Adesugba: Free Zones Attracted $30bn Investments, Remain Key to Economic Transformation

James Emejo in Abuja

The Managing Director/Chief Executive, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has disclosed that the country’s free zones scheme had attracted over $30 billion in investments since its establishment to date.

He said the investments are expected to exponentially increase in the next few years given the authority’s sustained incentives and aggressive investment drive across the world.

Speaking at the 30th-anniversary celebration of the free zones scheme in Nigeria, he added that the business enclaves currently harbour over 600 enterprises providing 150,000 and 400,000 direct and indirect employment.

Adesugba commended President Muhammadu Buhari-led administration for the approval given for the establishment of six Special Economic Zones and the earmarking of four International Airports as Free Trade Zones in 2021.

The NEPZA boss added that under Buhari, the scheme had been adopted as the policy thrust for economic growth, development, and prosperity, adding that 13 economic zones had been licensed so far by the current administration.

He pointed out that the conversations around the country’s desire to join the league of Free Trade Zone nations started in 1977, but it was not until 1992 that NEPZA, the premier free trade zone regulator, was established by the enactment of the NEPZA Decree 63 of 1992 now the Nigeria Export Processing Zones Authority’s Act, CAP N107 LFN 2004.

He said the ultimate objective of Nigeria adopting this global business model was to fast-track economic growth and industrialization.

Adesugba said, “Suffice to, therefore, say that the decision of the Nigerian Government to key into this concept has remained legendary as the model has become a key driver of the nation’s economy.

“Since my appointment on July 1, 2020, as the Managing Director and Chief Executive Officer of the authority, 2020 which was at the height of the COVID-19 pandemic, I galvanized the management and staff to adopt strategies to reposition the agency for efficient and effective service delivery. This entailed a number of reforms to position the scheme for global competitiveness.”

He added that since his assumption of office, the remarkable reforms achieved included the establishment of Special Economic Zones Dispute Resolution Centre to mediate disputes among operators in the zones, Special Economic Zones Security outfit to professionally secure lives and investments in the Zones, Special Economic Zones Training Institute, Kano to help bridge the knowledge gap in the Free Zones Scheme, and the automated platform to digitize the operations of the scheme for enhanced efficiency and accountability.