Abuja: The Abuja Chamber of Commerce and Industry (ACCI) has called for stronger policies and reforms to unlock investment, industrialisation, and economic growth through Free Trade Zones (FTZs) in the Federal Capital Territory (FCT). The call was made by Dr. Chidebere Onwumere, Executive Director of the National Policy Advocacy Centre (NPAC) of ACCI, during a virtual meeting organised by the centre focused on leveraging FTZs to drive investment and economic transformation.
According to News Agency of Nigeria, Onwumere highlighted the ACCI’s role as a leading private-sector organisation committed to strengthening the economy and promoting business development. He noted the positive interventions by the Nigeria Export Processing Zones Authority (NEPZA) in resolving issues around the Abuja Technology Village and emphasized the significance of the proposed Abuja City Walk project in expanding economic opportunities.
Onwumere pointed out that the licensing of the Abuja Industrial Park Free Zone, with a $150 million investment portfolio, underscores opportunities for manufacturing, exports, and job creation. He identified the Bureau of Public Enterprises (BPE) as a crucial stakeholder whose privatisation and commercialisation efforts support infrastructure and asset reforms within FTZs. He emphasized the importance of efficient power supply, water services, land optimisation, and infrastructure financing for the zones’ success.
Mr. Toyin Elegbede, Executive Secretary of the Nigeria Economic Zones Association (NEZA), noted that FTZs are vital for attracting investment, promoting exports, creating jobs, and accelerating industrialisation. Elegbede highlighted infrastructure deficits and policy uncertainties as barriers to growth, urging the government to strengthen infrastructure, ensure policy stability, and develop sector-specific zones.
Mr. Michael Magaji, Director of Investment and Public-Private Partnerships at BPE, described FTZs as designated areas that promote industrialisation and enhance trade competitiveness. He cited successful global FTZs in the United Arab Emirates, China, and Morocco as examples of how strong infrastructure and efficient governance drive economic growth. Magaji emphasized the potential of the African Continental Free Trade Area (AfCFTA) to expand FTZ production and attract investments into key sectors.
Mr. Mohammed Ali, Senior Manager of Estate and Construction Management at Abuja Technology Village, expressed concerns over inadequate infrastructure and economic instability affecting investor confidence. He stressed the need for improved facilities and stable policies to attract more enterprises and boost investment growth. Ali highlighted challenges such as land encroachment, delayed permits, and security concerns that need resolution to enhance direct investment inflows and economic performance.