Over $10 billion has been invested in the Nigeria Export Processing Zones Authority (NEPZA) says NEPZA’s Managing Director, Mr. Oluwagbemiga Kuye. Kuye says NEPZA anticipates investment to increase to up $15 billion (N2.4 trillion) in the next five years.
Nigeria currently has about 25 free zones of which nine are operational and six are still under construction.
According to Kuye, “To date, we have $9 billion investment in all the free zones in Nigeria. This is without the $1billion we just successfully gotten through DE. I believe we should be looking at investment in the sector to the tune of $15 billon in the next five years.”
The four key sectors the free zones will be focusing on include agriculture and agricultural related sector, solid mineral, manufacturing Petroleum and petroleum products and other sectors that have to do with population, like housing. The Nigerian government is also in talks with the government of the Netherlands to set up an agricultural park in the country.