The Nigeria Export Processing Zones Authority (NEPZA) and the House of Representatives Committee on Public Accounts have pledged to enforce regulations governing Free Trade Zones (FTZs) to ensure prompt and full remittances into the Federation Account.
This resolution followed an oversight visit by the House Committee to the Dangote Refinery and Petrochemicals Free Zone Enterprise and the Lagos Free Zone in Ibeju-Lekki, Lagos.
In a statement by NEPZA’s Head of Corporate Communications, Martins Odeh , the Managing Director/CEO, Dr. Olufemi Ogunyemi , reaffirmed NEPZA’s commitment to accountability and regulatory compliance. While acknowledging progress in remittances from some zones, Ogunyemi emphasized stricter enforcement of existing rules to achieve universal compliance.
“The Authority has again notified all operators of its readiness to strictly apply the regulation to achieve maximum compliance in this regard,” Ogunyemi stated. “I assure the committee of our resolve to uphold transparency, accountability, and fiscal probity in managing the scheme.”
Ogunyemi praised the Lagos Free Zone and Dangote Refinery as key drivers of Nigeria’s industrial growth but urged all FTZs to meet their obligations to the government.
The Chairman of the Public Accounts Committee, Bamidele Salam , commended the investments and activities at the two zones, highlighting their role in attracting local and foreign investments. However, he stressed the need to refine the FTZ scheme to accelerate national economic growth and industrialization.
Salam urged NEPZA to expand the FTZ framework to other regions for equitable industrial development.
“We are happy with what we’ve seen here so far. Both the Dangote Refinery and Lagos Free Zone exemplify the successes of the scheme. However, NEPZA must work harder to spread the scheme across other parts of the country for equity and balance,” Salam said.
He warned that compliance with fiscal regulations at these zones would set a benchmark for other operators, emphasizing the need to activate dormant zones.
Nigeria currently has The Nigeria Export Processing Zones Authority (NEPZA) and the House of Representatives Committee on Public Accounts have pledged to enforce regulations governing Free Trade Zones (FTZs) to ensure prompt and full remittances into the Federation Account.
This resolution followed an oversight visit by the House Committee to the Dangote Refinery and Petrochemicals Free Zone Enterprise and the Lagos Free Zone in Ibeju-Lekki, Lagos.
In a statement by NEPZA’s Head of Corporate Communications, Martins Odeh , the Managing Director/CEO, Dr. Olufemi Ogunyemi , reaffirmed NEPZA’s commitment to accountability and regulatory compliance. While acknowledging progress in remittances from some zones, Ogunyemi emphasized stricter enforcement of existing rules to achieve universal compliance.
“The Authority has again notified all operators of its readiness to strictly apply the regulation to achieve maximum compliance in this regard,” Ogunyemi stated. “I assure the committee of our resolve to uphold transparency, accountability, and fiscal probity in managing the scheme.”
Ogunyemi praised the Lagos Free Zone and Dangote Refinery as key drivers of Nigeria’s industrial growth but urged all FTZs to meet their obligations to the government.
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The Chairman of the Public Accounts Committee, Bamidele Salam , commended the investments and activities at the two zones, highlighting their role in attracting local and foreign investments. However, he stressed the need to refine the FTZ scheme to accelerate national economic growth and industrialization.
Salam urged NEPZA to expand the FTZ framework to other regions for equitable industrial development.
“We are happy with what we’ve seen here so far. Both the Dangote Refinery and Lagos Free Zone exemplify the successes of the scheme. However, NEPZA must work harder to spread the scheme across other parts of the country for equity and balance,” Salam said.
He warned that compliance with fiscal regulations at these zones would set a benchmark for other operators, emphasizing the need to activate dormant zones.
Nigeria currently has 42 active FTZs with over 500 licensed enterprises , including the Dangote Refinery and Lagos Free Zone, operating under NEPZA’s regulatory framework. , including the Dangote Refinery and Lagos Free Zone, operating under NEPZA’s regulatory framework.
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