Business and Economy
NEPZA Generates N6bn In Six Months, Amid Economic Challenges’
The Nigeria Export Processing Zones Authority, NEPZA, has generated no less than N6 billion within six months of this year as against N8 billion generated in 2023 amid economic .challenges.
Managing Director of NEPZA, Dr Olufemi Ogunyemi made this known during an over- sight visit to the Agency’s Headquarters in Abuja by the House Committee on Commerce and Investment led by its Chairman, Ahmed Muniru.
Dr Ogunyemi, explained that out of the N8 billion revenues generated last year, NEPZA remitted N4 billion to the Federation Account while the remaining N4 billion was retained by the Agency.
He said the Agency inherited 52 Free Trade Zones upon assumption of office last year, even as two new companies have already been given licences for expressing strong commitment to invest about $3 billion in the nation’s economy.
On challenges , he decried the continued conflicts between Government Agencies such as the Federal Inland Revenue Service,(FIRS) , Nigerian Customs Service(NCS) and NEPZA which he attributed to existing obsolete NEPZA Act 63 of 1992.
He also mentioned the challenge of inadequate infrastructure which has negatively hamper quick development of the Zones, a situation he stressed must be addressed.
According to him, there is no gainsaying that Free Trade Zones remains critical fo rapid industrialisation across the world hence, Nigeria should not be an exception.
Dr Ogunyemi also expressed concern over poor funding of the Agency and appealed to the National Assembly Committee to assist in increasing the Authority’s budgetary allocation beginning from 2025 financial year
Responding, the House Committee Chairman on Commerce and Investment, Hon. Ahmed Munir urged NEPZA to forward specific areas that needed amendment in Act ,63 of 1992 for quick redress as relying on the Executive Bill from the Executive may linger.
Hon Muniru similarly mandated the Agency to forward details of the 30 non functional trade Zones to the Committee to ascertain their status, challenges and find a way around settling their challenges.