500 enterprises operate in Nigeria’s free trade zones

The Nigeria Export Processing Zones Authority (NEPZA) says there are over 500 licensed Free Trade Zones enterprises operating across the country.
Among these are oil and gas companies, manufacturing industries, steel rolling mills, pharmaceutical industries, food processing, car assembling and new up-coming Industrial Parks and Clusters.
Prof. Adesoji Adesugba, NEPZA’s Managing Director, made this known to newsmen on Wednesday in Abuja while commemorating his first year in office.
Adesugba was appointed Managing Director/Chief Executive Officer of NEPZA, an agency under the Ministry of Industry, Trade and Investment, on July 1, 2020.
NEPZA is the Federal Government agency, established through the enactment of the Nigeria Export Processing Zones Act 63 of 1992.
It is responsible for licensing, regulating, monitoring and promoting the operations of Free zones in Nigeria.
Adesugba said that government economic policy favoured and placed priority on investment in industrial and agricultural activities, value added manufacturing and exports of such manufactured products.
The NEPZA boss said that out of the 42 licensed Free Trade/Special Economic Zones, 14 were functional and operational.
He said that others were under construction, awaiting declaration, or with physical development yet to commence.
The zones, according to him, have attracted Foreign Direct Investment (FDI) with a combined net worth of over 200 billion dollars, with players such as G. E Corporation, U. S. A; Samsung — Korea; and others.


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