Nigeria’s free trade and special economic zones have attracted more than $200 billion in foreign investment, according to figures disclosed by the Federal Government.
The government also said the zones have attracted more than ₦900 billion in domestic investment and contributed to employment across different parts of the country.
Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed the figures as the government works to modernise the regulatory framework governing Special Economic Zones.
According to the government, the zones have generated more than 100,000 direct jobs, while their wider supply chains, logistics networks and host communities account for more than 500,000 additional jobs.
The Federal Government is now reviewing the regulations governing the zones to make them more responsive to changes in the business environment.
The reforms are expected to take into account newer areas of economic activity, including digital businesses, while also strengthening rules around taxation, customs and corporate registration.
The government said the objective is to ensure that economic zones continue to attract investment while contributing more significantly to exports, industrial production and employment.
The development comes as Nigeria continues to seek ways of expanding non-oil sources of foreign exchange and encouraging companies to establish production and export operations within the country.
Officials have also stressed the need for companies operating within the zones to focus more strongly on exports and productive economic activity rather than using the incentives primarily for domestic market operations.
