NEPZA CEO Dr. Olufemi Ogunyemi Drives Economic Growth Through Transformative Reforms
President Bola Ahmed Tinubu has consistently demonstrated a keen eye for selecting experts for critical roles in his administration, a trait evident since his tenure as Lagos State Governor. In line with this, the Nigeria Export Processing Zones Authority (NEPZA) was identified as a pivotal contributor to the economy, necessitating flawless leadership to interpret its mandate effectively. This search led to the appointment of Dr. Olufemi Ogunyemi as Managing Director/CEO on October 17, 2023, replacing Prof. Adesoji Adesugba.
Strategic Reforms and Leadership
Dr. Ogunyemi, a distinguished Medical Consultant with licenses in Nigeria, the UK, and the US, also holds certifications in Global Diplomacy, Business, and Political Economy from institutions like the University of London and Harvard University. His opening speech emphasized interpreting the president's policies to positively impact the Special Economic Zones Scheme. He launched reforms focused on three key areas: revitalizing underperforming Free Trade Zones, digitizing NEPZA activities, and listing Free Trade Zones on the Nigeria Stock Exchange. These measures aim to promote economic growth, accelerate job creation, and support industrialization.
His open-door policy, transaction leadership style, and focus on staff welfare have kept the Authority aligned with President Tinubu's Renewed Hope Agenda for economic diversification. Over the past two years, NEPZA has built a global brand, with Dr. Ogunyemi's international presence culminating in his election to the Board of the World Free Zone Organisation (WFZO) on October 9, 2024, in Dubai. In his victory speech, he highlighted leveraging this position to attract more Foreign Direct Investment (FDI) to Nigeria and Africa.
Economic Impact and Achievements
NEPZA remains a key driver in diversifying Nigeria's economy, with investment packages targeting manufacturing (45 percent), services (30 percent), and oil and gas (11 percent). The scheme now includes 63 Free Trade Zones, hosting over 700 businesses valued at USD 35 billion. The Authority collects 20 types of revenue, such as $500,000 in declaration fees and $60,000 annually for Operation Licenses, with digitization efforts underway to eliminate discretion in collection.
Dr. Ogunyemi's resource management was evident on May 30, 2025, when he agreed with the House Committee on Public Accounts to ensure maximum remittances to the Federation Account. Transparency has improved, with NEPZA's contributions to GDP now clearer. Employment targets have been raised to over 70 percent, aiming for approximately 73,000 direct and 50,000 indirect jobs from new zones.
International Engagement and Sector Growth
At events like the United Nations General Assembly (UNGA) and the 2026 Commonwealth Day Celebration in the UK, Dr. Ogunyemi urged international bodies, including the American Business Council, to consider Nigeria's industrial zones. He advocated for integrating Nigeria's Special Economic Zones into European value chains during a meeting at the European House in Abuja, emphasizing their role in enhancing EU-Nigeria economic cooperation.
Effective oversight of top-tier free zones, such as Eko Atlantic and Lekki Free Zone, along with over 150 newly registered enterprises, has boosted growth and job creation. Notable additions include the Abuja Industrial Park (ZEBERCED) Free Zone with a $150 million investment and 40,000 jobs, and the Arise Remo Free Trade Zone with a $1 billion portfolio. Dr. Ogunyemi also supported the registration of Indorama FTZ in Rivers State to enhance fertilizer production and exports.
Expansion and Conflict Resolution
New special economic zones under NEPZA, including Medical/Pharmaceutical SEZ Lekki and Agro-Allied SEZ Ilorin, are prioritized to boost development nationwide. The Authority has implemented the Federal Government's designation of major international airports in Lagos, Abuja, Port Harcourt, and Kano as Free Trade Zones.
Dr. Ogunyemi's management skills were demonstrated by resolving a dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV) over land title revocation. He facilitated negotiations, securing support from FCT Minister Nyesom Wike to expand the Free Trade Zones Scheme and promote industrialization in the territory.
Recognition and Future Outlook
Dr. Ogunyemi's dedication has earned him awards, including a Congressional Award from the United States for leadership in overseeing Nigeria's Free Trade Zones Scheme and the DISTINGUISHED GOVTECH TRAILBLAZER AWARD after NEPZA won the Nigeria Gov-Tech Public Service Award for 'BEST FEDERAL MDA IN EASE OF DOING BUSINESS.' These honors reflect his commitment to national duties and the philosophical insight that success stems from hard work and perseverance.
As NEPZA continues to evolve under his guidance, the focus remains on attracting investments, creating jobs, and supporting Nigeria's economic growth in alignment with presidential policies.
