FG Targets Export Incentives, Special Economic Zones Reforms, Unveils Data Tools

The federal government is set to reform the Export Expansion Grant Scheme and modernise the regulatory framework for free trade and special economic zones as part of efforts to boost exports, attract investment and strengthen Nigeria’s industrial competitiveness.

The minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this in Abuja while unveiling the ministry’s 2026 Trade Intelligence Tools and outlining its priorities for the final quarter of the year.

She said President Bola Tinubu had directed the ministry to clear outstanding claims under the Export Expansion Grant Scheme up to 2022 and reform the programme to make it more sustainable.

According to her, a technical working group led by the Commodities and Export Department has been inaugurated with a 60-day mandate to develop a comprehensive reform framework.

She said the framework would make export incentives transparent, predictable, financially sustainable and linked to performance.

“Exporters investing in production, value addition and international competitiveness must be able to rely on government commitments,” Oduwole said.

The minister also said the Federal Ministry of Industry, Trade and Investment was working with the Nigeria Export Processing Zones Authority, the Oil and Gas Free Zones Authority, the Federal Ministry of Justice and other stakeholders to modernise the regulatory framework governing free trade zones and special economic zones.

She said the reforms were aimed at improving the competitiveness of the zones and ensuring that they contributed more effectively to production, exports, technology transfer and job creation.

Oduwole added that the proposed recognition of digital free zones under the Presidential Digital Free Zones Initiative would attract investment in technology, digital services, and emerging industries.

“The success of the zones will be measured by the number of functioning enterprises, goods and services produced, exports generated, technology transferred and jobs created,” she said.

The minister said the measures formed part of the government’s broader agenda to expand trade, attract productive investment and support the country’s target of building a $1 trillion economy by 2030.

She noted that achieving the target would require coordinated fiscal, monetary, trade, investment and industrial policies.

“While fiscal policy should strengthen public finances and monetary policy promote macroeconomic stability, trade and industrial policies must translate those gains into production, competitiveness, jobs and sustainable growth,” she said.

Oduwole said early indicators showed progress, with capital importation rising from about $3.9 billion in 2023 to more than $23 billion in 2025, while exports reached about N12 trillion, with Nigerian products accessing more than 120 countries.

She, however, stressed the need to convert increased capital flows into productive investments and export opportunities into completed transactions.

The minister also said the government was strengthening Nigeria’s trade negotiation architecture to ensure that the country entered international trade agreements with clear priorities and a coordinated institutional position.

“Every trade agreement signed by Nigeria must advance our economic interests by supporting industrial development, expanding market access, increasing exports and improving investment prospects,” she stated.

On regional integration, she said Nigeria’s role in the African Continental Free Trade Area must translate into tangible commercial opportunities for businesses.

She identified CANEX Weekend 2026 and the 2027 Intra-African Trade Fair as strategic platforms for expanding trade and promoting Nigeria’s creative and cultural industries.

According to her, CANEX Weekend will hold from November 5 to 8, 2026, at the National Theatre, Lagos, now known as the Wole Soyinka Centre for Culture and Creative Arts.

She said the event would showcase the commercial potential of Africa’s creative industries and connect Nigerian talents and businesses with investors and international markets.

“We must move beyond global recognition of our creative talents by converting that visibility into bankable businesses, protected intellectual property, access to quality capital, distribution partnerships and new export markets,” she said.

Oduwole urged departments and agencies to work together to ensure the success of the event and to document business deals and track partnerships afterwards, describing CANEX Weekend as a stepping stone to Nigeria’s hosting of the Intra-African Trade Fair in Lagos in 2027.