Reports from the Nigeria Export Processing Zones Authority (NEPZA) has revealed that there are over 500 licensed Free Trade Zone enterprises operating in Nigeria.
NEPZA’s Managing Director, Prof. Adesoji Adesugba, made this known at the 1-year commemoration of his appointment as Managing Director/Chief Executive Officer of NEPZA, on Wednesday in Abuja.
Adesugba stated that the enterprises operating in Nigeria’s Free Trade Zones are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, car assembling, and new upcoming Industrial Parks.
Speaking further, Adesugba said that government economic policy favoured and placed priority on investment in industrial and agricultural activities, value-added manufacturing and exports of such manufactured products.
The NEPZA boss said that out of the 42 licensed Free Trade/Special Economic Zones, 14 were functional and operational. He said that others were under construction, awaiting declaration, or with physical development yet to commence.
“The Regina Project (EPSO), worth over $6 billion and Agbani Project (FPSO), worth $260 million were first-time projects ever witnessed in the free zone,” Adesugba said.
He stated that the Nigerian government adopted the free zone scheme as a strategic investment destination to enhance economic development and foster industrialisation.
He added that other FTZs were currently under construction or yet to resume, citing that they have attracted Foreign Direct Investment (FDI) with a combined net worth of over 200 billion dollars from multinationals including G. E Corporation, Samsung, and others.