NEPZA assures FTZs operators, enterprises, of maximum support

Oluwakemi Kindness

The Federal Government has assured operators of the Free Trade Zones that it is poised to boost global competitiveness of the scheme and not annihilate it as held in some quarters.

Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Dr Olufemi Ogunyemi, who stated this explained that the mandate of the scheme aims to fast-track industrialisation, non-oil trade, employment generation, export among others.

Dr. Ogunyemi, made the remarks at the 3rd Nigeria Economic Zones Association meeting in Lagos.

According to Dr. Olufemi, the Authority remains a product of law of the parliament positioned to drive economic growth through the Free Trade Zones scheme in line with global best practice.

The stakeholders have since the introduction of the proposed Tax Reform Bills 2024 raised concerns over there likelihood of destroying the scheme.

Dr. Ogunyemi, however said that the new tax policy was not completely bad, adding that the stakeholders should attend the public hearing on the bills to canvass their positions.

He explained that the proposed tax bills were aimed at harmonizing the country’s tax system, stating that they were not constructed to destroy the scheme.

“We are working behind the scene to ensure that genuine concerns of the stakeholders with regards to clauses that tended to have placated the scheme’s incentives are expunged in the interest of all.

“It is a public knowledge that His Excellency, President Bola Ahmed Tinubu GCFR remains the chief promoter of the SEZ scheme and therefore, he is committed to nurturing it to full maturity’’, Dr Ogunyemi.

The NEPZA boss, also said the association’s annual gathering highlighted stakeholders shared commitment to advancing the prosperity of Nigeria through the efficient operation and strategic utilization of our Special Economic Zones.

“The country’s economy is navigating challenging times that demand innovative thinking and strategic tools. The Renewed Hope Agenda of President Bola Ahmed Tinubu has laid out a robust framework to guide our economy toward revival through the 8 Presidential Priorities.

“ SEZs are positioned as a pivotal economic instrument to expedite the realization of 5 of these priorities, which are food security, poverty eradication, economic growth and job creation, inclusivity, and indirectly, security,’’ he said.

Dr Ogunyemi stated further that: “today’s event provides a critical platform to examine key issues, foster collaboration, and strengthen the synergies necessary to align SEZs with these Presidential priorities.

“Achieving this alignment calls for a concentrated focus on skill enhancement, industrialization, economic diversification, and export promotion. SEZs remain central to our mission to attract investment, create jobs, and establish globally competitive industries, he said.