NEPZA records $364.6 million in FDI inflows within 4 years – Official
Story from Vivian DANIEL, Abuja
The Nigeria Export Processing Zones Authority (NEPZA) said it has attracted $364.6 million in foreign direct investment (FDI) to the country from 2020 to the first quarter of 2023 while creating over 30,741 jobs.
Prof. Adesoji Adesugba, Managing Director of NEPZA disclosed this on Monday, 19 June, while addressing journalists on the agency’s key performance indicators (KPIs) in Abuja.
He said about $102.93 million was recorded from international exports, while N1.14 trillion came from the domestic market.
Adesugba said the agency also recorded 8,157 skills transfers for the country during the period. He attributed the achievement to the support of the Federal Ministry of Industry, Trade, and Investment under the leadership of the former supervising minister, Adeniyi Adebayo.
“During this time, the governing board was also reconstituted and headed by a knowledgeable chairman, Adamu Abdu Fanda, who dedicated his time and energy to assist in driving the success of the SEZ scheme in Nigeria,” he noted.
He clarified that there is a need to review the NEPZA Act 63 of 1992 to meet the agency’s demand in the 21st century.
“An up-to-date legal and regulatory framework is crucial to support the current SEZ landscape. The current NEPZA Act established almost 30 years ago does not conform to the realities of modern SEZ regulation and administration, both locally and internationally. And it has created many challenges in zone operations.
“The act does not provide incentives that support skills acquisition and technology transfer to the domestic market nor enterprises to drive backward linkages to the customs territory, which is the key to economic development,” he revealed.
Adesugba itemised other challenges of the agency including infrastructure deficit, imposition of levies and taxes within the zones, and poor stakeholders’ engagement among others.
