The Nigeria Export Processing Zones Authority (NEPZA) has attracted over $491.8 million in foreign direct and local investments into the country as at 2023, NEPZA, Managing Director, Dr. Olufemi Ogunyemi, has said.
The agency was also able to generate over 211,359 direct and indirect jobs for Nigerians. Recall that NEPZ was established with the enactment of Decree [now Act] 63 of 1992 as a special economic zone scheme to jump-start and propel the country’s economy.
Currently, it has two funded public zones in Calabar and Kano while an additional two are in construction stages just as 25 functional private zones are spread across the country.
Ogunyemi gave the details when he received in the audience the Senate Committee on Industry Trade and Investment led by Umar Sadiqu on oversight function to the agency in Abuja.
Ogunyemi said: “Wealth has been created in the customs territory as a result of the free zones operations. For example, between 2019 and 2023, a total of over N1.62 trillion worth of cargo had been imported from free zones, scarce foreign exchange would have been expended if this were not done,” he said.
The NEPZA chief executive explained that remittances to the Federation Account as of October 2023 stood at N11.11 trillion while transfers to Consolidated Revenue Fund from 2013 to October 2023 stood at over N5.7 billion.
“Wealth and Revenue generation by other states and agencies in Nigeria as a result of the operations of the scheme have been encouraging. In 2023 alone, the Nigerian Customs Service (NCS) generated N59.38 billion, the Nigeria Immigration Service (NIS) got N8.73 billion while states got N998 million as pay as you earn (PAYE).”
He appealed to the committee to help address its challenges such as those of obsolete legal framework, incursions from other uninformed Nigeria regulators and excessive invitations from the National Assembly among others.
Responding, Sadique told the NEPZA boss that the Committee’s hands are tied, especially in the area of continued invitation by NASS.
“I must be frank with you; we can’t do anything about your frequent invitations by the National Assembly because of the principles of checks and balances. I will only advise you to put your house in order and keep your records up to date,” he said.
