ACCI Seeks Reforms to Boost FCT Free Zones for Economic Growth
The Abuja Chamber of Commerce and Industry (ACCI) has called for stronger policies and reforms to unlock investment, industrialisation and economic growth through Free Trade Zones (FTZs) in the FCT.
The Executive Director, National Policy Advocacy Centre (NPAC), ACCI, Dr Chidebere Onwumere, made the call at a virtual meeting organised by the centre on Wednesday in Abuja.
The theme of the meeting was, “Driving Investment and Growth: Unlocking the FCT’s Economic Potentials through FTZs”. It focused on leveraging FTZs to drive investment and economic transformation in the FCT.
Onwumere said that the ACCI was a leading private-sector organisation, dedicated to strengthening the economy and promoting business development. He described recent interventions by the Nigeria Export Processing Zones Authority in resolving issues around Abuja Technology Village as a positive development.
He said that the proposed Abuja City Walk project reflected the government’s commitment to expanding economic opportunities and advancing national development objectives.
According to him, the licensing of Abuja Industrial Park Free Zone with a 150-million-dollar investment portfolio highlights opportunities for manufacturing, exports and job creation.
Onwumere identified the Bureau of Public Enterprises (BPE) as a key stakeholder whose privatisation and commercialisation efforts support infrastructure and asset reforms within FTZs.
He said that efficient power supply, water services, land optimisation and infrastructure financing remained critical to the success of the zones.
“Unlocking the zones’ full potential requires policy coherence, ease of doing business, efficient asset management and inclusive growth for Micro Small and Medium Enterprises (MSMEs),” he said.
The executive director expressed confidence that collaboration among stakeholders would generate practical policy recommendations to translate investments into sustainable economic prosperity.
Mr Toyin Elegbede, Executive Secretary of the Nigeria Economic Zones Association (NEZA), said that FTZs were vital for attracting investment, promoting exports, creating jobs and accelerating industrialisation.
Elegbede said that infrastructure deficits, including inadequate power supply, roads, water systems, waste management and broadband connectivity, continued to hinder the competitiveness of many zones.
He identified policy uncertainty, multiple taxation, regulatory overlaps, limited access to long-term finance and weak integration with national supply chains as major barriers to growth.
According to him, security concerns and skills gaps in the technology, manufacturing, logistics, and renewable energy sectors also affect investor confidence, productivity, and innovation.
He urged the government to strengthen infrastructure through public-private partnerships, ensure policy stability, improve ease of doing business and develop sector-specific zones to attract investment.
Elegbede, who was represented by Mr Adewale Akanni, Manager of NEZA, called for stronger economic linkages, aggressive investment promotion and collaboration among stakeholders.
Mr Michael Magaji, Director, Investment and Public-Private Partnerships, BPE, described FTZs as designated areas that promote industrialisation, attract investment, create jobs and enhance trade competitiveness.
Magaji said that successful global FTZs, including those in the United Arab Emirate (UAE), China and Morocco, demonstrated that strong infrastructure, investor-friendly policies and efficient governance drove economic growth and exports.
He said that the African Continental Free Trade Area (AfCFTA) offered opportunities for FTZs to expand production, strengthen regional value chains and attract investment into key sectors.
According to him, Nigeria currently has 63 FTZs operating under regulatory frameworks that provide incentives such as tax relief, duty waivers, profit repatriation and simplified licensing processes.
Magaji said inadequate infrastructure, financing gaps, bureaucratic bottlenecks and regulatory inefficiencies hindered FTZs growth, urging stronger reforms, public-private partnerships and collaboration to unlock their full potential.
Mr Mohammed Ali, Senior Manager Estate and Construction Management, Abuja Technology Village (ATV), said that inadequate infrastructure and economic instability reduced investor`s confidence in Abuja Technology Village.
According to him, improved facilities and stable policies will attract more enterprises and lower production costs for sustainable investment growth significantly.
“Land encroachment, delayed permits, and security concerns remain major challenges affecting ATV.
“Resolving them will significantly boost direct investment inflows and improve economic performance and enterprise confidence levels,’’ he said. Ali was represented by Mrs Saadatu Idris, Head, Innovation Platform and Partnership, ATV Tax Reforms: ACCI Urges 2-Year Grace Period on Tax Penalties
