NEPZA Boss: Economic Zones Remitted N11.1bn in Three Years

Stories by James Emejo in Abuja

Managing Director/Chief Executive, Nigeria Export Process Zones Authority (NEPZA), Dr. Olufemi Ogunyemi, said the country’s Free Trade Zones (FTZs) generated N11.1 billion between 2020 and 2023 as against the earlier N11.11 trillion erroneously captured in the authority’s submission to the Senate Committee on Trade and Investment.

He described the initial quoted figure as a regrettable ` typographical mishap.

He explained that the sum of N377.33 million was generated in 2020 while N3.11 billion accrued to the Federation Account in 2021 from the scheme.

He said total remittances from the scheme in 2022 stood at N3.44 billion while N4.170 billion came through in 2023.

In a statement issued by Head, Corporate Communications, NEPZA, Dr. Martins Odeh, Ogunyemi said the scheme currently has 53 FTZs habouring 580 enterprises with a cumulative value of $30 billion.

According to him, the authority collects 20 types of revenues ranging from $500,000 -Declaration fees, $60,000 annually as Operation License (OPL) and $300 to $500 Registration fees in line with extant regulations on IGR.

He said there is also between $100 to $300 Examination and Documentation fees per transaction which occur on a daily basis.

He said, “The Nigeria Export Processing Zones Authority (NEPZA) is the major driver of Government’s initiative to diversify the Nigerian economy. With attractive investment packages and a focus on economy-driven sectors, NEPZA provides investment opportunities in different sectors across the country.

“At the moment, the scheme focuses on three critical investment areas which included Manufacturing 45 per cent, Services 30 per cent, and Oil & Gas with 11 per cent active investment exploitation.”

He said, “The attention of the management has been brought to the news making around that the Authority remitted a whopping sum of N11.11 trillion to the Federation Account as at October 2023. This piece of information was a classical typograph error and it is regrettable.

“Let me emphatically state that the remittances from the Free Trade Zones from 2020 to 2023 stood at N11.1 billion only. We, are however making good progress to take the scheme to that point where it can generate such huge revenue for the government.

“For instance, in 2023, the Nigeria Customs Service (NCS) generated ₦59.38 billion, and the Immigration Services received ₦828.7 million from the free trade zones while the Nigerian Ports Authority (NPA) garnered ₦8.738 billion from the sub-sector.”