The Minister of State for Industry, Senator John Owan-Enoh has revealed that the Free Trade Zones (FTZs) attracted $1 billion worth of Foreign Direct Investment (FDI) in 2024.

Owan-Enoh disclosed this on Friday morning in a statement he shared on his official X account, after receiving the top management of the Nigeria Export Processing Zones Authority (NEPZA).

“I was pleased to learn about the agency’s expansion of the Free Trade Zones and clusters to 55 across the nation, resulting in the creation of 13,720 jobs,” Owan-Enoh said.

“During the year under review, the authority registered 39 new enterprises, established three new trade zones, facilitated the development of the Lekki Deep Sea Port within the Lagos Free Trade Zone in record time, and attracted significant Foreign Direct Investment (FDI) inflow into the country’s economy, totaling approximately $1 billion worth of investment from the trade zone alone.”

Furthermore, the minister said the zones paid N425 billion as customs duty to the Nigerian Customs.

He added that he charged the management of NEPZA to focus on delivering exceptional performance, prioritizing industrial matters that align with the Renewed Hope Agenda of the present administration, ultimately benefiting the Nigerian people.

Owan-Enoh said the ministry is prepared to work closely with NEPZA’s leadership to achieve this objective.

“We will continue to engage with the management of NEPZA to attain this shared goal,” he said.