NEPZA, Reps Agree To Strictly Enforce Free Trade Zones Rules

The Nigeria Export Processing Zones Authority (NEPZA) and the House of Representatives Committee on Public Accounts today recommitted to enforcing extant rules on operation of Tree Trade Zones.

This is to ensure prompt and full remittances of Free Trade Zones incomes into the Federation Account.

The two entities came to the agreement today during 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.

A statement by NEPZA’s Head of Corporate Communications, Martins Odeh, quoted the Managing Director/Chief Executive Officer of the Authority, Dr Olufemi Ogunyemi, as committing to the resolve.

Ogunyemi said NEPZA was now poised to enforce existing regulations to ensure complete compliance across the board.

“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 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.”

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He described the Lagos Free Zone and Dangote Refinery as key players in Nigeria’s industrial advancement, adding that there was need for all Free Trade Zones in the country to step up efforts to meet their obligations to the government.

Expressing satisfaction with the level of investment and industrial activities witnessed at the two zones, Chairman of the Public Accounts Committee, Bamidele Salam, he said the Free Trade Zone scheme must be continually refined to serve its primary objective of accelerating national economic growth and industrialisation.

“We are happy with what we have seen here so far.

“We recognise that both the Dangote Refinery & 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 of the industrialisation process”, he said, stating that the  Free Trade Zones are designed to catalyse industrial development.

He also underscored the importance of transparency to guarantee appropriate remittances to the Federation Account.