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Nigeria’s Special Economic Zones: A Magnet for Foreign Investment

Bamanga Usman Jada, the managing director of the Oil and Gas Free Zones Authority (OGFZA), recently emphasized the role of Nigeria’s Special Economic Zones (SEZs) in attracting foreign direct investment. During his visit to Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment in Abuja, Jada highlighted the significant impact of these zones on the nation’s economy.

Jada pointed out the successful completion of a $112 million state-of-the-art facility by APM Terminals and the commitment from Frederik Kinke, Global Chief Executive Officer, to invest an additional $500 million over the next four years. These investments are projected to create employment for 900,000 people, including both skilled and unskilled workers. He attributed this success to the unwavering support of President Bola Ahmed Tinubu in enhancing productivity and building a resilient economy.

Furthermore, Jada revealed that SEZs had already attracted over $66 billion into Nigeria and were expected to contribute over 3 million jobs by the end of the year. He expressed confidence in achieving President Tinubu’s employment and job creation agenda and attaining the government’s target of evolving Nigeria into a $1 trillion economy.

He also discussed ongoing collaborations, such as the gas supply partnership with Shell Nigeria Limited. Contrary to speculations, Jada clarified that Shell has no plans to exit Nigeria. Instead, the company is diversifying and investing in more environmentally friendly energy sources.

Minister Uzoka-Anite commended the perseverance and commitment of investors to the Nigerian economy, noting that the economy’s upward trend is a clear indicator of its potential. She encouraged stakeholders to take advantage of the opportunities presented by these investments.

The minister also reassured stakeholders of the government’s commitment to removing business obstacles, with a particular focus on the oil and gas industry, further bolstering Nigeria’s appeal as a prime destination for foreign direct investment.


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