Nigeria’s special economic zones reforms earn global endorsement at WFZO congress

Nigeria’s efforts at repositioning its Special Economic Zones scheme have received fresh global recognition following the re-election of Olufemi Ogunyemi, Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), to the board of the World Free Zones Organisation (WFZO) during the organisation’s 11th Annual Congress in Panama.

The development was disclosed in a statement signed by Martins Odeh, Head of Corporate Communications at NEPZA.

According to the statement, African delegates alongside participants from Europe and Latin America delivered overwhelming support for Ogunyemi, accounting for 85 per cent of the votes cast during the election.

The NEPZA boss had similarly secured broad international backing during his first election to the board in Dubai in 2024.

Mohammed Alzarooni, Chairman of the WFZO, described Ogunyemi’s re-election as well deserved, noting that the Nigerian official had demonstrated exceptional commitment, energy and leadership during his first tenure on the board.

“I simply wish to congratulate Dr. Olufemi Ogunyemi of Nigeria and all other members of the WFZO Board of Directors on their delightful new tenure and continued exemplary service to the world,” Alzarooni said.

NEPZA management also celebrated the re-election, describing Ogunyemi as a leader with outstanding professional conduct, deep knowledge of the Special Economic Zones scheme and strong leadership qualities.

Reacting to the development, Ogunyemi expressed appreciation for the overwhelming support from member countries and stakeholders of the global organisation.

He attributed the success to Nigeria’s ongoing reforms aimed at repositioning the Special Economic Zones scheme as a major driver of economic growth under the Renewed Hope Agenda of the current administration.

According to him, Nigeria’s free trade zones have become increasingly attractive to investors and are now better positioned to compete globally.

“I wish to thank my colleagues on the board and all the well-meaning colleagues in WFZO who returned me with their votes. I shall continue to do my best to serve the organisation,” he said.

Ogunyemi added that the World Free Zones Organisation remained a critical platform for attracting foreign direct investment opportunities, stressing that Nigeria and other African countries should leverage his position on the board to draw more investments into the continent.

The WFZO serves as the umbrella body for countries operating Free Trade Zones and Special Economic Zones schemes across the world, promoting partnerships aimed at enhancing economic prosperity, trade and investment.