Report by Engineering Post
Special Economic Zones (SEZs) remain the most successful policy tool for boosting Foreign Direct Investment (FDI) .
In FY2024, the colonization of the existing SEZs continued despite economic turmoil and protectionist measures taken by the federal government in order to curb imports.
According to the information available from the official sources, the major initiatives taken in FY2024 included Establishment of new SEZs; Provision of Utilities from Federal Public Sector Development Programme (PSDP); Colonization of SEZs; Establishment of One Stop Service for SEZs, and completion of Phase-One of Rashakai SEZ.
FDI promotion as such obviously relies on the federal government’s comprehensive efforts, where investment and exports mutually support each other. The Board of Investment (BOI) initiatives focus on attracting local and foreign investment into the country and creating and providing a conducive business environment.
Based on the consistent 30 percent FDI component over the past four years, it is reasonable to expect this trend to continue strengthening as long as the national economy maintains a stable growth trajectory and the investment outlook remains positive.
As a result of the general election, a new political government at the national level has taken charge of managing the affairs of the state, with the primary objective of stabilizing the national economy.
BOI expects to attract approximately US $ 1.75 billion of FDI for FY 2024, with a projected increase of US $ 1.85 billion in FY 2025, the sources added.
