Free trade zones key to driving Nigeria’s industrialisation, says expert
Free trade zones key to driving Nigeria’s industrialisation, says expert
Free Trade Zones (FTZs) are essential key to driving Nigeria’s industrialisation and maximising gains from the African Continental Free Trade Area (AfCFTA).
An expert, Dr Chris Ndibe, said this at the launch of his books, Reimagining Free Trade Zones in Nigeria and Accelerating Growing Economies Through Free Trade Zones in Abuja on Monday.
Ndibe said the FTZs would provide Nigeria with the critical infrastructure, regulatory incentives, and logistics corridors required to scale local manufacturing, boost value-added exports, and attract Foreign Direct Investment (FDI) into the regional market.
He said the publications were inspired by more than three decades of experience in the free zone ecosystem.
He said this included his work with the Nigeria Export Processing Zones Authority (NEPZA), the World Free Zones Organisation and the African Free Zones Association.
According to him, Free Trade Zones remain strategic tools for economic transformation, but their full potential can only be realised through stronger knowledge, innovation and institutional reforms.
“Beyond policies and regulations, what we need is knowledge, understanding and continuous reflection on how these economic instruments should function in a rapidly changing global economy,” he said.
Ndibe said that the books sought to stimulate dialogue among policymakers, regulators, investors, scholars and development practitioners on the future of free zones in Nigeria and Africa.
“One of of the books recommends a national rethink of the governance and philosophy underpinning Nigeria’s free zone scheme.
“While the other examines how free zones have supported industrialisation and export competitiveness in different parts of the world.”
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The expert stressed that future free zones must go beyond infrastructure and incentives to embrace continuous learning, reskilling and capacity development.
He said properly structured and managed free zones could serve as gateways for export-led industrialisation, regional trade integration and economic competitiveness.
Ndibe added that the implementation of the AfCFTA had made it imperative for Nigeria to strengthen its free zone framework and position itself to benefit from expanding intra-African trade.
He urged stakeholders to translate ideas into action through stronger institutions, research, training and policy reforms.
According to him, nations are transformed not only by natural resources and capital but also by ideas capable of shaping better policies and institutions.
Ndibe expressed optimism that the ideas contained in the books would contribute to efforts aimed at strengthening Nigeria’s economic future and improving the operation of free zones across the country.
Earlier, the Managing Director of NEPZA, Dr Olufemi Ogunyemi, said the two newly launched books would help bridge knowledge gaps and deepen understanding of the sector among policymakers, investors and other stakeholders.
Ogunyemi, represented by NEPZA’s Head of Corporate communication, Dr Martins Odeh, said the Free Zone scheme was designed to promote industrialisation, attract investment, create jobs and boost exports.
He described the books as a valuable contribution to the advancement of the scheme and Nigeria’s industrial development.
Also, the Chairman, Keystone Bank, Mrs Ada Chukwudozie, reiterated that FTZs had become catalyst for industrialisation, export expansion foreign exchange earnings job creation among others.
“This platform for integrated industrialisation ecosystem can also help us create competitive production hubs which will support both the local and international market.
“Providing infrastructure is key, as such economic actors must be very intentional about designing, managing, operationalising and making sure that all the infrastructure needed to engender industrialisation is put in place,” she said.
