The Federal Government, through the Nigeria Export Processing Zones Authority (NEPZA) and the House of Representatives Committee on Public Accounts, has announced plans to enforce stricter regulatory measures on Free Trade Zones (FTZs) and their operating enterprises, aiming to ensure full remittance of revenues to the Federation Account.
This renewed commitment was made during an oversight visit by the committee to the Dangote Refinery & Petrochemicals Free Zone Enterprise and the Lagos Free Zone on Wednesday. The visit was part of a broader strategy to assess compliance levels and reinforce accountability within the nation’s free trade zones.
In a statement signed by Martins Odeh, Head of Corporate Communications at NEPZA, Olufemi Ogunyemi, the Authority’s Managing Director/CEO, affirmed NEPZA’s dedication to enforcing its regulations transparently and effectively.
He noted that while many active zones had been contributing to government revenue, there was still room for improvement in 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.
“ 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 said.
Ogunyemi commended the progress and contributions of the Lagos Free Zone and Dangote Refinery but emphasised that all FTZs in Nigeria must adhere fully to the terms of their agreements with the government, especially regarding remittances.
Bamidele Salam, Chairman of the House Committee on Public Accounts, also commended the performance of the FTZs visited, acknowledging their role in attracting both local and foreign investment. However, he stressed that the zones must live up to their obligations.
Salam, however, noted that the Free Trade Zones were meant to fast-track economic growth and industrialisation, adding that all regulations tailored toward 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 & 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 MD/CEO of NEPZA and his team should do something quickly to avoid leaving those Operation Licenses in the hands of non-free trade zone operators, the committee chairman said.
