Economic Growth - NEWS AGENCY OF NIGERIA

Tosin Kolade
Feb, Fri, 2025

Special economic zones at heart of Nigeria’s economic resurgence – FG

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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

Philip Daniel Yatai
Nov, Fri, 2024

Culture & Tourism

Arts, culture veritable tools for inclusive economic growth – Minister

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By Philip Yatai

Dr Mariya Mahmoud, Minister of State, Federal Capital Territory (FCT), has described arts, culture and traditions of FCT residents as veritable tools for inclusive economic growth.

Mahmoud stated this at the close of the 11th Edition of the Abuja Festival of Arts and Culture (ASOFEST), in Abuja on Thursday.

The Minister, who was represented by the Permanent Secretary, Social Development Secretariat, Mrs Olubumi Olowookere, noted that FCT was blessed with rich and unique culture, customs and traditions.

She said that the 11th edition of the ASOFEST, with the theme, “Sustaining the Renewed Hope Agenda through Efficient Management of Cultural Resources”, seeks to build and promote culture as a creative economy.

Mahmoud stressed that arts and culture were critical tools in the quest to transform the nation’s economy to deliver sustained inclusive growth.

This, she said, would promote peace, prosperity and unity, thereby boosting food and national security.

She reiterated the FCT Administration’s commitment to preserving and protecting the rich cultural heritage of indigenous people and residents of the territory

She said that through ASOFEST, the FCT Administration was not only preserving but also promoting and showcasing the FCT’s unique arts, culture and traditions to the world.

“The FCT Administration is poised to protect, preserve, promote and showcase our rich cultural heritage, diversity, uniqueness and traditions to the world.

“This, we are doing through cultural exchange and exhibition at our own annual ASOFEST.

“The festival has afforded us the opportunity to enjoy the rich cultural heritage of the people and residents of FCT.

“Even the people who settled and made FCT their home, we equally appreciate the dynamism of their different cultures,” she added.

The News Agency of Nigeria (NAN) reports that the FCT Minister, Mr Nyesom Wike, had promised to develop the territory’s arts, culture and tourism potential.

Wike said at the opening of the two-day event that the move would preserve, promote and showcase FCT’s cultural heritage to the world.

He said that President Bola Tinubu had given a matching order to the FCTA, to harness the tourism potential of the federal capital, with a view to contribute to the growth of the nation’s economy. (NAN)

Edited by Abiemwense Moru

Philip Daniel Yatai
Oct, Fri, 2024

Economy/Business

Stakeholders harp on harnessing Nigerian’s non-oil export for economic dev’t

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By Lucy Ogalue

Some stakeholders have urged Nigerians to leverage available opportunities to increase non-oil exports for economic growth and development.

The Stakeholders spoke at the Nigerian Exporters Hub (NEXHUB) Abuja Export Conference 2024 in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the conference was “Navigating the Future of Non-oil exports”.

The event was organised to mark the NEXHUB Abuja Subscribers’ inaugural shipment of 10 containers to China.

The products to be shipped include Cassia tora, sesame seeds, ginger and mica (solid mineral).

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, emphasised the need for the country to leverage on its numerous resources to grow its economy.

Uzoka-Anite, represented by Mr Dafang sule, Director, Federal Produce Inspection Service at the ministry, said that there was the need to develop and export all resources in the country.

She commended Zeenab Foods Limited, a food processing and agro-commodity trading company, for its efforts in promoting exports.

“This is the time to export, we need to take advantage of the moment. And the Federal Government has continued to ensure ease of doing business in Nigeria.

“We are urging Nigerians to play their part, give this administration a helping hand , just as Zeenab is doing today so we can make Nigeria better for us all,”she said.

Mr Dele Oye, President Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said that there was the urgent need for an organised solid mineral market system.

“The lack of a structured market has been identified as a significant barrier to the sector’s growth.

“Unlike Ghana, where a government office efficiently processes mineral sales, Nigeria’s informal market leaves many miners without immediate access to cash.

“This system leads to long delays, with miners sometimes waiting decades to monetise their resources,” he said.

Oye said that NACCIMA was collaborating with NEXHUB to establish a more robust framework for mineral trading, thus processing basic minerals like mica locally before exporting.

“This initiative not only ensures compliance with government regulations, it also aims to stimulate local economies by providing miners with quick access to cash.

“The commitment to creating a transparent market is essential for reducing criminal activities associated with unregulated sales.

“By offering direct access to international markets, NACCIMA aims to eliminate third-party intermediaries and significantly diminish the risks and uncertainties that have long plagued the sector,” he said.

Oye said that NACCIMA had established 73 locations across Nigeria, employing aggregators to connect local producers with markets.

According to him, this strategy allows even those in remote areas to engage in international trade, fostering economic independence.

He called on stakeholders from various sectors, including the media, to spread awareness about these opportunities, and a new era of prosperity and equity in the solid minerals sector.

Earlier, the Group Managing Director, Zeenab Group , Dr Victor Ayemere, said that the conference was organised to sensitise exporters to bring their commodities for easy export to the trade house in China.

According to Ayemere, who doubles as Chairman of NEXHUB, the Federal Government, through the Export Promotion Council, has set up export trade houses across the globe.

“We were the ones assigned to handle the export trade houses in China and other Far East countries.

“So, Zeenab Foods set up the Nigerian Exporters Hub to enable the exporting public to export their commodities easily to the trade house in China.

“Zeenab has chosen the part of agro export. This is a laudable project,which tells us that we can survive as a nation.

” This is the time to export; we need to take advantage of the moment. And the Federal Government has continued to ensure ease of doing business in Nigeria.

” We are urging Nigerians to play their part, give this administration a helping hand, just as Zeenab is doing today so that we can make Nigeria better for us all,” he said.

Also, the Managing Director of NEXHUB, Mr Babatunde Faleke, urged producers to look beyond insecurity challenges to tap the benefits of exports and increase their production.

“What we need is even more engagement, let us scale up production so that we can have more to export,” he said.

Faleke, who said that infrastructure and logistics remained a challenge to movement of goods, however said that the challenge was being addressed by the government.

NAN reports that the conference was attended by government officials, heads of agencies, various stakeholders and partners.(NAN)

Edited by Kadiri Abdulrahman