The Nigerian Export Processing Zones Authority (NEPZA) has disclosed that since the inception of Free Trade zones in the country, it has attracted about $35bn in capital investments.

Managing Director and Chief Executive Officer of NEPZA, Dr Olufemi Ogunyemi, disclosed this in Abuja at the launch of two books by former Director of NEPZA, Dr Chris Ndibe, where stakeholders assessed the performance of Nigeria’s Free Trade Zones (FTZs) programme and its potential to accelerate economic growth.

He said Nigeria has made commendable progress in the Free Zones scheme since its introduction the Free Zone scheme in 1992 to drive Nigeria’s economy toward growth and industrial development.

“To date, NEPZA has licensed 63 Free Zones that host over 900 Enterprises across the country, with a cumulative capital investment of about US$ 35 billion. In terms of employment generation, the Free Zones have generated over 100,000 direct and indirect jobs.

“In export development, the scheme is performing relatively well in the services sector, including international catering, shipbuilding and repairs, oil and gas, and aviation management services,” the NEPZA MD

Also speaking, author of the book, Dr Chris Ndibe, said this at the launch of his books, “Reimagining Free Trade Zones in Nigeria” and “Accelerating Growing Economies Through Free Trade Zones”would provide Nigeria with the critical infrastructure, regulatory incentives, and logistics corridors required to scale local manufacturing, boost value-added exports, and attract Foreign Direct Investment (FDI) into the regional market.

Ndibe said that the books sought to stimulate dialogue among policymakers, regulators, investors, scholars and development practitioners on the future of free zones in Nigeria and Africa