Adedapo Adesanya
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) says it will continue to support the federal government to implement a promotion strategy to facilitate investment flows into the economy via Special Economic Zones (SEZs)
According to Mr Kalu Oji, the Deputy Director of Trade and Exchange Department at the CBN, while speaking at a two-day annual meeting of SEZs stakeholders which commenced on Wednesday in Lagos, the central bank is aware of the challenges faced by the SEZs.
He said the special economic zones were significant to the actualisation of President Bola Tinubu’s economic vision of a $1 trillion economy by 2026.
Mr Oji said CBN’s mission of ensuring monetary policy and financial system stability was a catalyst for inclusive growth and sustainable economic development critical in ensuring the continued success of the zones.
According to him, the recent efforts geared towards stabilising the exchange rate will assist in attracting the much-needed foreign direct investments (FDIs) necessary to enhance the development of the country’s special economic zones.
He pledged to tackle the challenges to enable them to attract more funds and job opportunities for Nigerians.
On his part, Mr Bamanga Jada, the Managing Director of the Oil and Gas Free Zones Authority (OGFZA), described the economic zones scheme as a globally recognised instrument used by policymakers to facilitate, attract, and scale up long-term domestic and cross-border investments.
Mr Jada added that it was used to promote and enhance industrialisation, export-oriented investment, diversification, and job creation in most fast-growing economies around the world.
“There is convincing evidence in Nigeria today that the scheme has recorded remarkable progress despite the relatively negative economic climate and the enormous challenges that confront the operators and licensees.
“In specific terms, the Oil and Gas Free Zones Authority, despite the challenges mentioned, has attracted over $24 billion in investment.
“The Authority has currently more than 100 efficient licensed companies in the oil and gas free zones under the Authority’s regulation,” he said.
He noted that the result was achieved through the combined efforts and collaboration of the Federal Ministry of Industry, Trade and Investment; Nigeria Custom Service (NCS); Federal Inland Revenue Service, and other stakeholders.
Also, Mr Nabil Saleh, Chairman of Nigeria Economic Zones Association (NEZA), said globally, economic free trade zones have helped many countries such as Morocco, China, and Singapore to boost their manufacturing firms and other sectors.
“In Nigeria, the Special Economic Zones have not done badly. It has generated many direct and indirect jobs in the country, despite the challenges we are going through.
“The Nigeria Free Trade Zones, despite their potential, are still not in the standards we expect yet,” Mr Saleh said.
On his part, Mr Olufemi Ogunyemi, the Chief Executive Officer (CEO) of Nigeria Export Processing Zones Authority (NEPZA), said the conference serves as an opportunity to gain an in-depth understanding of the challenges faced by operators in the various free zones.
He said the event would address the challenges and chart a way forward to ensure that the scheme continues to serve as a tool for sustainable economic growth.
“As the theme of the meeting suggests, it has become imperative that our SEZs be re-engineered, bearing in mind the unfolding of the fourth industrial revolution, the heightened focus on sustainable development, and the new wave of global value chains.”
