By Afolabi Osho, Jambo Africa Online’s Commissioning Editor: West Africa
In the dynamic landscape of Nigeria’s economic development, Dr. Olufemi Ogunyemi, the newly appointed Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), is emerging as a catalyst for change. His recent call to revamp key economic zones within Abuja reflects a strategic vision aimed at positioning the Federal Capital City as a hub for economic growth and industrialization.
Revitalizing Economic Zones:
Dr. Ogunyemi’s call for immediate action on infrastructure development in the Centenary Economic City Free Trade Zone and the revamping of the Abuja Technology Village demonstrates a commitment to leveraging existing assets for the benefit of the nation. Recognizing the importance of these Free Trade Zones as business ecosystems, he emphasizes their potential to catalyze industrialization and economic growth within the capital city.
The CEO’s proactive stance extends to the Idu Industrial Park, where he envisions effective utilization in alignment with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda.’ Dr. Ogunyemi’s willingness to partner with the FCT administration underscores the collaborative approach needed to drive global competitiveness and economic development.
AFCTA and the Path to Economic Hub Status:
In the wake of the African Continental Free Trade Area (AfCFTA), Dr. Ogunyemi sees an opportunity for NEPZA and Abuja to become major players on the continent. The CEO’s emphasis on using the Free Trade Zone Scheme to attract Foreign Direct Investment aligns with the government’s broader vision. By positioning NEPZA as a dynamic driver of the economy, he aims to harness the scheme’s potential to trigger industrialization across the country.
NEPZA’s Role in Economic Transformation:
Established in 1992, NEPZA holds a pivotal role in building a smart and industrialized Nigeria. Dr. Ogunyemi’s leadership marks a renewed focus on repositioning the Free Zone Scheme for optimal performance. Recognizing the scheme’s success globally, he highlights its role in opening implausible business opportunities for countries that embrace it.
Leveraging Incentives and Opportunities:
Dr. Ogunyemi draws attention to the impressive statistics of 612 enterprises operating in the 52 Free Trade Zones in Nigeria. While showcasing significant investments in manufacturing, services, oil & gas, trading, logistics, and agriculture, he stresses the untapped potential and urges state governments to embrace the scheme. For Nigeria, the Free Trade Zone scheme is presented as the sure route to attracting investment and infrastructure financing.
In Conclusion:
Dr. Olufemi Ogunyemi’s leadership at NEPZA represents a pivotal moment in Nigeria’s journey towards economic transformation. By focusing on the revitalization of key economic zones in Abuja and embracing the opportunities presented by AFCTA, Dr. Ogunyemi envisions a future where Abuja emerges not only as the political capital but also as a thriving economic hub on the African continent. As NEPZA takes center stage in driving industrialization, the country stands at the brink of a new era of economic growth and global competitiveness.
CONTACT
Head Office
No. 2 Zambezi Crescent, Cadastral Zone A6
off Aguiyi Ironsi Street
Maitama, Abuja,
Nigeria.
enquiries@nepza.gov.ng
+234 906 463 8585