Nigeria Export Processing Zones Authority (NEPZA) and the House Committee on Public Accounts have resolved to activate regulations on Free Trade Zones and Enterprises within the zones to enforce maximum remittances to the Federation Account.
NEPZA and the committee arrived at the decision after the committee’s oversight tour of the Dangote Refinery and Petrochemicals FZE, and the Lagos Free Zone.
Dr Olufemi Ogunyemi, NEPZA’s Managing Director, assured that the Authority is committed to the transparent application of its regulatory powers.
In a statement from the Authority, Ogunyemi explained that most of the zones that were functional along with their enterprises, had been making remittances to the government, adding that regulation had to be strictly activated for prompt compliance by all.
“The Authority has again notified all operators of its readiness to strictly apply the regulation to achieve maximum compliance in this regard,” he said.
“I would like to assure the committee of our resolve to continue to uphold the tenets of transparency, accountability and fiscal probity in the management of the scheme.”
Ogunyemi expressed delight with the overall activities of both Lagos Free Zone and the Dangote Refinery, adding however, that they, and all FTZs in Nigeria, must do more to ensure compliance with their agreement with the government.
On his part, Rt. Hon. Bamidele Salam, Chairman of the Committee, expressed delight in the scheme, stating that it had led to seamless attraction of local and foreign investments.
Salam noted that the Free Trade Zones were meant to fast-track economic growth and industrialisation, stating that all regulations tailored towards the operators’ exercise of transparent businesses in the country would be activated to ensure complete remittances to the Federation Account.
“We are happy with what we have seen here so far. We recognise that both the Dangote Refinery and Petrochemicals FZE and the Lagos Free Zone are excellent examples of the successes made of the scheme by NEPZA.
“However, NEPZA must work harder to spread the scheme across other parts of the country for the sake of equity and balancing the industrialisation process.
“The committee understands that many of the zones are inactive for some reasons beyond us. The Managing Director of NEPZA and his team should do something quickly to avoid leaving those Operation Licenses in the hands of non-free trade zones operators.”
