PANAMA CITY, Panama — The head of Nigeria’s free trade zones agency has been re-elected to the board of the World Free Zones Organisation (WFZO) following a high-profile global summit in Panama.
Olufemi Ogunyemi, the Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), secured a second term on the governing board of the umbrella body for global special economic zones.
In a statement confirming the victory on Friday, Martins Odeh, the Head of Corporate Communications at NEPZA, revealed that Mr. Ogunyemi won a resounding 85% of the total vote share, backed heavily by a powerful voting bloc of African, European, and Latin American delegates.
The election took place during the organisation’s 11th Annual Congress in Panama City, an event that drew unprecedented political weight, including attendance from the presidents of both Panama and the Dominican Republic.
A Global Endorsement
The WFZO is a global network of thousands of free trade zones, which are a vital engine of global trade, allowing countries to establish tax-free manufacturing and logistics areas to attract multinational corporations.
Mohammed Alzarooni, the chairman of the WFZO, described the re-election as highly deserved, praising the Nigerian delegate’s “energy, commitment, and leadership” during his first tenure, which began following an election in Dubai in 2024.
Back home, the agency’s management expressed pride in the international recognition. Haleema Kamba, NEPZA’s Director of Corporate Services, stated that the agency was not surprised by the outcome, noting that Mr. Ogunyemi’s work was making a clear “impact on a global stage.”
Chasing Foreign Investment
For Nigeria, Africa’s most populous nation, maintaining a seat on the global board is seen as a key strategic advantage as the government attempts to diversify its economy away from a heavy reliance on crude oil exports.
Special Economic Zones (SEZs) have become a battleground for developing countries competing for manufacturing supply chains leaving Asia. Speaking after his victory, Mr. Ogunyemi argued that the international vote was proof that Nigeria’s regulatory environment is becoming increasingly competitive.
“The World Free Zone Organization remains the melting pot for Foreign Direct Investment (FDI) opportunities,” Mr. Ogunyemi said. “Nigeria and other African countries shall seize this opportunity of my being on the board to attract more FDIs to the continent.”
The win comes at a time when the Nigerian government is aggressively pushing economic reforms to stabilize its currency and attract external capital, viewing highly regulated, infrastructure-secure free zones as the ideal entry point for wary global investors.
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