Abuja: Free Trade Zones (FTZs) are essential to driving Nigeria’s industrialisation and maximising gains from the African Continental Free Trade Area (AfCFTA). An expert, Dr. Chris Ndibe, made this assertion at the launch of his books, ‘Reimagining Free Trade Zones in Nigeria’ and ‘Accelerating Growing Economies Through Free Trade Zones’, in Abuja on Monday.
According to News Agency of Nigeria, Ndibe stated that FTZs would provide Nigeria with the necessary infrastructure, regulatory incentives, and logistics corridors to enhance local manufacturing, boost value-added exports, and attract Foreign Direct Investment (FDI) into the regional market. He highlighted that the publications draw from his extensive experience spanning over three decades within the free zone ecosystem, including roles at the Nigeria Export Processing Zones Authority (NEPZA), the World Free Zones Organisation, and the African Free Zones Association.
Ndibe emphasized that Free Trade Zones are strategic tools for economic transformation,
yet their full potential can only be unlocked through improved knowledge, innovation, and institutional reforms. He noted the importance of understanding and continually reflecting on how these economic instruments should function in a rapidly evolving global economy.
The books aim to spark dialogue among policymakers, regulators, investors, scholars, and development practitioners about the future of free zones in Nigeria and Africa. One book suggests a national reevaluation of the governance and philosophy underlying Nigeria’s free zone scheme, while the other explores how free zones have supported industrialisation and export competitiveness globally.
Ndibe underlined the need for future free zones to focus beyond infrastructure and incentives, advocating for continuous learning, reskilling, and capacity development. He argued that well-structured and managed free zones could act as gateways for export-led industrialisation, regional trade integration, and economic competitiveness. Furthermore, the implem
entation of the AfCFTA necessitates that Nigeria strengthens its free zone framework to capitalize on growing intra-African trade.
He encouraged stakeholders to translate ideas into action through robust institutions, research, training, and policy reforms, asserting that 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 concepts in his books would aid in strengthening Nigeria’s economic future and enhancing the operation of free zones nationwide. Additionally, the Managing Director of NEPZA, Dr. Olufemi Ogunyemi, highlighted that the newly launched books would help close knowledge gaps and deepen sector understanding among policymakers, investors, and other stakeholders.
Ogunyemi, represented by NEPZA’s Head of Corporate Communication, Dr. Martins Odeh, stated that the Free Zone scheme is designed to promote industrialisation, attract investment, create jobs, and boost exports. He prais
ed the books as valuable contributions to advancing the scheme and Nigeria’s industrial development.
Mrs. Ada Chukwudozie, Chairman of Keystone Bank, reaffirmed that FTZs have become catalysts for industrialisation, export expansion, foreign exchange earnings, and job creation. She emphasized the need for economic actors to be intentional about designing, managing, operationalizing, and ensuring the necessary infrastructure is in place to foster industrialisation.