Nigeria’s Special Economic Zones Attract $66bn in Foreign Investments, Create 35,000 Jobs

Nigeria’s Special Economic Zones (SEZs) have emerged as focal points for economic growth as they attracted $66 billion in foreign direct investments (FDI) and fostered the creation of 35,000 jobs, according to revelations made at the Nigeria Economic Zones Association (NEZA) annual general meeting held in Lagos.

Chairman of NEZA, Nabil Saleh, delivered the statistics during the association’s gathering and highlighted the substantial impact SEZs have had on the nation’s economic landscape.

Saleh underscored the significance of these investments, emphasizing their pivotal role in driving socio-economic development across Nigeria.

The investments span various sectors with the manufacturing sector leading the charge, the sector accounted for 45% of the total investments.

Following closely, the service sector contributed 30% while the oil and gas, trading, logistics, and agriculture sectors collectively made significant contributions, diversifying the investment portfolio.

These investments have catalyzed the establishment of transformative projects, including Africa’s largest oil refinery, a deep-sea port capable of handling 6 million twenty-foot equivalent units of containers, a gas processing hub along the Atlantic Coast, and an oil and gas downstream manufacturing hub.

The success stories of SEZs in other nations, such as China, Singapore, and the United Arab Emirates, serve as testaments to the transformative potential of these zones, significantly contributing to GDP growth and job creation.

The NEZA AGM, themed “Unlocking Opportunities: Harnessing the Power of Nigeria’s Special Economic Zones Scheme,” underscores the association’s commitment to tapping into the immense potential offered by SEZs for Nigeria’s growth and development.

As stakeholders collaborate to address challenges and optimize opportunities, SEZs remain pivotal in driving Nigeria’s economic prosperity.