The Nigeria Export Processing Zones Authority (NEPZA) has intensified efforts to attract foreign direct investment (FDI) and deepen trade relations with the United Kingdom, leveraging President Bola Ahmed Tinubu’s recent diplomatic visit.
The Managing Director of NEPZA, Dr. Olufemi Ogunyemi, joined the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and other agency heads in engaging UK stakeholders under the Enhanced Trade and Investment Partnership (ETIP) framework, aimed at strengthening bilateral economic cooperation.
At the inaugural ETIP ministerial meeting co-hosted by UK Minister for Trade, Sir Chris Bryant, and Oduwole, both countries reaffirmed their commitment to advancing trade and investment ties through sustained dialogue, regulatory cooperation, and improved investment facilitation.
The meeting brought together policymakers, technical experts, and private sector players to review progress since the partnership’s launch in February 2024, while identifying barriers to business expansion and exploring solutions to enhance regulatory clarity and investor support.
Discussions also focused on advancing cooperation in key areas such as audit regulatory equivalence, mutual recognition of statutory audit qualifications, and the development of Nigeria’s Investment Portal, alongside prospects for a future investment Memorandum of Understanding (MoU).
NEPZA’s participation, according to Ogunyemi, provided a strategic platform to align Nigeria’s free trade zone policies with evolving UK and European trade frameworks, while showcasing investment opportunities within Nigeria’s non-oil sector.
Speaking at a sideline event in Marlborough themed “Deepening Trade & Business Relationships towards a Mutually Prosperous Economy,” Ogunyemi highlighted NEPZA’s role in driving non-oil exports through its network of 63 free trade zones hosting over 700 enterprises.
He urged UK investors to take advantage of Nigeria’s free zones, assuring them of investment protection, business-friendly incentives, and a secure operating environment.
Ogunyemi also disclosed that NEPZA is working closely with the Presidential Enabling Business Environment Council (PEBEC) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to enhance ease of doing business and expand investment opportunities.
He further encouraged Nigerians in the diaspora to leverage the Federal Government’s industrial policy by investing in free trade zones, noting that the scheme offers 100 per cent profit repatriation.
The NEPZA boss added that his recent engagements with international platforms, including Commonwealth-related investment forums, were part of ongoing efforts to attract global investors into Nigeria’s industrial ecosystem.
Analysts say President Tinubu’s renewed diplomatic engagement with the UK signals a shift toward proactive trade and investment diplomacy, helping to unlock new opportunities for economic growth and industrial development.
Early indicators, stakeholders noted, point to growing interest among UK investors, positioning Nigeria for increased capital inflows and stronger bilateral economic partnerships.
