The Federal Government has said Nigeria’s free trade zones have attracted more than $200bn in foreign investment and over N900bn in domestic investment, while generating more than 100,000 direct jobs and over 500,000 jobs across supply chains, logistics networks and host communities.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this at a meeting of Special Economic Zones stakeholders held virtually in September, as the government moves to modernise the regulatory framework governing the zones and strengthen their role in driving investment and non-oil exports.
Oduwole said the government was revising the Nigeria Export Processing Zones Authority regulations to make the scheme more responsive to the changing nature of businesses and investment, including digital operations.
She said the revised framework would recognise Digital Free Zones and Digital Special Economic Zones, support technology-enabled and non-physical operations, modernise corporate and registry provisions and strengthen dispute-resolution mechanisms.
“Across the scheme,
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