The Nigeria Export Processing Zones Authority (NEPZA) has again boosted the country’s manufacturing and export indexes with the licencing of Abuja Industrial Park (ZEBERCED) Free Zone with initial 150 million US dollar investment portfolio.
Dr Olufemi Ogunyemi, Managing Director of NEPZA, in a remark, while handing over the Operating Licence to the Turkish owners of the private zone, revealed that the new business ecosystem sitting on 250 hectares would be home to over 170 factories and to generate 40,000 employment.
Dr. Ogunyemi, also the Chief Executive Officer of the Authority further explained that the zone which would be located in Idu Industrial layout Phase IV had the capacity to greatly impact the nation’s economy through sustained export of manufactured goods.
“Today marks another excellent moment for us in the Authority as we continue to deliver on our mandate of managing the Free Trade Zone scheme in line with the Federal Government directive.
“This latest Abuja Industrial Park Free Zone will change the business configuration of the Federal Capital City and spur the landscape for global export competitiveness and to boost the country’s employment index.
“Let me congratulate those behind this loft project and encourage other local and international players to explore the country’s free zone scheme as it offers some of the best global incentives,’’ Dr Ogunyemi said.
Mr. Adil Kurt, Managing Director, Abuja Industrial Park (ZEBERCED) Free Zone, expressed satisfaction with the one-stop-shop policy of the government that sped up the registration process, adding that the zone would be the ideal hub for manufacturing and export.
Coyol Free Zone has consistently been recognized in global rankings over the past 17 years
Coyol Free Zone is recognized for its exceptional performance across several areas of Free Trade Zone Park Regime development and management.
We are consistently awarded for the innovation of our Real Estate developments, our leadership in the Life Sciences field, and our role as a hub for specialized
This year we have been awarded by fDi Intelligence, in the following categories:
Our secret? International entities like fDi Intelligence, The European, Global Alliance of Special Economic Zones (GASEZ), and Investment Monitor have outlined several key points:
Judges from international organizations were particularly impressed by our education initiatives, as we aim to harness the dynamism of the Life Sciences sector to provide high-quality employment opportunities for Costa Ricans.
We collaborate closely with local governments, and private and public educational institutions, to enhance the skills of the workforce. Our program, ‘Intégrate a Coyol’, and the Dual Education initiative supported by the Costa Rican government, are designed to bridge the gap between traditional education and the requirements of the modern industry.
Coyol Free Zone operates a social responsibility program, which runs an annual accountability system aligned with the UN Sustainable Development Goals (SDGs).
In May of this year, the Global Alliance of Special Economic Zones (GASEZ) included our Park as one of the 50 model free zones for sustainability, recognizing our efforts to fulfill the Sustainable Development Goals (SDGs) and intensify measures to achieve the Global Sustainability Agenda 2030.
Many of our efforts for the SDGs include protecting biological corridors, engaging in reforestation activities, implementing sustainable construction under LEED standards, managing construction waste responsibly, and promoting the use of green energy and renewable resources.
We also manage a sustainable transportation system that reduces commute times and minimizes the use of fossil fuels.
Our Park is located just five miles from Juan Santamaría International airport and close to Costa Rica’s most important container ports, while the proximity of the country to the United States makes it great placed for nearshoring opportunities.
Costa Rica is also an attractive investment destination due to its political stability, longstanding legal security, and outstanding human talent.
Coyol Free Zone is focused on Life Sciences and Smart Manufacturing, and it plays a key role in Costa Rica’s position as a global hub for Medical Devices, pharmaceuticals, and biotechnology.
Our Park is home to renowned global companies, such as Medtronic, Abbott, and Bayer, among other firms, which are leaders in their respective industries.
Through a diverse range of multinational corporations and international small and medium-sized enterprises, we have cultivated a thriving on-site ecosystem of suppliers and contractors.
Our Park’s leadership in Medical Devices and Smart Manufacturing, convenient location, and attractive benefits make it an ideal hub for companies seeking international market expansion.
Seven of the companies located in Coyol Free Zone have become globally recognized as leaders in the medical device manufacturing sector, according to the 2023 Top 30 Global Medical Device Companies by MPO.
The companies based in our Park also account for more than 50% of Medical Device exports in Costa Rica under the manufacturing segment.
Coyol Free Zone has consistently been recognized in global rankings over the past 17 years due to its commitment to innovation and sustainable development.
Such recognition is a result of its success in attracting investments and reinvestments, high value-added exports, productive links with local companies, and the creation of employment opportunities in the country.
Landmark partnership to strengthen economic ties and foster cross-border opportunities between Ras Al Khaimah and China has been struck by Khaimah Economic Zone (RAKEZ) and China’s Tianjin Pilot Free Trade Zone (Tianjin FTZ).
The business relations were formalised through a Strategic Cooperation Agreement with China (Tianjin) Pilot Free Trade Zone and a Memorandum of Understanding (MoU) with Tianjin Port Free Trade Zone.
The Strategic Cooperation Agreement was signed by Zhu Changcun, Director-General of the CC Office of China (Tianjin) Pilot Free Trade Zone Administration, and Ramy Jallad, Group CEO of RAKEZ.
Additionally, Jallad signed an MoU with Xu Haitao, Director of the Investment Promotion Bureau at the Tianjin Port Free Trade Zone Administrative Committee
The phenomenal increase of 360% growth in Foreign Portfolio Investments (FPIs) in Nigeria in the first half of the year has been hailed as a positive development.
The Tinubu Media Support Group (TMSG) said in a statement that the growth was worth celebrating.
In the statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG noted that the quantum leap in FPIs from $756.1m in the first half of 2023 to $3.48bn recorded between January and June 2024 is a testament to the efficacy of the Tinubu business-friendly policies.
TMSG said: “The latest report by the National Bureau of Statistics (NBS) on foreign capital inflows shows a massive increase in what came into the country in the first half of 2024 compared to that of the corresponding period last year.
“We note that the report of National Bureau of Statistics (NBS) indicated that foreign investments doubled to $6bn in H1 2024 with a large chunk coming from portfolio investors who invested $3.48bn in the Nigerian economy compared to the $756.1m the country attracted in the same period last year.
“This impressive number is clearly as a result of the economic policies introduced by the President Bola Tinubu administration especially efforts by the Central Bank of Nigeria to boost investor confidence.
“A further look at NBS data showed that on the whole, foreign capital inflow rose to $5.98bn between January and June this year, up from $2.16bn during the same period in 2023.
“According to the report, foreign portfolio investments in Nigeria stood at $3.48bn in the first six months of 2024, representing a 360% year-on-year growth from the $756.1mn recorded in the corresponding half of 2023.
“The bulk of foreign portfolio participation ($2.68bn) was in money market instruments and our understanding is that the United Kingdom and Netherlands were the biggest sources of capital inflow into the banking sector.
“For us, there is no better way to show that Nigeria is still a desirable investment destination on President Tinubu’s watch inspite of attempts by opposition figures to paint the administration policies as bad for the country.
“It is our considered opinion that no foreign investor would put funds in an economy where they will not get the necessary returns on investment.
“So inspite of the pains of the reforms which President Tinubu had always said would be temporary, we are seeing how investors have continually showed interest in the country. This is exactly what the President meant when he said Nigeria was prioritizing a business-friendly financial system.”
The group added that the there are facts on ground to show that the next NBS report would tell a better story of foreign investments in 2024.
“It is gratifying to note that the report is coming at a time some multinationals are ramping up additional investments in the country.
“We invite Nigerians to note that French conglomerate, TotalEnergies, has kicked off its $550m Ubeta Field Development Gas Project in conjunction with the Nigerian National Petroleum Company Limited (NNPCL) just as Coca-Cola is reviving its 2021 $1bn investment pledge.
“And can any patriotic Nigerian afford to forget ExxonMobil’s announcement of a $10 billion deep-water investment in the country on the sidelines of the recent UN General Assembly.
“We are certain that by the time the NBS releases its final report for the year, the figure for foreign capital inflows for the year would be one of the highest in recent years,it explained.
Tejaswi Avasarala, General Manager of Lagos Free Zone, said exporters can benefit from two agreements signed by the US and the EU with Nigeria providing access to the markets there.
CHENNAI: Exporters in TN have been urged to invest in Lagos Free Trade Zone, a privately owned 850 hectares free trade zone in Nigeria, to get cheaper access to markets in Africa, Europe and US with reduced tariffs.
Speaking to TNIE on the sidelines of a conference organised by Tamil Chamber of Commerce and Directorate General of Foreign Trade on Saturday, Tejaswi Avasarala, general manager of Lagos Free Zone, said exporters can benefit from two agreements signed by the US and the EU with Nigeria providing access to the markets there.
He said Nigeria has signed Africa Growth Opportunities Act with US and General Scheme of Preferences with the EU.
The pact with US allows duty-free access to US market for over 1,800 products, in addition to more than 5,000 products that are eligible for duty-free access under the Generalized System of Preferences programme.
Similarly, EU offers zero or reduced tariff rates to least developed countries, including Nigeria, for certain products and deeper tariff cuts. Nigeria is also a member of African Continental Free Trade Area Agreement.
Nigeria’s Lekki deep sea port, which began operations in April 2023 and covers 90 hectares, can accommodate 2.5 million containers a year.
The general manager of the Lagos Free Zone, Tejaswi Avasarala, highlighted the importance of the port in bilateral trade with India.
“India is the largest trade partner with Nigeria in the world, and Nigeria is the largest trade partner for India in the African continent.
The bilateral trade is currently about $13 billion in 2023, both the countries are already flourishing with more than 130 Indian companies that are present locally in Nigeria, with a cumulative investment stock of about $30 billion,” Avasarala said.
Nigeria’s Lekki deep sea port, which began operations in April 2023 and covers 90 hectares, can accommodate 2.5 million containers a year.
The general manager of the Lagos Free Zone, Tejaswi Avasarala, highlighted the importance of the port in bilateral trade with India.
“India is the largest trade partner with Nigeria in the world, and Nigeria is the largest trade partner for India in the African continent.
The bilateral trade is currently about $13 billion in 2023, both the countries are already flourishing with more than 130 Indian companies that are present locally in Nigeria, with a cumulative investment stock of about $30 billion,” Avasarala said.
The Chief Executive Officer (CEO), Lagos Free Zone (LFZ), Adesuwa Ladoja, has said there was opportunity for Indian companies to develop new products tailored for the Nigerian and African markets.
LFZ is a port-based industrial zone (850 hectares) in Lagos, Nigeria, with over $2.75 billion committed Foreign Direct Investment (FDI) projects to date.
“We are owned and promoted by Tolaram Group and located in Lekki, the sun rise development corridor in Lagos,” Ladoja told PTI.
According to her, Tolaram Group has observed that having a local presence in Nigeria allows companies to better understand and adapt to the Nigerian market, leading to more profitable operations.
“This is an opportunity for Indian companies to develop new products tailored to the Nigerian and broader African markets,” Ladoja said.
She said LFZ is serving global brands like BASF, Tata International, Kellogg’s, Colgate, Arla, Dufil, Lekki Portamong among others as their current tenants.
“We are ideally positioned to serve the manufacturing sector because enterprises registered within LFZ benefit from immediate proximity to the deepest port of Nigeria, an efficient infrastructural backbone,” she said.
The port has a draft of 16.5 meters, making it the deepest and most modern seaport in Nigeria. Due to its depth, Lekki port is now able to accommodate vessels with a capacity of 14,000 TEU vessels.
Asked about investments from India, Ladoja said, “Last year, we began discussions with Tata, and this year they have established operations in the zone to assemble tractors. They currently have an order for 2,000 tractors for the federal government, which they are processing.”
She said before Lekki Port became operational, despite Nigeria being the largest market, a lot of cargo destined for Nigeria was routed through neighbouring ports due to congestion at Nigerian ports.
“However, this has changed,” she said, adding that now with Nigeria being the largest market, it makes more sense for shipping lines and importers to operate directly within Nigeria rather than relying on neighbouring ports.
Apart from Tata, Ladoja said over 130 Indian companies have invested about $ 30 billion in Nigeria over the last 20 years.
The Tinubu Media Support Group TMSG has said that the new multi-million dollar investments in Nigeria by Coca Cola and TotalEnergies are clear pointers to the direction of President Bola Tinubu’s economic reforms.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG noted that both are significant economic developments, which show that Nigeria remains open to serious business.
It said: ” They are indeed significant developments with implications for the future: The first being the kick- off an upstream gas project which would deliver 350 million standard cubic feet of gas per day when operational while the other is an announcement by Coca Cola of a $1bn fresh investment into the country.
“For us, these are very key investments that underline the commitment of the President Bola Tinubu administration to providing a conducive atmosphere for local and foreign businesses to thrive.
“And nothing best captures the government’s mindset than what the President told the Coca-Cola global leadership team, ‘We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses. We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that.’
“Indeed, when the President gave that assurance during his inauguration last year, we were convinced that he would back his words with action. The swift manner the Central Bank cleared valid forex backlog amounting to $7bn was a clear indication of where the government was headed in terms of winning investor confidence.
“So we were not surprised that the Coca Cola Company which had in 2021 reneged on a promise to invest $1bn over a 5- year period, came back with the full complement of its global leadership headed by its President and Chief Financial officer John Murphy to announce its intention.
“It is gratifying that officials of the multinational company which had since 2013 invested $1.5bn in its Nigeria operations, hinged the additional $1bn Investment plan on what they described as ‘a predictable and enabling environment’ and the President’s assurance that foreign businesses can repatriate dividends and profits.
“We see this as an affirmation of a bold statement of intent that has kept on resonating across the world and which the Chinese authorities also alluded to during President Tinubu’s recent engagement with President Xi Jiping.
“Let us not also forget the speed with which the Nigerian National Petroleum Company Limited (NNPCL) has moved to consumate the $550m non-associated gas investment deal with TotalEnergies- the Ubeta Field Development Gas Project- few months after the Final Investment Decision (FID) was signed in June.
“The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State and according to TotalEnergies in a recent explainer, it is the latest in a series of gas projects the oil firm is developing in Nigeria, which also include the Ikike and Akpo West fields where production has already commenced.
“We specifically want to point out that, the French conglomerate made it clear that its involvement in the new gas project was made possible by the government’s recent incentives for non-associated gas developments while adding that Ubeta fits perfectly with its strategy of developing low-cost and low-emission projects.
“This is the same company that we were told was heading out of Nigeria just because it chose to also invest in Angola and the DRC this year.
“But in all of these, the message from the Tinubu administration in the two instances are clear: Nigeria is open to serious business on the watch of President Tinubu and expectedly, the world has taken notice.”
TMSG is convinced that Nigeria will attract more foreign investments because of the pro-business approach and policies of the President Tinubu administration.
Governor Babajide Sanwo Olu of Lagos State has described the Lekki Deep Seaport and other businesses in the Lekki Freezone Ecosystem as critical contributors to Lagos being an investment and trade destination in the world.
Speaking in Lagos at a ceremony in commemoration of the arrival of -CMA-CGM SCANDOLA, largest LNG powered vessel to call at the port, Sanwo Olu said the port and other businesses in the Lekki area speak volume about Lagos’ capacity to promote trade.
He said receiving a vessel of such size calls for celebration as it puts Nigeria in the global logistics map and attests to the place of Lagos recently ranked as the 19th Best City to visit in the World by a British Media and Hospitality Company.
“I think it’s a big feat, it’s something that we need to roll out drums and get proud of, because what that is highly commendable, indeed. We’re putting Lekki Freeport, we’re putting Lagos, we’re putting Nigeria into the world’s global logistics and marine business map.
