The Nigeria Export Processing Zones Authority, NEPZA, and the House of Representatives Committee on Public Accounts have resolved to intensify enforcement of regulations governing businesses operating within the country’s Free Trade Zones, FTZs.
NEPZA said the move would ensure optimal remittance of revenues into the Federation Account.
The parties reached the resolution during an oversight visit by the committee to the Dangote Refinery and Petrochemicals Free Zone Enterprise, FZE, and the Lagos Free Zone, both located in Lagos, on Wednesday.
In a statement issued on Friday by NEPZA’s Head of Corporate Communications, Dr. Martins Odeh, the Authority reaffirmed its commitment to transparency and strict regulatory compliance across all FTZs.
Welcoming the committee, NEPZA’s Managing Director and Chief Executive Officer, Dr. Olufemi Ogunyemi, emphasized that while many of the operational zones and their enterprises had recorded fair levels of remittance, there was a need for more stringent enforcement to achieve full compliance.
“The Authority has reiterated to all operators its readiness to apply the regulations strictly in order to ensure maximum compliance. We remain committed to the principles of transparency, accountability, and fiscal discipline in managing the scheme,” Ogunyemi stated.
He commended the activities within the Lagos Free Zone and the Dangote Refinery, but stressed that all FTZs across the country must intensify efforts to fulfill their obligations under the scheme.
Also speaking, Chairman of the House Committee on Public Accounts, Rt. Hon. Bamidele Salam, expressed satisfaction with the achievements of the scheme, noting that it had significantly enhanced the inflow of both local and foreign investments.
Salam, however, stressed that FTZs were established to fast-track economic growth and industrialization, and must therefore operate under full regulatory compliance.
“We are impressed with what we have seen so far. The Dangote Refinery and the Lagos Free Zone are commendable examples of how NEPZA’s scheme can yield impactful results.
“Nonetheless, NEPZA must intensify efforts to extend this success to other regions to ensure equitable distribution of industrial development,” Salam said.
He further noted concerns over the inactivity of several zones, urging the NEPZA management to urgently address the issue and prevent operational licenses from remaining in the hands of non-performing entities.
