Stakeholders of the country’s special economic zones (SEZs) have urged stronger synergies between all the Free Trade Zones (FTZs) to enhance their operations and foster sustainable economic growth.

Making this known at the third yearly meeting of the Nigeria SEZ community, with the theme, ‘Fostering Strategic Synergies for Enhanced Special Economic Zone Operations and Sustainable Economic Growth in Nigeria’, the different zones noted that as the country continues its journey towards economic diversification and industrialisation, the scheme plays a vital and critical role in attracting foreign direct investment (FDI), boosting manufacturing and exports as well as creating jobs.

Reflecting on last year’s achievements and challenges while charting a bold course for the year and future of SEZs, the chairperson of Nigeria Economic Zones Association (NEZA), Nabil Saleh, said the focus is on how collaborative strategies can strengthen SEZ operations, optimise investor confidence and drive sustainable development, ensuring SEZs remain a pivotal force in Nigeria’s economic transformation.

He listed four critical areas of focus including customs collaboration, boosting exports, tax reform and its effect on SEZs and innovative banking solutions will be highlighted.

“Last year, we were also faced with regulatory developments like the proposed tax reform bill that posed dire uncertainties that could undermine SEZ competitiveness by removing critical incentives.

“We hope to strengthen SEZs’ role in national economic growth by highlighting their contributions to FDI attraction, industrial output and export capacity; advance Nigeria’s industrialisation agenda by positioning SEZs as hubs for value-added production, job creation, exports and modern infrastructure development and foster strategic collaborations by encouraging dialogue among stakeholders to create partnerships aligned with global best practices. We would also address regulatory challenges by tackling issues such as the proposed tax reform bill, customs challenges and banking limitations,” he said.

Building on last year’s success, he said, the organisers intend to expand the reach of the SEZs, deepen infrastructure development, enhance ease of doing business, expand export capacities, foster stronger investor relations and invest in capacity development.