The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Dr. Olufemi Ogunyemi, today paid a courtesy visit to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, at the bank’s headquarters in Abuja. The visit was aimed at seeking the CBN’s approval for the establishment of offshore banking operations to support Nigeria’s Free Trade Scheme.
Dr. Ogunyemi emphasized the strategic importance of offshore banking in enhancing trade facilitation, improving liquidity, and attracting foreign investments to the country’s free trade zones. He noted that the initiative would streamline cross-border financial transactions, reduce bottlenecks, and create a more conducive environment for businesses operating in the zones.
“The introduction of offshore banking under the Free Trade Scheme will provide the financial infrastructure needed to support our vision of transforming Nigeria’s free trade zones into world-class economic hubs. It will foster increased foreign direct investment, boost export earnings, and promote economic diversification,” Dr. Ogunyemi explained.
In his remarks, Mr. Cardoso commended NEPZA’s forward-thinking approach to improving the nation’s trade environment. He assured Dr. Ogunyemi that the CBN is open to innovative ideas that align with its goals of fostering sustainable economic growth and stability.
“Offshore banking, if well-implemented, has the potential to enhance Nigeria’s competitiveness in the global trade arena. We will carefully review the proposal to ensure it meets the highest standards of transparency and efficiency,” Mr. Cardoso said.
The meeting also explored the regulatory and operational frameworks required to establish offshore banking, as well as mechanisms to mitigate associated risks. Both leaders expressed optimism that the collaboration between NEPZA and the CBN would yield transformative results for Nigeria’s trade and investment landscape.
The initiative is expected to attract global investors, provide greater financial flexibility for businesses in free trade zones, and solidify Nigeria’s position as a leading trade hub in Africa. Further consultations are anticipated to finalize the details of the proposed offshore banking framework
