During the third annual Special Economic Zones (SEZ) meeting in Lagos—organized by the Nigerian Export Economic Zones Association, the Nigerian Export Processing Zones Authority, and the Oil & Gas Free Zones Authority—Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, highlighted the significant impact of Nigeria’s Free Trade Zones.
She revealed that since their establishment, these zones have attracted more than $30 billion in investments, contributed over N650 billion to government revenue, and created substantial employment opportunities. However, she cautioned that they have yet to achieve their full potential.
Dr. Oduwole noted that across Africa, there are over 200 operating SEZs and more than 70 projects scheduled for completion, with Morocco and Nigeria hosting the highest numbers. She pointed out that Morocco’s 12 Free Trade Zones have thrived by attracting considerable foreign direct investment and emerging as key hubs for automotive and aerospace industries, thanks to their strategic locations, political stability, and proactive industrial policies. In contrast, Nigeria’s current and planned SEZ projects still have room to grow.
To help realize this potential, the Minister stated that her ministry is prioritizing regulatory synergy with the Federal Inland Revenue Service, the Central Bank of Nigeria, and NEPZA to ensure that fiscal, monetary, and trade policies are well aligned and that incentives within the SEZs remain competitive.
Adding his perspective, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, remarked that many of Nigeria’s tax regimes—like the Free Zone law of 1992—are outdated and need to be revised to meet modern economic realities and correct economic distortions.
Dr. Femi Ogunyemi, Managing Director of NEPZA and Council Member of the World Free Zone Organisation, emphasized that SEZs are central to Nigeria’s mission to attract investment, create jobs, and build globally competitive industries.
