and investors to work hand-in-hand to build a thriving economic ecosystem. (NAN)(www.nannews.ng)
Edited by Ijeoma Popoola
Published By
Has also recently published
EnvironmentFebruary 22, 2025Goni pledges commitment to staff training, welfare
Economy/BusinessFebruary 21, 2025Special economic zones at heart of Nigeria’s economic resurgence – FG
General NewsFebruary 21, 2025ActionAid calls for climate justice, social equity
Economy/BusinessFebruary 21, 20255 candidates cleared for AfDB presidency race – Committee
