The Nigeria Export Processing Zones Authority (NEPZA) says Free Trade Zones Management Companies and enterprises operating within free zones must henceforth increase their production volumes for exports to justify government’s incentives and waivers that drive the scheme.
Dr Olufemi Ogunyemi, NEPZA’s Managing Director gave the directive after rounding-off his maiden inspection tours of some Free Trade Zones in Calabar and Lagos.
Ogunyemi, said that it is high time the scheme is used to attain balance of trade for the country.
According to him, “the Authority is more than ever prepared to upscale its monitoring and supervision to ensure that the 52 Free Trade Zones along with the over 600 licensed enterprises are supported to boost the economy significantly”.
Adding that, “The Federal Government is on the verge of auditing the contribution of the scheme to the economy. The time has come for all the Free Trade Zone Management Companies and their enterprises to justify government’s incentives and waivers”.
“Let me therefore urge free trade zones’ owners and enterprises to revert to the original reasons while they were granted licences to operate in these highly incentivized business environments which includes but not limited to high volume exports; employment generation; skills transfer; and foreign exchange earnings”.
“The Authority is currently intervening in all areas of concerns preventing enterprises within the zones from attaining economies of scale in their production lines”.
“We will also continue to ensure that the country’s interest still remain the fulcrum that drives the scheme”.
The locations so far visited by the managing director included the Calabar FTZ; Ogun-Guandong; Lagos FZ; Lekki Free Port; Dangote Refinery; Alaro City; Lekki; Eko Atlantic, Quit; NAHCO; Sky-Sheff; Caverton; ASL; as well as PAC.
