NEPZA, EU move to strengthen partnership to boost Nigeria’s economy

The Nigeria Export Processing Zones Authority (NEPZA) has called for integrating Nigeria’s Special Economic Zones Scheme into European value chains to boost economic growth, prosperity, and industrialisation.

Dr. Olufemi Ogunyemi, Managing Director of the Authority, made the call on Monday during a trade and investment facilitation meeting at the European House in Abuja.

“It is a privilege to address this distinguished gathering at this critical moment in global economic history. Our discussion today examines how Nigeria’s Free Zones, under NEPZA’s strategic framework, can serve as effective platforms to enhance EU–Nigeria economic cooperation amid significant structural change.

“As the global order shifts from a predictable, rules-based system to one shaped by shifting alliances and economic pressures, the European Union should increasingly leverage Nigeria’s Special Economic Zones to expand and deepen our existing economic partnership.
“We recognise how the EU leaders have articulated a vision of European independence and economic strength rooted in diversified, resilient, and strategically aligned partnerships rather than reliance on a narrow set of global suppliers or geopolitical arrangements Dr. Ogunyemi said.

Dr. Ogunyemi, also Chief Executive Officer of NEPZA, said an increased EU economic activity along Nigeria’s Special Economic Zones corridors would reduce concentration of dependency, safeguard critical supply chains, and boost economic engagement in regions of West Africa with dynamic growth.

The NEPZA boss observed that the EU’s recent effort to realign its economy emphasised the need for member states to build a mutually beneficial partnership centred on common issues between Europe and Africa, and added that exploring Special Economic Zones could accelerate shared economic benefits.
He explained that: “Even as we acknowledge that the European Union is Africa’s leading partner in trade and investment, with trade in goods between the two continents amounting to nearly €355 billion in 2024, and trade in services exceeding €100 billion, the persistence of a trade structure dominated by Africa’s raw material exports presented a shared strategic challenge.’’

Dr. Ogunyemi noted that: “overreliance on primary commodities without meaningful value addition hinders industrial growth, limits human capital development, and threatens the long-term sustainability of supply chains between us and the EU, adding that investing in the country’s economic zones could help address these imbalances.’’

Among the attendees were European nations’ Ambassadors, Heads of Delegation of the European Union Member States, Representatives of the European Commission and the European External Action Service.