The Federal Government says Nigeria’s free trade zones have attracted more than $200 billion in foreign investment and over N900 billion in domestic investment.
According to The PUNCH, Minister of Industry, Trade and Investment Jumoke Oduwole disclosed the figures during a meeting involving Special Economic Zones stakeholders.
Oduwole said the zones had created more than 100,000 direct jobs and over 500,000 jobs when supply chains, logistics and host communities were included.
Government plans digital free zones
The minister said the government was reviewing regulations governing the Nigeria Export Processing Zones Authority.
The proposed framework will recognise digital free zones and special economic zones that can operate without conventional physical boundaries.
“The Revised NEPZA Regulations and Operational Guidelines create, for the first time in Nigeria, Digital Free Zones and Digital Special Economic Zones,” Oduwole said.
Rules on domestic sales tightened
The government also plans to strengthen rules governing goods produced in free zones but sold within Nigeria.
Oduwole said authorities were concerned about companies benefiting from export-related incentives while diverting goods to the domestic market.
The revised structure will clarify a 75 per cent export and 25 per cent domestic-sales arrangement while defining the roles of NEPZA, customs and tax authorities.
