General
Free Zones Remit N11.11trn into Federation Account in 2023
By Adedapo Adesanya
The Nigeria Export Processing Zones Authority (NEPZA) says the nation’s Free Zones remitted N11.11 trillion to the federation account as of October 2023.
The Managing Director, NEPZA, Mr Olufemi Ogunyemi, stated this during a visit of the members of the Senate Committee on Industry, Trade and Investment in Abuja.
He said that the achievement underscores the importance of special economic zones (SEZs) in Nigeria’s economic landscape.
The Nigerian Special Economic Zones scheme, governed by the NEPZA Act, allows for public, private, or public-private operations in these zones.
According to him, the zones had facilitated wealth and revenue generation for various states and agencies.
“In 2023 alone, the Nigeria Customs Service (NCS) generated N59.38 billion, Immigration Services received N828.7 million, the Nigerian Ports Authority (NPA) garnered N8.738 billion, and states collected N998 million in payee.
“Foreign Direct Investments (FDIs) and Local Direct Investments (LDIs) from 2019 to 2023 have reached $491.8 million and N1.15 trillion respectively.
“The Free Zones have also significantly contributed to import substitution, with more than N1.62 trillion worth of cargo imported from these zones between 2019 and 2023, saving scarce foreign exchange,” he told the lawmakers.
However, he said the zone’s direct employment generates at 38,429 jobs, with an additional 172,930 indirect jobs created by the end of 2023.
He said the scheme had also fostered skills development, with many semi-trained artisans gaining the expertise to start their ventures.
He added that despite these successes, the authority was being faced with challenges such as an obsolete legal framework, adding that they faced regulatory incursions, numerous invitations from the National Assembly, and conflicting legislation, such as the Finance Act and Customs Act.
He hinted at the support of the Senate Committee on Industries, Trade and Investment to address these challenges and enhance the SEZ scheme’s effectiveness.
While reiterating the transformative potential of SEZs, he pointed out the economic successes of nations like China and the United Arad Emirates (UAE), advocating continued and strengthened implementation in Nigeria.
The NEPZA boss also restated the authority’s commitment to boosting the country’s economy.
Responding, the Chairman of the Senate Committee on Trade and Investment, Mr Sadiq Umar, reaffirmed the NASS’s commitment to driving the mandate of NEPZA.
On the legal framework, he said, “If it is brought as an executive bill, I will be happy to sponsor it as my bill, but it has to conform with what I believe a bill should be.”
On the numerous invitations, Umar said the national assembly was empowered to invite whomever it desired but urged the authority to ensure it operated according to its set goals.
“What I can help you with is ensuring you are doing the right thing and that your books are clean. And if they invite you, you can confidently go there and answer questions,” he said.
The chairman decried some zones’ inability to meet their set goals and urged NEPZA to ensure this was addressed, saying that much more still needed to be done in the agency.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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