Stakeholders target $75b investment from free trade zones in two years

The Nigerian Economic Zones Association (NEZ) has expressed optimism that over $75 billion in investments would be attracted to the country’s free trade zones across the country in the next two years, if current challenges are quickly addressed.

It added more than 300,000 jobs could also be created.

The projections were given yesterday at a roundtable with Special Adviser to the President on Industry Trade and Investment, John Uwajumogun, in Abuja.

In a presentation, the Managing Director. Lagos State Free Zone, Dlinesh Rathis, revealed that over $50 billion investments have been attracted to the special economic zones across Nigeria so far.

He stressed that over the years, the special economic zones have also created not less than 200,000 jobs.

“In the next two years, we expect more investors to come to this sector so that we can make up to $ 75 billion investments. But challenges like poor infrastructure, double taxation, lack of proper information as well as obsolete laws regarding the establishment of the zones schemes need to be addressed,” he said.

Also speaking, the National Chairman of the Nigerian Association of Chambers of Commerce and Industry (NACCIMA), Dele Kelvin Oye, expressed the chamber’s readiness to continue to stand by the free trade zones for a more prosperous economy.