Business

NEPZA assures FTZs operators, enterprises, of maximum support

Published

9 months ago

February 22, 2025

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA) Dr Olufemi Ogunyemi has assured operators of the Free Trade Zones that the Federal Government was only poised to boost the global competitiveness of the scheme and not “annihilate’’ it as held in some quarters.

Dr Ogunyemi, also the Chief Executive Officer of the agency made the remarks at the 3rd Nigeria Economic Zones Association meeting on Thursday in Lagos.

The managing director explained that the mandate of the scheme that aimed to fast-track industrialisation, non-oil trade, employment generation, export among others was too precious for the government to now circumvent.

According to Dr Olufemi, the Authority remains a product of law of the parliament positioned to drive economic growth through the Free Trade Zones scheme in line with global best practice.

The stakeholders have since the introduction of the proposed Tax Reform Bills 2024 raised concerns over there likelihood of destroying the scheme.Dr Ogunyemi, however said that the new tax policy was not completely bad, adding that the stakeholders should attend the public hearing on the bills to canvass their positions.

He explained that the proposed tax bills were aimed at harmonizing the country’s tax system, stating that they were not constructed to destroy the scheme.

“We are working behind the scene to ensure that genuine concerns of the stakeholders with regards to clauses that tended to have placated the scheme’s incentives are expunged in the interest of all.

“It is a public knowledge that His Excellency, President Bola Ahmed Tinubu GCFR remains the chief promoter of the SEZ scheme and therefore, he is committed to nurturing it to full maturity’’, Dr Ogunyemi.

The NEPZA boss, also said the association’s annual gathering highlighted stakeholders shared commitment to advancing the prosperity of Nigeria through the efficient operation and strategic utilization of our Special Economic Zones.

“The country’s economy is navigating challenging times that demand innovative thinking and strategic tools. The Renewed Hope Agenda of President Bola Ahmed Tinubu has laid out a robust framework to guide our economy toward revival through the 8 Presidential Priorities.

“ SEZs are positioned as a pivotal economic instrument to expedite the realization of 5 of these priorities, which are food security, poverty eradication, economic growth and job creation, inclusivity, and indirectly, security,’’ he said.

Dr Ogunyemi stated further that: “today’s event provides a critical platform to examine key issues, foster collaboration, and strengthen the synergies necessary to align SEZs with these Presidential priorities.

“Achieving this alignment calls for a concentrated focus on skill enhancement, industrialization, economic diversification, and export promotion. SEZs remain central to our mission to attract investment, create jobs, and establish globally competitive industries, he said.

He said: “this event convenes some of the brightest minds and most influential stakeholders to address transformative issues. Our agenda reflects the complexity and strategic importance of the SEZ ecosystem, covering topics vital to Nigeria’s economic trajectory’’.

According to him, enhanced collaboration between government agencies is key to improving SEZ operations and delivering world-class services. “Notably, AfCFTA data highlights Nigeria’s strategic role as a central hub in Africa’s trade routes, emphasizing the need for concerted efforts to ensure the country does not become a dumping ground for goods from other African nations.

“Nigeria has nurtured the SEZ scheme for more than three decades, and the fruits are just starting to manifest. The SEZ average cumulative annual growth rate for export stands at 0.79% while domestic export is 3.26%. Additionally, FDI has grown at an average annual rate of 3.68%, while LDI shows a growth rate of 1.49%.

“Other key indicators include backward linkage at 2.80%, duty (Custom Duty and VAT) at 3.34%, and PAYE at 4.21%. It is now imperative to focus on executing strategic reforms that accelerate this growth trajectory while safeguarding its progress,’’ Dr Ogunyemi said.

According to him, these reforms must foster a symbiotic relationship between investors and the nation.

“In light of AfCFTA’s acceptance of SEZ-produced goods, Nigeria must adopt policies that attract FDI, enhance investor trust, and make investment processes competitive and seamless.

“I reiterate NEPZA’s unwavering commitment to collaborating with all stakeholders to build a thriving SEZ ecosystem. Together, we can position Nigeria as a leader in industrialization and trade, fostering sustainable economic growth for generations to come,’’ he said.

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Business

FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools

Published

5 days ago

November 25, 2025

The Gleamer

By Joel Ajayi

The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.

Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.

He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.

Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.

“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.

A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.

He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.

Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.

Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.

Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.

The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.

Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.

International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.

“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.

The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.

With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.

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