By Gabriel Ameh
📍Abuja, Nigeria
The Nigeria Export Processing Zones Authority (NEPZA) has intensified efforts to attract foreign investment as part of the growing UK–Nigeria Enhanced Trade and Investment Partnership (ETIP).
This was disclosed in a statement by Dr. Martins Odeh, Head of Corporate Communications at NEPZA, highlighting the role of the Authority in leveraging President Bola Ahmed Tinubu’s recent state visit to the United Kingdom to promote trade and investment opportunities.
The visit, according to the statement, marked a renewed phase in Nigeria’s diplomatic and economic engagement with the United Kingdom, ending decades of limited high-level trade diplomacy between both countries.
Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, alongside key agency heads including Olufemi Ogunyemi, participated in strategic engagements aimed at strengthening bilateral trade relations.
A key highlight of the visit was the first ministerial meeting of the UK–Nigeria ETIP, co-hosted by the UK Minister for Trade, Chris Bryant, and Dr. Oduwole. The meeting brought together policymakers, technical experts, and private sector stakeholders to review progress since the partnership was launched in 2024.
Both countries reaffirmed their commitment to the partnership as a key platform for enhancing trade, investment, and economic cooperation, with a focus on sustainable and inclusive growth.
The discussions also addressed barriers to investment, including regulatory challenges and market entry concerns, while emphasizing the need for improved regulatory clarity and stronger investor support systems.
The statement noted growing interest from UK and Nigerian companies in expanding commercial activities across critical sectors, with NEPZA positioning Nigeria’s Free Trade Zones as a prime investment destination.
NEPZA’s leadership, under Dr. Ogunyemi, also used the platform to promote Nigeria’s Free Trade Zones, which currently host over 700 enterprises across 63 operational zones. Investors were assured of incentives, security, and a business-friendly environment, including 100 percent profit repatriation.
The Authority further emphasized collaboration with key institutions such as the Presidential Enabling Business Environment Council (PEBEC) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to expand investment opportunities.
The UK and Nigeria also explored cooperation in areas such as audit regulatory equivalence, intellectual property protection, and capacity building, with plans to strengthen innovation, digital regulation, and regulatory frameworks.
Nigeria also presented updates on its new Intellectual Property Policy, aimed at boosting investor confidence and protecting creative industries.
According to NEPZA, early indicators suggest increasing investor confidence, with growing interest from UK investors seeking opportunities in Nigeria’s non-oil sectors.
The Authority reaffirmed its commitment to positioning Nigeria as a competitive investment hub, while encouraging diaspora Nigerians to take advantage of emerging opportunities within the country’s free trade zones.
