The Nigeria Export Processing Zones Authority (NEPZA) attracted $364.6 million in foreign direct investment (FDI) inflows into the country from 2020 to the first quarter of 2023, creating over 30,741 jobs.

About $102.93 million was recorded from international exports, while N1.14 trillion came from the domestic market.

NEPZA Managing Director, Prof. Adesoji Adesugba, disclosed this, yesterday, while addressing journalists on the agency’s key performance indicators (KPIs) in Abuja.

Adesugba said the agency also recorded 8,157 skills transfers for the country during the period. He attributed the feat to the support of the Federal Ministry of Industry, Trade and Investment under the leadership of the former then-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 explained that there was a need for a review of the NEPZA Act 63 of 1992 to meet the agency’s demand in the 21st century. He argued: “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 listed other challenges of the agency including infrastructure deficit, imposition of levies and taxes within the zones, poor stakeholders’ engagement and among others.