NEPZA ’s two years of milestones, unwavering commitment to Nigeria’s economic growth in NEPZA
By Martins Odeh, Ph.D.
Numerous empirical studies have consistently confirmed that His Excellency President Bola Ahmed Tinubu selects experts for key positions in his administration with precision.

This remarkable ability to reason and anticipate the best has been ingrained in the President’s personality since 1999, becoming evident during his tenure as the Executive Governor of Lagos State. Unsurprisingly, the president named the Nigeria Export Processing Zones Authority (NEPZA) as a key contributor to the economy, expecting that only flawless leadership will interpret the mandate more clearly and focus on results.

This left him searching for that rare individual who could deliver on the job, with the oracle dice falling on Dr Olufemi Ogunyemi, a distinguished Medical Consultant with specialized expertise in anaesthesiology, holding licenses in Nigeria, the United Kingdom, and the United States.

Beyond medicine, the President clearly appreciated Dr.Ogunyemi’s steadfast dedication to excellence in Global Diplomacy, Business, and Political Economy, as shown by the certifications he received from the University of London, the London School of Economics, and Harvard University.

On October 17, 2023, NEPZA management, staff, and industry stakeholders eagerly celebrated the appointment of Dr.Ogunyemi to replace Prof. Adesoji Adesugba as the Authority’s Managing Director/CEO.
The new sheriff’s opening speech about being chosen to interpret the president’s policy that would positively affect the Special Economic Zones Scheme was strong and reassuring.

He based his reforms on three main areas: revitalizing underperforming Free Trade Zones, digitizing NEPZA activities, and listing Free Trade Zones on the Nigeria Stock Exchange. These measures would promote economic growth, accelerate job creation, and support the country’s industrialization.

The culmination of his open-door policy, transaction leadership style, and focus on staff welfare, along with his key reform strategies, has helped keep the Authority attentive to its responsibilities in supporting the president’s efforts to achieve the Renewed Hope Agenda for economic diversification and development.

Over the past two years, NEPZA has worked to build a global brand through the broad international presence of its Managing Director.For example, on October 9, 2024, he made an unexpected breakthrough into the political leadership of the World Free Zone Organisation (WFZO) by being elected to the organization’s Board.

He attracted widespread support as African participants, along with their counterparts from Europe and Latin America, cast block votes that led to his victory in the Dubai election.
In his victory speech, he said, “The World Free Zone Organisation remains a central hub for Foreign Direct Investment opportunities; therefore, Nigeria and Africa should leverage my position on the board to develop better strategies for attracting more FDIs to the continent.”

This is the aura that consistently surrounds Dr.Ogunyemi, a dedicated figure who is refining his agency and the SEZs scheme to make them more appealing and responsive.The Authority undoubtedly remains a key driver of the government’s effort to diversify Nigeria’s economy. With appealing investment packages and a focus on sectors that drive economic growth, NEPZA offers opportunities nationwide.

Currently, the plan highlights three primary investment sectors: manufacturing (45 percent), services (30 percent), and oil and gas (11 percent) of active investments.The scheme now boasts 63 Free Trade Zones, hosting more than 700 businesses with a combined value of USD 35 billion.

The Authority collects 20 types of revenue, including $500,000 in declaration fees, $60,000 annually for the Operation License (OPL), and registration fees ranging from $300 to $500, all in accordance with existing IGR regulations.There are also examination and documentation fees of $100 to $300 for each transaction, which occur daily.

To eliminate discretion in revenue collection, the new management under Dr.Ogunyemi has quickly formalized the digitization of the collection process, which is currently undergoing a test run.

Dr.Ogunyemi’s consistent and careful resource management has been repeatedly demonstrated in various forums. This was further shown on May 30, 2025, when he agreed with the House Committee on Public Accounts to follow its rules and the NEPZA Act to ensure maximum remittances to the Federation Account.

With Dr.Ogunyemi involved, the days are gone when the Free Trade Zones Scheme’s contribution to the country’s GDP was unclear. Even with the millions of dollars collected by customs, immigration, and FIRS from the free zones, it was surprising that NEPZA’s efforts had rarely been recognized.

The current transparency in the scheme’s management and the visible government support clearly demonstrate the president’s influence on the development of the country’s modern free trade zones.
With NEPZA’s support, Dr.Ogunyemi has increased the employment target to over 70 percent, aiming to create approximately 73,000 direct and 50,000 indirect jobs when the new zones become operational.

It is important to emphasize that Dr.Ogunyemi’s commitment to enhancing the Authority’s efforts to attract foreign direct investment (FDIs) was even more evident at the sidelines of last year’s United Nations General Assembly (UNGA), where he urged the American Business Council, the US Chamber of Commerce, the Africa–US Chamber of Commerce, and other development partners to consider the country’s industrial zones.

He also increased his support for trade and investment facilitation during recent visits, including the 2026 Commonwealth Day Celebration in the UK and several other trade and investment events held alongside President Bola Ahmed Tinubu’s UK State visit.

Earlier in the year, he called for the integration of Nigeria’s Special Economic Zones Scheme into European value chains to boost economic growth, prosperity, and industrialisation. He made the call during a trade and investment facilitation meeting at the European House in Abuja.

“It is a privilege to address this distinguished gathering at this critical moment in global economic history. Our discussion today examines how Nigeria’s Free Zones, within NEPZA’s strategic framework, can serve as effective platforms to enhance EU–Nigeria economic cooperation amid significant structural change. As the global order shifts from a predictable, rules-based system to one shaped by shifting alliances and economic pressures, the European Union should increasingly leverage Nigeria’s Special Economic Zones to expand and deepen our existing economic partnership, he noted.

Effective oversight of some of the country’s top-tier free zones, such as Eko Atlantic, Lekki Free Zone, Dangote Refinery, Lagos Free Zone, Lagos Deep Sea Port, Alaro City Free Zone, Snake Island Integrated Free Zone, and LADOL, along with over 150 newly registered enterprises in the past two years, has contributed to impressive growth and boosted optimism about job creation and export growth.

Similarly, the country’s manufacturing and export indexes were boosted by the licensing of the Abuja Industrial Park (ZEBERCED) Free Zone, which includes a $150 million investment portfolio, 170 factories, and around 40,000 jobs, as well as the Arise Remo Free Trade Zone (FTZ), with a $1 billion investment portfolio and over 30,000 initial jobs.
Additionally, Dr.Ogunyemi supported the registration of Indorama FTZ, a multimillion-dollar, world-class Free Trade Zone for fertilizers and chemicals in Eleme, Rivers State, to enhance large-scale fertilizer production and exports. The zone enables the company to increase fertilizer output, build an export port terminal, and position itself among the world’s top fertilizer producers, thereby making a significant contribution to Nigeria’s agricultural sector.
Yes, the new special economic zones under NEPZA control, including Medical/Pharmaceutical SEZ Lekki, Agro-Allied SEZ Ilorin, and the Integrated Cotton/Textile/Garment SEZ Funtua, Katsina, along with three others planned for Benue, Gombe, and Ebonyi states, are actively being prioritized as part of a deliberate effort to boost development across the country.

The Authority has, during this period, taken steps to implement the Federal Government’s designation of the MurtalaMuhammed International Airport in Lagos, NnamdiAzikiwe International Airport in Abuja, Port Harcourt International Airport, and Aminu Kano International Airport in Kano as Free Trade Zones.
It is now clear that Dr.Ogunyemi’s management skills were demonstrated during the review period by his ability to unify all free zone stakeholders and improve cooperation among relevant government agencies within the ecosystem.
His persuasive skills and subtle personality recently helped resolve a dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the possible revocation of the zone’s land title.

Dr.Ogunyemi urged ATV operators and investors to immediately withdraw their lawsuits against the FCT administration to enable a roundtable negotiation.
He delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, His Excellency, Barr. NyesomWike.

The NEPZA boss, who also persuaded the FCT minister to retract his action on the land revocation plan, secured the minister’s support, with the minister promising to help expand the Free Trade Zones Scheme to promote the territory’s industrialization.

The meeting provided a valuable opportunity for the two officials to collaborate on expanding the FCT’s economic boundaries through the ATV and the proposed Abuja City Walk (ACW) project.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory, the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” Dr.Ogunyemi said.
The FCT Minister reaffirmed his strong commitment to support President Bola Ahmed Tinubu’s Renewed Hope Agenda by utilizing the free trade zone scheme to attract Foreign Direct Investment to the FCT.We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the functionality of all our industrial and trade parks,’’ the minister said.
“Don’t wish it were easier. Wish you were better.” Dr.Ogunyemi is a man who has, so far, given meaning to Jim Rohn’s philosophical insight.

Philosophical insights on hard work emphasise that success arises from consistent effort, perseverance, and discipline, rather than luck or innate talent. Hard work is often seen as a way to build character and unlock one’s true potential. Only time will reveal if this effort is ultimately rewarded.
Fortunately, Dr.Ogunyemi is basking in the pride of awards and honours for his evident dedication to national duties, both at home and abroad, as he recently received the Congressional Award from the United States for his strong leadership in overseeing Nigeria’s Free Trade Zones Scheme.

He also received a personal honour with the DISTINGUISHED GOVTECH TRAILBLAZER AWARD after leading NEPZA to win the prestigious Nigeria Gov-Tech Public Service Award in the category of ‘BEST FEDERAL MDA IN EASE OF DOING BUSINESS.’ The Bureau of Public Service Reforms (BPSR), initiated by the Presidency, established the award to promote an excellent business environment in Nigeria.