Economic zones attract $66bn FDI to Nigeria — SEZs Chair
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•As oil&gas free zone attracts $24bn investment
By Providence Ayanfeoluwa
The Special Economic Zones, SEZs, has so far attracted $66 billion Foreign Direct Investment, FDI, to the Nigerian economy since 2021, Chairman, Nigeria Economic Zones Association, NEZA, Chief Nabil Saleh, has disclosed. Also, Managing Director, Oil and Gas Free Zones Authority, OGFZA, Alh. Bamanga Jada, added that the zone attracted over $24 billion investment to the country.
They said these at the ongoing 2nd SEZs Annual Meeting 2024 themed: “Unlocking Opportunities: Harnessing the Power of Nigeria Special Economic Zones Scheme” in Lagos.
Speaking at the meeting Saleh said that the SEZs scheme emerged as a powerful engine of economic growth and development, adding, “The success stories of countries with well-established SEZ schemes underscore the transformative potential of these zones. Saleh stated further: “In Nigeria, the impact of SEZs has been profound. As of 2021, the SEZs scheme has emerged as a powerhouse, attracting over N620 billion of Domestic Direct Investments, DDI and a remarkable $66 billion in FDI.
“These numbers aren’t just statistics; they translate into tangible progress. We’ve witnessed the creation of 35,000 direct and indirect employments, driving socio-economic development in our nation.”
Breaking down the sectoral investments, he said: “the Manufacturing sector takes the lead, commanding 45percent of the total investments. The Services sector follows closely at 30 percent, testifying to the diverse opportunities our SEZs offer.
“Additionally, the Oil and Gas sector, with 11percent of investments, reflects our commitment to harnessing our energy resources efficiently. The Trading, Logistics, and Agriculture sectors contribute significantly, showcasing the well-rounded impact of SEZs.”
On his part, Jada said that the SEZs Scheme is globally recognized as the most important instrument that is used by policy makers around the world to facilitate, attract and scale-up long-term domestic and cross boarder investments as well as to promote and enhance industrialization, export-oriented investment, diversification, job creation, others, in most fast- growing economy around the world today.
Also speaking, Managing Director of the Nigeria Export Processing Zones Authority, NEPZA, Dr. Olufemi Ogunyemi, said: “It has become imperative that our SEZs be re-engineered, bearing in mind the unfolding of the fourth industrial revolution, the heightened focus on sustainable development.”
