Adeniyi Adebayo, Nigeria’s Minister of Industry, Trade and Investment, says the country’s Free Economic Zones (FEZs) have attracted investments worth $20 billion in 30 years of operations.
In his remarks at the inauguration of the NEPZA Lagos Office at the weekend, Adebayo noted that the generous fiscal incentives associated with the free-zone scheme remained an important source of economic growth.
He pointed out that N250 billion from both foreign and local direct investments will be generated in the free zone scheme by 2021, and N35 billion from customs duty payments as well as N65 billion from local imports and backward integration.
Aside from generating N500 million in Pay as You Earn (PAYE), the scheme created 25,000 new jobs and transferred 5,000 skills.
He said, “I must commend you all for what you have been able to achieve within a short period of time, as it goes to show that with dedication and the right mix of human capital, of which NEPZA is sufficiently blessed, there are no limits to what can be achieved.
“Our mission is to formulate and implement policies and programmes to attract investments, boost industrialisation, increase trade and exports and develop enterprises.
“The Free Zone Scheme is one of the prime initiatives of the Federal Government, for diversification of Nigeria’s economic base, in order to achieve our vision of growing the economy, creating jobs and generating wealth. I urge you not to relent in giving it your best in your service to promote the economic development of our great country, Nigeria.”
NEPZA’s Managing Director/Chief Executive, Prof. Adesoji Adesugba, said the decision to choose Lagos as its liaison office was based on purely economic considerations.
He said, “Remember that 80 per cent of the special economic zones is located in Lagos and within 100 kilometers of its radius, making the city as the country’s most potent economic gateway.
“Accordingly, this is our way of bringing NEPZA closer to our investors for sustained customer service, to continually attract and retain investors. In addition, today’s events are a landmark as we are also commissioning the Special economic zones security unit.
“This was created to provide guard duties and enforcement services in all the zones ensuring the sanctity of economic activities therein.”