Nigeria’s free trade zones have attracted more than $200bn in foreign investment and over N900bn in domestic investment, the Federal Government has said.

The investments have also generated more than 100,000 direct jobs and over 500,000 additional jobs across supply chains, logistics networks and host communities, according to the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole.

Oduwole disclosed this during a virtual meeting of Special Economic Zones stakeholders in September as the Federal Government moves to modernise the regulatory framework governing the zones.

She said the reforms were designed to strengthen the role of the zones in attracting investment, expanding production and increasing Nigeria’s non-oil exports.

FG Moves To Recognise Digital Free Zones

Oduwole said the government was revising the Nigeria Export Processing Zones Authority regulations to reflect changes in business models and investment, including digital operations.

She said the revised framework would recognise Digital Free Zones and Digital Special Economic Zones while providing for technology-enabled businesses that may not require conventional physical locations.

“The Revised NEPZA Regulations and Operational Guidelines create, for the first time in Nigeria, Digital Free Zones and Digital Special Economic Zones – zones that operate on a platform rather than a perimeter, with no requirement of physical presence,” she said.

The proposed framework would also modernise corporate and registry provisions, strengthen dispute-resolution mechanisms and introduce new licence categories.

One of the proposed categories is an Innovator Licence for enterprises operating in areas where regulatory frameworks are still developing.

The minister added that reporting and fee structures would be adjusted to reflect how digital businesses generate revenue.

FG Targets Free Zone Diversion

Oduwole said the government had identified the diversion of goods produced in free zones into the Nigerian Customs Territory while retaining fiscal incentives intended for export-oriented activities as a major concern.

She said the revised framework would reinforce the export orientation of the scheme by clarifying the existing 75 per cent export and 25 per cent domestic-sales structure.

Domestic sales would also be aligned with applicable Nigerian tax laws, she said.

The reforms are expected to clarify the responsibilities of agencies involved in the administration of the zones.

Under the proposed arrangement, NEPZA and the Oil and Gas Free Zones Authority would retain responsibility for licensing and operational oversight.

The Nigeria Revenue Service would remain responsible for tax administration, while the Nigeria Customs Service would handle customs control, valuation, classification and enforcement.

Operators Seek Protection For Existing Investments

The Executive Secretary of NEPZA, Toyin Elegbede, said operators welcomed the proposed reforms but urged the government to protect businesses that had already invested under the existing regulatory framework.

“Our members recognise the need for a strong, transparent and well-regulated Special Economic Zones regime, and we welcome the opportunity to engage the government before the framework is finalised,” Elegbede said.

He said operators wanted the reforms to address genuine gaps without creating additional uncertainty for businesses that had made investments based on existing regulations.

Elegbede added that stakeholders wanted a competitive free zones ecosystem capable of attracting investment, protecting legitimate businesses and increasing production and exports.

The Chairman of NEPZA, Hadi Mutallab, similarly urged the government to ensure that the transition to the new framework did not undermine existing investments.

“The reform of Nigeria’s Special Economic Zones is necessary to strengthen the integrity of the scheme and ensure that the incentives provided deliver the investment, production, jobs and exports for which they were intended,” Mutallab said.

He also called for a clear and predictable transition process for existing operators.

FG Links Reforms To $1tn Economy Target

Oduwole said the government would continue to support lawful incentives that serve the purpose of the free zones while demanding compliance from operators.

She said the broader objective was to position the zones as engines of non-oil export growth and contribute to President Bola Tinubu’s target of building a $1tn Nigerian economy by 2030.

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The naira remained stable on Wednesday, November 5, 2025, with the U.S. dollar trading between ₦1,430 and ₦1,445 at the official Nigerian Foreign Exchange Market (NFEM).

At the parallel (black) market, traders bought the dollar at around ₦1,435 and sold between ₦1,450 and ₦1,459, showing only a slight difference from official rates.

Market analysts attributed the stability to improved liquidity, steady inflows from foreign investors and exporters, and sustained intervention by the Central Bank of Nigeria (CBN).

They also linked the calm market to recent monetary policy adjustments, including the September interest rate cut, which helped ease inflationary pressure and boost investor confidence.

According to currency dealers, dollar supply has improved compared to previous weeks, while demand has become more predictable.

“There’s more balance now. People are not hoarding dollars as much as before,” one trader said.

Economists noted that the CBN’s efforts to clear foreign exchange backlogs have strengthened transparency and restored confidence in the market.

However, they warned that external factors — such as declining oil revenues, global inflation, and potential capital outflows — could still pose risks to the naira in the months ahead.

They urged the federal government to sustain fiscal discipline, promote non-oil exports, and boost local production to reduce pressure on the currency and support long-term stability.

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Eighteen months later, the results are visible. By August 2025, the naira had strengthened to ₦1,525 per dollar, gaining more than 15% in five months a pace that annualises to nearly 49%. This resurgence was anchored by a cocktail of deliberate policies: a surge in oil revenues, record diaspora remittances, and the settlement of over $4 billion in foreign exchange arrears that had long sapped investor confidence. Most decisive of all was the consolidation of Nigeria’s multiple exchange windows into one transparent market rate, finally allowing the naira to trade at a value shaped by supply and demand.

The implications reach far beyond currency charts. For years, an artificially propped-up naira made Nigerian exports overpriced abroad, undermining competitiveness. Once freed, the recalibrated exchange rate altered the arithmetic. From cocoa to sesame and manufactured goods, Nigerian products suddenly became more affordable in New York, Mumbai, and São Paulo without exporters earning less at home.

The impact was swift. Non-oil exports climbed to $3.225 billion in the first half of 2025, up from $2.696 billion a year earlier a rise of nearly 20%. Export volumes also expanded from 3.83 million to 4.04 million metric tonnes, proving that demand was driven by quantity, not just higher prices.

The reforms unlocked a virtuous cycle:

• Nigerian products gained global price competitiveness.

• Exporters earned higher naira returns, spurring reinvestment in processing and value addition.

• Fresh export inflows replenished FX reserves, reinforcing the naira’s strength.

Economists describe this as a textbook feedback loop. FX reforms produced a realistic exchange rate, which boosted exports, which in turn drove dollar inflows, stabilising the naira and encouraging investor confidence. Each turn of the wheel strengthens the next.

For sceptics, the lesson is stark. A floating naira is not a symptom of weakness but a signal of resilience an instrument for long-term competitiveness. By stepping away from costly interventions and letting the market do its work, the government has positioned Nigeria for an export-led growth model that rewards productivity and attracts investment.

If this trajectory is sustained, the naira’s rebound will not just be a story of exchange rates, but of an economy beginning to harness its currency as a strategic lever on the global stage.

Yakubu is the director-general of
Budget Office of the Federation

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