The Nigeria Export Processing Zones Authority (NEPZA) has attracted $346.6 million in foreign direct investments from 2020 to the first quarter of 2023 through the free trade zones scheme.

The managing director of NEPZA, Adesoji Adesugba, said this at a briefing with the Commerce and Industry Correspondent Association of Nigeria (CICAN) in Abuja.

While giving an overview of his performance between 2020 and 2023, Mr Adesugba said NEPZA also attracted N360.7 billion in local direct investments to the Nigerian economy in the same period.

The NEPZA boss said trade zones generated 30,741 jobs from 2020 to the first quarter of 2023. He added that skills transfer within the 39 months was put at 8,157.

He expressed concern that out of 55 free trade zones in the country, only 30 are functional, while others are being refurbished or constructed for operations.

Mr Adesugba stressed that Nigeria could do more by providing an enabling environment for trade zones to turn around the country’s economic fortunes.

“So far, we have 541 enterprises operating in the free trade zones, but we need to be more aggressive in making Nigeria’s free trade zones more enterprising, as the target is to have at least 10,000 free trade zones,” the official explained. “Ogun and Delta are already leading the way. This is very important because these zones not only serve Nigeria but also the African continent with over 70,000 jobs being created.”

Mr Adesugba said NEPZA approached the Central Bank of Nigeria (CBN) with a proposal to have a bank administering the operations and transactions at the free trade zones.

He expressed optimism that the CBN would approve the authority’s proposal.

Mr Adesugba also said efforts were being implemented to drive a robust free trade zone operation in Nigeria by liaising with the Nigerian Stock Exchange (NSE).

He said NEPZA was working with the Nigerian Stock Exchange to have a speedy listing of companies of free trade zones on the stock exchange.

(NAN)