The Federal Authorities has reiterated dedication in supporting operators of Free Commerce Zones, FTZs to spice up the worldwide competitiveness of the scheme.
Olufemi Ogunyemi, the managing director of the Nigeria Export Processing Zones Authority, NEPZA, stated this in an announcement on Saturday.
Mr Ogunyemi spoke on the third Nigeria Financial Zones Affiliation assembly in Lagos.
Mr Ogunyemi stated the mandate of the scheme, geared toward fast-tracking industrialisation, non-oil commerce, employment technology and export was too treasured for the federal government to bypass now.
He stated the authority remained a product of legislation of the parliament positioned to drive financial development via the FTZs scheme according to international greatest apply.
In line with him, stakeholders have because the introduction of the proposed Tax Reform Payments 2024 raised issues over their chance of destroying the scheme.
Mr Ogunyemi, nonetheless, stated the brand new tax coverage was not utterly dangerous, including that the stakeholders ought to attend the general public listening to on the payments to canvass their positions.
He stated the proposed tax payments had been geared toward harmonising the nation’s tax system and never constructed to destroy the scheme.
“We’re working behind the scene to make sure that real issues of the stakeholders on the subject of clauses that tended to have placated the scheme’s incentives are expunged within the curiosity of all.
“It’s a public data that President Bola Tinubu stays the chief promoter of the Particular Financial Zones (SEZs) scheme and due to this fact, he’s dedicated to nurturing it to full maturity,” Mr Ogunyemi stated.
The NEPZA boss additionally stated the affiliation’s annual gathering highlighted stakeholders shared dedication to advancing the prosperity of Nigeria via the environment friendly operation and strategic utilisation of our SEZs.
“The nation’s financial system is navigating difficult occasions that demand progressive pondering and strategic instruments.
“The Renewed Hope Agenda of Tinubu’s administration has laid out a sturdy framework to information our financial system towards revival via the eight Presidential Priorities.
“The SEZs are positioned as a pivotal financial instrument to expedite the realisation of 5 of those priorities, that are meals safety, poverty eradication, financial development and job creation, inclusivity, and not directly, safety,’’ he stated.
In line with Mr Ogunyemi, the occasion supplies a crucial platform to look at key points, foster collaboration, and strengthen the synergies essential to align SEZs with these Presidential priorities.
“Reaching this alignment requires a concentrated concentrate on ability enhancement, industrialization, financial diversification, and export promotion.
“The SEZs stay central to our mission to draw funding, create jobs, and set up globally aggressive industries.
“Our agenda displays the complexity and strategic significance of the SEZ ecosystem, overlaying subjects important to Nigeria’s financial trajectory,” he stated.
In line with Mr Ogunyemi, enhanced collaboration between authorities businesses is essential to bettering SEZ operations and delivering world-class companies.
“Notably, AfCFTA information highlights Nigeria’s strategic function as a central hub in Africa’s commerce routes, emphasising the necessity for concerted efforts to make sure the nation doesn’t develop into a dumping floor for items from different African nations.
“Nigeria has nurtured the SEZ scheme for greater than three a long time, and the fruits are simply beginning to manifest. The SEZ common cumulative annual development price for export stands at 0.79 per cent whereas home export is 3.26 per cent,” he stated.
In line with Mr Ogunyemi, International Direct Funding, FDI, has grown at a mean annual price of three.68 per cent, whereas LDI exhibits a development price of 1.49 per cent.
He stated different key indicators included backward linkage at 2.80 per cent, responsibility (Customized Obligation and VAT) at 3.34 per cent, and PAYE at 4.21 per cent.
The NEPZA boss stated it was crucial to concentrate on executing strategic reforms that accelerated this development trajectory whereas safeguarding its progress.
In line with him, these reforms should foster a symbiotic relationship between buyers and the nation.
“In mild of AfCFTA’s acceptance of SEZ-produced items, Nigeria should undertake insurance policies that appeal to FDI, improve investor belief, and make funding processes aggressive and seamless.
“I reiterate NEPZA’s unwavering dedication to collaborating with all stakeholders to construct a thriving SEZ ecosystem.
“Collectively, we will place Nigeria as a frontrunner in industrialisation and commerce, fostering sustainable financial development for generations to return,” he stated.
NAN
