By Aliyu Abubakar
The Nigerian Export Processing Zones Authority (NEPZA), has been in the frontline of increasing the pace of economic growth in Nigeria by way of developing FTZs and promoting exports. NEPZA, under the management of the current Managing Director, Dr. Olufemi Ogunyemi, increased foreign direct investment but was also fully on board in aligning its operations to correspond with the *Renewed Hope* agenda of President Tinubu for the promotion of economic diversification and growth.
Achievements Under DR. OLUFEMI OGUNYEMI
Dr. Olufemi Ogunyemi has kept saying that turning the Free Trade Zones into international economic hubs would upgrade Nigeria’s rating in the world’s trade. Establishment and expansion of new FTZs in various states attracted both local and international investors. Creation of jobs and infrastructures within the zones contributed heavily to reducing the rates of unemployment and poverty of the country.
Dr. Ogunyemi administration has also cut red tape in bureaucratic procedures within the FTZs to ensure that businesses sail smoothly. The speed and efficiency with which businesses are set up in the zones have engendered rapid industrial development in areas such as manufacturing, agro-processing, and technology, among others. NEPZA has equally established partnerships with international investors aimed at encouraging technology transfer and acquisition of skills, making Nigeria a more responsive player in the global market.
NEPZA Supports President Tinubu’s Agenda of Renewed Hope
This, in line with the Renewed Hope agenda of President Tinubu, has informed the decision of NEPZA to begin a stream of calculated measures to materialize the economic plans of the current government. This includes industrialization, job creation, and how to improve the non-oil export capacity of Nigeria. NEPZA’s efforts at expanding the FTZs are in response to the push by Tinubu toward economic diversification-a lessening of the dependency of the country on oil revenues
This is further evidenced by the fact that the authority has also rolled out plans to integrate local businesses into the global value chain by giving them access to the FTZs, where they can produce goods for export. NEPZA created export processing zones that offered various competitive advantages to Nigerian manufacturers, including tax incentives, better infrastructure, and easier access to international markets. The creation of such export processing zones is very instrumental in reaching the government’s vision of a robust manufacturing sector and exportation.
Enhancing Export Potential: Nigeria
Exports are, therefore, an indispensable ingredient of NEPZA’s plan, and the authority has put its nose to the grindstone to increase Nigeria’s export tempo. Under the leadership of Prof. Adesugba, the volume of goods exported from FTZs has increased significantly, ranging from agricultural products to finished goods. The propensity by NEPZA to create decent export infrastructures-for example, a dedicated port and logistics centers within the FTZs-has seen companies find their way more easily into the international market.
In addition, NEPZA’s efforts have ensured that there are more Nigerian products on the international market. This contributes to a very important ingredient for diversifying the economy and weaning the nation off its overdependence on oil. The creation of additional export-oriented zones has also enabled Nigeria to leverage trade agreements such as the African Continental Free Trade Area, thereby improving the competitiveness of goods made in Nigeria.
Free Trade Zones: Catalysts for Growth
The Free Trade Zones are the economic catalysts that offer a host of incentives to businesses, including tax exemptions, duty-free imports, and an investor-friendly regulatory environment. NEPZA’s sustained efforts towards establishing more FTZs across Nigeria have unlocked huge opportunities for economic expansion in the country. Through the development of these zones, Dr. Ogunyemi has been able to attract companies that produce for both local and international markets, thereby adding to a more dynamic and competitive industrial base.
FTZs are also innovative enclaves where companies put up research and development centers to study the feasibility of new products and technologies. With NEPZA’s encouragement for such initiatives, it keeps Nigeria in a headlong dash toward the leading economies with each passing day. Each of the deliberate settings of the FTZs by the Agency near transport networks, ports, and airports enhances their efficiency and attractiveness to investors even further.
Conclusion
Under the leadership of Dr. Ogunyemi, this Authority has recorded inspiring milestones in terms of aligning its activities to support the general economic objectives of Nigeria. In terms of creating free trade zones, increasing exports, and ensuring an enabling environment for investment, NEPZA remains in the front line towards the implementation of President Tinubu’s *Renewed Hope* mandate. As Nigeria continues with the diversification of her economy, the strategic interventions of the Authority in the areas of export and free trade shall remain fundamental to its long-term prosperity.
