FG, SEZ stakeholders seek stronger investment, exports

The Federal Government and stakeholders in Nigeria’s Special Economic Zones (SEZs) have intensified efforts to strengthen the investment environment, boost non-oil exports, and create more jobs through ongoing regulatory and fiscal reforms.

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this at a stakeholder engagement meeting on Special Economic Zones, where government officials, operators, investors, and private-sector representatives reviewed the impact of ongoing reforms on the sector.

Oduwole said the engagement was part of the Federal Government’s continuing efforts to ensure that Nigeria’s free zones remain globally competitive while strengthening fiscal accountability and protecting legitimate investments.

According to her, the government had, following the commencement of the tax reform process, engaged the legislative and executive arms of government as well as private-sector stakeholders to ensure that the impact of the new tax laws on the SEZ scheme remained aligned with the country’s economic diversification and non-oil export objectives.

“When I stood before many of you at the Third Special Economic Zones Annual Meeting in February 2025, I made a commitment that this ministry would work to align fiscal, monetary and trade policy so that our zones remain globally competitive,” the minister said.

She said the regulatory reforms were designed to provide greater certainty for investors, restore the export orientation of the free-zone regime and clarify the responsibilities of the various government agencies operating within the scheme.

According to her, the reforms include a clearer 75 per cent export and 25 per cent domestic-sales framework, improved clarity on customs and domestic-market treatment, and clearer institutional mandates for the Nigeria Export Processing Zones Authority (NEPZA), Oil and Gas Free Zone Authority (OGFZA), Nigeria Revenue Service and Nigeria Customs Service.

Oduwole also said the revised framework was being modernised to accommodate emerging sectors, particularly digital businesses, with the creation of Digital Free Zones and Digital Special Economic Zones.

She added that the reforms were not intended to undermine the contribution of enterprises operating within the zones, noting that the sector had become an important contributor to investment, employment and economic activity.

“Many enterprises have produced and exported a variety of goods all across the world,” she said, urging stakeholders to view the free-zone scheme beyond the ongoing taxation debate.

The minister disclosed that the SEZ scheme had attracted more than $200 billion in foreign investment and over N900 billion in domestic investment, while creating more than 100,000 direct jobs.

The figure, she said, rose to over 500,000 jobs when supply chains, logistics networks and host communities connected to the zones are taken into account.

Oduwole cited the commencement of production by Health Textiles Nigeria FZE in the Lagos Free Zone as one of the latest examples of the investment and employment opportunities being generated by the scheme.

The company, a subsidiary of Vestergaard, has begun production of dual active-ingredient insecticide-treated mosquito nets, with plans to produce up to 10 million nets annually and employ more than 600 Nigerians when operating at scale.

She also cited investments and activities involving the Dangote Industries Free Zone and the Lagos Free Zone, including the refinery, fertiliser complex and deep-sea-port-based investments, as further examples of the economic activities taking place within the zones.

The minister, however, urged operators to comply with the new regulatory framework, warning against diversion of goods, mispricing, understatement of domestic sales and other practices capable of undermining the integrity of the scheme.

“FMITI’s role is to protect your investment and to defend the competitiveness of this scheme at every forum where it is discussed; however, compliance is a condition precedent.

“The Ministry can only defend a clean scheme,” she said.

Oduwole, therefore, called on stakeholders to continue providing input into the ongoing legislative and regulatory reform process, saying the Special Economic Zones Legislative and Regulatory Reform Committee remained open to submissions from operators, investors and other participants in the ecosystem.

The post FG, SEZ stakeholders seek stronger investment, exports appeared first on The Sun Nigeria.