Free zones in Nigeria are now required to export at least 75% of their production under new federal government rules. The policy, announced by the administration, aims to boost the country’s export capacity and attract more foreign and domestic investment. The government claims the free zones have already drawn over $200 billion in foreign capital and nearly $900 billion in local investment.
The regulation applies to all companies operating within designated free zones, which are special economic areas designed to promote industrial growth and trade. Officials say the rule will ensure that these zones contribute significantly to Nigeria’s export earnings and economic development. The policy is part of broader efforts to diversify the economy and reduce reliance on oil revenues.
The move has drawn mixed reactions from business leaders. Some welcome the clarity it brings to investment rules, while others express concerns about the impact on local markets. The government has not yet provided details on how the export quota will be enforced or monitored.
The new rules are expected to take effect within the next few months, pending further consultations with stakeholders.
