Four free trade zones (FTZ) in Nigeria have attracted a total investment of $8bn within their years of operations, contributing to local economic activity and fostering international trade relations, the officials of the FTZs have said.
The zones, located in Lagos State include the Lagos Free Trade Zone, Lekki Free Trade Zone, Alaro City, and the Lagos Deep Offshore Logistics.
The officials told journalists during a media tour of the zones, organised by the Nigeria Export Processing Zones Authority, that $2.5 billion was attracted to develop the Lagos FTZ, while the Lekki FTZ reached $4 billion in attracted investment.
They added that $1 billion has been invested in the development of Alaro city and $500m to develop LADOL, a privately owned logistics and engineering facility.
According to NEPZA, Free trade zones create an environment that enhances economic growth and development of export-oriented manufacturing in the non-oil sector of the economy.
The report by Punch newspaper on Tuesday said that the Managing Director of NEPZA, Olufemi Ogunyemi, said earlier this year that Nigeria’s free zones, numbering 46 licensed in 2022, had provided 38,429 direct employment jobs and an additional 172,930 indirect jobs as of the end of 2023.
GIK/APA