Special Economic Zones: Stakeholders converge to drive President Tinubu’s renewed hope agenda

L-R: Alhaji Bamanga Usman Jada, MD, OGFZA, Chief Nabil M. Sales, Chairman, Economic Zones Association, Hon. Ahmed Munir, Chairman of House Committee Commerce and Industry, Dr. Jumoke Oduwole, Hon. Minister of Industry, Trade and Investment, and Hon. Folashade Ambrose-Medebem, Commissioner for Commerce and Industry, Lagos State at the 3rd Special Economic Zones Annual Meeting in Lagos on Thursday.

Free Trade Zones (FTZ) stakeholders have called for the strengthening of pillars that support the framework of the Special Economic Zones (SEZ).

They made the call at the SEZ 3rd Annual Meeting on Thursday in Lagos.

Nabil Saleh, Chairman, Nigeria Economic Zones Association (NEZA), said the framework to be strengthened were policy alignment, sustainable development, and innovation.

Saleh noted that the SEZ scheme had been a cornerstone, serving as engines of growth, hubs of innovation, and beacons of hope for communities across Nigeria.

He stressed the need for innovative collaboration, a focus on sustainability, and the urgency of aligning efforts with the broader goals of national and regional development.

“As we move forward, it is crucial to address existing challenges, adapt to global and regional trends, and remain committed to the vision of a more industrialised and prosperous Nigeria.

“One of the foremost challenges facing the SEZ scheme is the lack of a consistent and harmonized policy framework.

“The gaps between Federal, state, and local regulations often create bottlenecks that hinder the smooth operation of SEZs.

“Additionally, overlapping regulatory mandates can lead to inefficiencies and increased costs for operators and investors,” he said.

Saleh also called on all stakeholders to reaffirm their commitment to advancing Nigeria’s SEZs as global benchmarks for industrial excellence.

Bamanga Jada, Managing Director, Oil and Gas Free Zones Authority (OGFZA), lauded President Bola Tinubu for his unwavering commitment towards attracting and sustaining huge investments into the various SEZs.

Jada said the idea of the oil and gas SEZs was to drive efficiency through specialisation and accelerate investments in the sector, creating wealth and providing employment opportunities to host communities.

He said since the first oil and gas free zone was established in 1996 at Onne/Ikpokiri Rivers State, the scheme has contributed over $24.6b direct investments into the economy.

He added that Nigeria had become self-sufficient in specialised and highly sophisticated technologies.

“In response to Mr President’s priority projects and initiatives, OGFZA partnered with an investor to establish a CNG conversion centre in the Onne/Ikpokiri, reducing logistics costs by up to 70 per cent while promoting cleaner fuel alternatives.

“OGFZA is also currently facilitating the establishment of LPG processing plants in both Onne and Liberty Free Zones with a total storage capacity of 70,000MT.

“These projects will enhance access to clean cooking gas for over 200,000 homes, and ensure environmental sustainability,” he said.

Also, Dr Femi Ogunyemi, Managing Director, Nigeria Economic Processing Zones Authority (NEPZA), noted that President Bola Tinubu renewed hope agenda had laid out a robust framework to guide the economy toward revival.

Ogunyemi said SEZs were positioned as a pivotal economic instrument to expedite the realisation of five out of eight of the President’s economic priorities.

He said that achieving this required concentrated focus on skill enhancement, industrialisation, economic diversification, and export promotion.

“Our agenda reflects the complexity and strategic importance of the SEZ ecosystem, covering topics vital to Nigeria’s economic trajectory.

“Enhanced collaboration between government agencies is key to improving SEZ operations and delivering world-class services.

“Nigeria has nurtured the SEZ scheme for more than three decades, and the fruits are just starting to manifest.

“It is now imperative to focus on executing strategic reforms that accelerate this growth trajectory while safeguarding its progress,” he said.

Ogunyemi reiterated NEPZA’s unwavering commitment to collaborating with all stakeholders to build a thriving SEZ ecosystem that positioned Nigeria as a leader in industrialisation and trade.

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