The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, has said total cumulative investments in the country’s Free Economic Zones was about $20 billion over its 30 years of operations.
Speaking at the inauguration of the new NEPZA Lagos Office, over the weekend, the minister said the generous fiscal incentives associated with the free zone scheme remained a veritable source of economic development.
Adebayo pointed out that the free zone scheme generated N250 billion in both foreign and local direct investments in 2021 and N35 billion in customs duty payments as well as N65 billion in local import/backward linkage.
He added that the scheme generated N500 million in Pay as You Earn (PAYE); 25,000 in new employment and 5,000 transfer of skills.
