The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has revealed that Nigeria's Free Trade Zones (FTZs) have generated over N650 billion in government revenue and created substantial employment opportunities. However, she noted that these zones have yet to reach their full potential.
Speaking at the third Special Economic Zones (SEZ) yearly meeting in Lagos, organized by the Nigerian Export Economic Zones Association (NEZA), the Nigerian Export Processing Zones Authority (NEPZA), and the Oil & Gas Free Zones Authority (OGFZA), Oduwole highlighted Nigeria's position among Africa's leading SEZ hubs.
She compared Nigeria's progress to Morocco, where 12 Free Trade Zones have flourished, attracting significant foreign investments in automotive and aerospace industries due to strategic policies and stability. In contrast, Nigeria's SEZ projects remain underdeveloped.
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The minister emphasized regulatory alignment with key agencies, including the Federal Inland Revenue Service (FIRS) and the Central Bank of Nigeria (CBN), to ensure competitiveness.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, stressed the need to update Nigeria's outdated tax laws to match global economic trends. NEPZA's Managing Director, Dr. Femi Ogunyemi, reaffirmed SEZs' role in driving investments and job creation.
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