The Federal Government has said Nigeria’s free trade zones have attracted more than $200 billion in foreign investment and over N900 billion in domestic investment, while creating more than 500,000 jobs across the economy.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during a virtual meeting with stakeholders in the Special Economic Zones sector.
Oduwole said the zones had created more than 100,000 direct jobs, while the figure rose above 500,000 when employment across supply chains, logistics networks and host communities was included.
She said the government was reviewing the regulatory framework governing the zones to strengthen investment, production and non-oil exports.
According to the minister, the revised framework would reinforce the export orientation of the scheme, with operators expected to export 75 per cent of their output while 25 per cent could be sold domestically under applicable Nigerian laws.
The government also plans to formally recognise Digital Free Zones and Digital Special Economic Zones to accommodate technology-driven businesses that do not require conventional physical locations.
Oduwole said the reforms would clarify the roles of regulatory agencies, strengthen fiscal accountability and address concerns over the diversion of free-zone goods into the domestic market.
The government said the reforms are aimed at positioning the zones as major drivers of investment and non-oil export growth.
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