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The Federal Government has vowed to boost exports and attracting investments through the enhancement of Special Economic Zones (SEZs) across the country.
According to the government, the move is part of the 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.
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Oduwole noted that Nigeria has made significant progress in establishing SEZs, with over $300 billion in investments and significant employment opportunities created.
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.
On his part, Managing Director/Chief Executive Officer, Oil and Gas Free Zones Authority (OGFZA), Bamanga Usman Jada, commended the President Bola 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.
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