The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA) and Council Member of the World Free Zone Organization (WFZO), Femi Ogunyemi, has expressed optimism for the continued growth of Nigeria’s Special Economic Zones (SEZs) as crucial tools for advancing the country’s economic recovery.
Ogunyemi made the comments while speaking at the 3rd Special Economic Zones Annual Meeting in Lagos themed: ‘Fostering Strategic Synergies for Enhanced Special Economic Zones Operations and Sustainable Economic Growth’ – a key conference designed to explore the role of SEZs in realising Nigeria’s developmental priorities under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Ogunyemi said Nigeria’s Special Economic Zones are central to driving key presidential priorities such as food security, poverty eradication, economic growth, and job creation.
He said the importance of aligning these zones with the strategic goals outlined by President Tinubu, noting their potential to enhance skill development, industrialisation, economic diversification, and export promotion.
“This event provides a critical platform to examine key issues, foster collaboration, and strengthen synergies necessary to align special economic zones with these presidential priorities,” he stated.
“Special economic zones remain central to our mission to attract investment, create jobs, and establish globally competitive industries.”
Ogunyemi reflected on Nigeria’s journey with SEZs, noting that although the country has nurtured the scheme for over three decades, the tangible benefits are only beginning to emerge.
He revealed that, while export growth remains modest, with an average cumulative annual growth rate of 0.79 per cent for exports and 3.26 per cent for domestic exports, the SEZs are showing promise with an annual foreign direct investment growth rate of 3.68 per cent and local domestic investment growth at 1.49 per cent.
“These are mild, mild gains, but they are gains nevertheless.
“It’s now important to focus on executing strategic reforms that accelerate the growth trajectory,” Ogunyemi said, calling for reforms that foster better relationships between investors and the nation while strengthening Nigeria’s competitive edge in the African Free Continental Free Area.
The NEPZA MD also took a moment to commend the efforts of stakeholders, including Nigerian government agencies, for their contributions to the success of the SEZ ecosystem.
He specifically acknowledged the improved collaboration between agencies such as the Nigerian Postal Service, Nigerian Immigration Service, and the Central Bank of Nigeria, which have played a vital role in creating an enabling business environment for investors.
“I extend my heartfelt gratitude to the individuals and agencies that form the foundation of special economic zones operations in Nigeria. Your unwavering commitment has been instrumental in overcoming challenges and driving progress,” he said.
“We must leverage our collective expertise to address challenges, seize new opportunities, and ensure that this much-treasured special economic zone scheme achieves its full potential.”
