The Nigerian government has disclosed that thus far, investments in its export processing zones have totaled $46.6 billion.
At the 30th anniversary of Nigeria’s free trade zone program, Prof. Adesoji Adesugba, Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), revealed this.
A free-trade zone is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulations and generally not subject to customs duty
He continued by saying that since NEPZA’s founding in 1992, the trade zones under its regulation had drawn over $30 billion in investments.
Adesugba observed that Nigeria’s FTZs were achieving their goal of accelerating industrialization and economic growth.
He continued by saying that since the program’s start in 1992, investments totaling over $30 billion have been attracted to the zones governed by NEPZA, while investments in the Oil and Gas Free Zones have totaled $16.6 billion since 1996.
The Special Economic Zones Training Institute, Kano would aid in filling the knowledge gap in the free zones program, he continued, adding that NEPZA has also formed Special Economic Zones Security outfit to professionally secure lives and investments in the zones.
“The authority also established an automated platform to digitize the operations of the scheme for enhanced efficiency and accountability,’’ he said.
He also noted that in the last 30 years, the scheme is operating under robust fiscal incentives as enunciated in the enabling Act, which enabled the Authority to checkmate attempts by revenue-generating agencies to overreach themselves in a collection of taxation and levies.