The Minister of Trade and Investment, Jumoke Oduwole, underscored the pivotal role of Special Economic Zones (SEZs) in driving Nigeria’s economic resurgence, Lapalabras reports.
Speaking at the 3rd Special Economic Zones Annual Meeting in Lagos, Oduwole highlighted the importance of SEZs in fostering industrialisation, attracting foreign investment, and creating jobs, as she called for collaborative efforts to overcome existing challenges and position Nigeria as a global leader in digital trade.
In her speech, Oduwole stated, “SEZs are powerful engines of economic growth. Around the world, they have proven effective in attracting foreign direct investment, enhancing industrialisation, and generating employment opportunities.
They are vital to boosting economic diversification, a key priority for President Bola Ahmed Tinubu’s 8-point strategic economic agenda.”
The Minister pointed to global successes in SEZs, referencing the 7,000 zones worldwide that contribute over $3.5 trillion in exports annually.
“FTZs in Nigeria have attracted over $300 billion in investments, contributed over N650 billion to government revenue, and created significant employment opportunities,” Oduwole said.
Despite this progress, Oduwole noted that Nigeria’s SEZs face obstacles such as policy inconsistencies, infrastructure deficits, and bureaucratic hurdles, which have hindered the full realization of their potential.
She compared Nigeria’s 20 ongoing and planned SEZ projects with the success of Morocco’s Tanger Med Zones, which have flourished as key hubs for automotive and aerospace industries, driven by political stability and proactive industrial policies.
“We must learn from other nations like Morocco, whose success in SEZ development was driven by strategic location and policies.
Nigeria is yet to fully realise its potential, but we are committed to overcoming these challenges,” she said.
The Minister also outlined the Federal Ministry of Industry, Trade, and Investment’s (FMITI) current strategy to address these issues.
She highlighted the Ministry’s efforts to synchronize fiscal, monetary, and trade policies to ensure that SEZs remain competitive for investment.
“FMITI is working closely with the Federal Inland Revenue Service (FIRS), the Central Bank of Nigeria (CBN), and NEPZA to ensure that SEZs continue to attract investment while remaining competitive globally,” Oduwole said.
A key part of Nigeria’s strategy for SEZ growth is the ongoing implementation of the African Continental Free Trade Area (AfCFTA) agreement.
Oduwole stressed the importance of this initiative in boosting intra-African trade, which is projected to increase from 18 per cent in 2022 to 50 per cent by 2030.
“Digital trade is a key component of Africa’s economic transformation, and Nigeria is positioning itself as a continental hub for digital services exports,” she stated.
The Minister also highlighted the government’s recent push for the establishment of Digital Special Economic Zones.
“We recognise the immense potential of Nigeria’s youthful population in digital and creative industries.
“Our goal is to create an environment that fosters innovation, attracts investment, and creates high-paying jobs,” Oduwole said.
Referencing global examples like Delaware, Dubai’s DIFC, and Estonia, she argued that Digital SEZs could be a powerful tool for Nigeria to attract foreign direct investment and stimulate digital innovation.
“Digital SEZs are not just about infrastructure but also about creating an ecosystem that drives digital growth and innovation,” she added.
“The time for action is now. We must work together to shape the future of Nigeria’s SEZs and ensure that our nation emerges as a global leader in digital trade and industrial growth,” she urged.
