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NEPZA rolls out achievements in outgoing year
From Sola Ojo, Abuja
The Minister of State for Industry, John Owan Enoh, on Thursday emphasised the importance of enhanced performance with a direct impact on Nigerians as a critical aspect of fulfilling the core mandate of agencies within the industrial sector of the Federal Ministry of Industry, Trade, and Investment.
Senator Enoh made this statement when the top management of the Nigeria Export Processing Zones Authority (NEPZA), led by the Managing Director/CEO, Dr Olufemi Ogunyemi, paid a courtesy visit to his office to present a progress report on the authority’s activities.
The minister urged NEPZA to prioritise industrial development initiatives that would positively affect Nigerians, aligning with the Renewed Hope Agenda of the current administration. He also expressed his willingness to collaborate closely with NEPZA’s leadership to achieve these goals, calling for sustained engagement to ensure success.
In his presentation, Dr Ogunyemi highlighted NEPZA’s commitment to repositioning itself through innovative initiatives aimed at fostering growth and excellence. He noted that, in line with the Renewed Hope Agenda, NEPZA expanded the Free Trade Zones and clusters to 55 across the country, creating 13,720 jobs within the past year.
The authority also registered 39 new enterprises, established three new trade zones, facilitated the development of the Lekki Deep Sea Port within the Lagos Free Trade Zone in record time, and attracted substantial Foreign Direct Investment (FDI).
Dr Ogunyemi revealed that NEPZA’s efforts resulted in $1 billion in FDI inflows during the year and contributed ₦425 billion in customs duties to the Nigeria Customs Service.
He further disclosed that NEPZA is collaborating with the Securities and Exchange Commission (SEC), the Nigerian Exchange Group (NGX), and other stakeholders to draft regulations for listing Free Zone Enterprises on the Nigerian Stock Exchange. According to him, this initiative will enable free zone entities to access additional financing through the Nigerian capital market, strengthen the framework for their participation in capital market growth, and enhance NEPZA’s regulatory oversight.
Dr Ogunyemi, however, appealed for the minister’s support to address several challenges faced by the authority. These include outdated legal and regulatory frameworks, a limited understanding of the Free Trade Zone concept, multiple taxation by revenue agencies, restricted access to foreign exchange, and inadequate infrastructure.