Stakeholders in Nigeria’s Special Economic Zones have called for enhanced collaboration and robust policy frameworks to drive the growth and efficiency of these zones.
This was the key takeaway from the SEZ Meeting, held from February 19 to 20, 2025, at the Harbor Point Centre in Lagos.
Themed ‘Fostering Strategic Synergies for Enhanced SEZ Operations and Sustainable Economic Growth,’ the conference aimed to explore how SEZs can contribute to Nigeria’s economic development under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The meeting which was convened by Chief Nabil Saleh, Chairman of the Nigeria Economic Zones (NEZ) Association, brought together key figures, including Governor Babajide Sanwo-Olu of Lagos, represented by the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem.
Minister of Trade and Investment, Jumoke Oduwole, OON, Femi Ogunyemi, the Managing Director of the Nigeria Export Processing Zones Authority (NEPZA)/Council Member of World Free Zone Organization (WFZO) and Bamanga Usman Jada, Managing Director/Chief Executive of the Oil and Gas Free Zones Authority (OGFZA).
Other notable attendees included, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, and the HE Yusuf Maitama Tuggar; Honourable Minister of Foreign Affairs, represented by Ambassador Bolaji Alade Akinremi; the Representative of German Embassy, Adesua Ladola, MD Lagos Free Zone and other high-powered delegates, stakeholders, industry players and SEZ operators.
Participants emphasised the critical role SEZs play in job creation, industrial growth, and export expansion in Nigeria.
A key discussion point was the need for improved collaboration between SEZs and the Nigeria Customs Service to boost production of export-oriented goods and leverage opportunities from the African Continental Free Trade Area agreement (AfCTA).
Another major issue raised was the 2024 Nigeria Tax Bill, which could affect tax incentives for SEZ operators.
Stakeholders urged further consultation to ensure tax reforms do not hinder investment but continue to attract both local and foreign investors.
Taiwo Oyedele’s willingness to engage in these discussions was seen as a positive step towards a more investor-friendly tax regime.
“We are grateful for Oyedele’s openness to engage with us and understand our concerns,” a representative from the NEZ Association said.
“This level of dialogue is key to ensuring that the tax reforms are beneficial for everyone in the SEZ ecosystem.”
Minister Oduwole stressed that SEZs are essential to Nigeria’s economic resurgence, calling for policies that will improve SEZ competitiveness globally.
She cited Morocco’s successful Tanger Med Zones as an example of best practices, highlighting that Nigeria aims to position itself as a continental hub for digital trade, focusing on innovation, investment, and job creation.
“Digital trade is a key component of Africa’s economic transformation, and Nigeria is positioning itself as a continental hub for digital services exports,” Oduwole said.
“Our goal is to create an environment that fosters innovation, attracts investment, and creates high-paying jobs.”
Nabil Saleh, Chairman of NEZ Association, called on stakeholders to reaffirm their commitment to advancing Nigeria’s SEZs as global benchmark for industrial excellence.
Femi Ogunyemi of NEPZA noted the importance of aligning SEZs with the priorities outlined in President Tinubu’s agenda, such as industrialisation, job creation, and export promotion.
Acknowledging some progress, Ogunyemi called for strategic reforms to accelerate SEZ contribution to Nigeria’s economic recovery.
While OGFZA MD, Bamanga Usman Jada, presented impressive results, revealing that the Authority has attracted over $24.6 billion in direct investments.
Jada also pointed out the role SEZs play in Nigeria’s energy transition, citing projects such as the CNG conversion center in Onne/Ikpokiri and the expansion of LPG infrastructure, all contributing to job creation and sectoral skill development.
“The President’s commitment to strengthening the Special Economic Zones framework has created an enabling environment for both foreign and domestic investors,” Jada said.
“This facility is set to reduce logistics costs by up to 70 per cent while promoting the transition to cleaner energy,” he stated.
He also announced ongoing efforts to expand LPG infrastructure, with a 70,000MT processing plant under construction in Onne and Liberty Free Zones.
“This project will ensure access to clean cooking gas for over 200,000 homes and contribute to environmental sustainability,” Jada noted.
Governor Sanwo-Olu, in his speech, highlighted the challenges of infrastructure gaps and financing access, which must be addressed to maintain Nigeria’s global competitiveness in SEZs.
He called for necessary policy reforms to make SEZs more attractive to investors.
“Special Economic Zones remain crucial for driving industrialization, attracting foreign direct investment, and creating jobs,” Sanwo-Olu said.
“The collaboration between NEPZA, OGFZA, and NEZA is essential for enhancing the efficiency of our Special Economic Zones.”
As the meeting concluded, stakeholders committed to working collaboratively to overcome existing challenges, reform policies, and establish a business-friendly environment that will ensure the sustained success and growth of Nigeria’s SEZs.
