Managing Director of the Nigeria Export Processing Zones Authority, NEPZA, Dr Olufemi Ogunyemi,has reassured operators of Free Trade Zones in the country that the Federal Government remains committed to strengthening the scheme, not dismantling it.
Ogunyemi gave the assurance during the 3rd Nigeria Economic Zones Association meeting in Lagos. He emphasised that the Free Trade Zones play a crucial role in industrialization, non-oil trade, job creation, and exports, making it too valuable for the government to undermine.
Dr. Ogunyemi reaffirmed that NEPZA, as a legal entity established by parliament, is dedicated to driving economic growth in line with global best practices..
In a press statement signed by the Head, Corporate Communications of NEPZA, Dr Martins Odeh, says stakeholders have since the introduction of the proposed Tax Reform Bills 2024 raised concerns over there likelihood of destroying the scheme.
Dr Ogunyemi, further explained that the proposed tax bills were only aimed at harmonising the country’s tax system noting that the agency was 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 addressed in the interest of all
