The Managing Director of the Nigeria Export Processing Zones Authority, Olufemi Ogunyemi, has assured operators of Free Trade Zones that the Federal Government’s proposed tax reform bills are aimed at enhancing the scheme’s global competitiveness rather than dismantling it.
Speaking at the 3rd Nigeria Economic Zones Association meeting, Ogunyemi addressed concerns that the reforms might undermine the Free Trade Zones, emphasizing that the government remains committed to industrialization, non-oil trade, employment generation, and exports.
“The mandate of the scheme is too valuable for the government to circumvent.
“NEPZA remains a product of parliamentary law, strategically positioned to drive economic growth in line with global best practices,” he stated.
Since the introduction of the proposed Tax Reform Bills 2024, stakeholders have raised concerns about their potential impact on the scheme.
However, Ogunyemi reassured them that the bills were designed to harmonize the country’s tax system, not to dismantle the incentives supporting Free Trade Zones.
“We are working behind the scenes to ensure that genuine concerns about clauses affecting the scheme’s incentives are addressed.
“It is well known that President Bola Ahmed Tinubu is a strong advocate of Special Economic Zones (SEZs) and remains committed to their growth,” he said.
Ogunyemi encouraged stakeholders to participate in public hearings on the bills to express their positions.
He also emphasized the role of SEZs in achieving key national priorities under the Renewed Hope Agenda, including food security, poverty eradication, economic growth, job creation, and inclusivity.
“The country is facing economic challenges that require innovative thinking and strategic solutions. SEZs are critical to realizing five of the eight presidential priorities,” he explained.
He further stressed that collaboration between government agencies is essential for improving SEZ operations and ensuring world-class service delivery.
