Stakeholders in Nigeria’s Special Economic Zones have called for stronger collaboration between Free Zones Regulatory Authorities and key government agencies to enhance operational efficiency and streamline regulatory processes.
According to a statement, participants at the recently held 3rd SEZs Annual Meeting in Lagos, urged regulatory bodies, including the Federal Inland Revenue Service, National Agency for Food and Drug Administration and Control, Nigeria Immigration Service, Standards Organisation of Nigeria, Department of State Services, and the Nigeria Police Force, to work more closely in ensuring smooth SEZ operations.
A communique issued at the end of the meeting underscored the need for SEZ operators to leverage improved cooperation with the Nigeria Customs Service to boost the production of export-oriented goods, particularly for the African market.
“The NCS circular on the movement of operational vehicles and the procedural code for specific capital goods within SEZs is a significant step towards seamless trade,” the communique stated.
Stakeholders also emphasised the importance of maximising the benefits of the Africa Continental Free Trade Area Agreement to increase Nigeria’s export earnings.
While acknowledging the role of SEZs in driving economic growth, participants raised concerns over the Nigeria Tax Bill 2024, particularly the proposed removal of sections in the Nigeria Export Processing Zones Authority/ Oil and Gas Free Zones Authority Acts that provide tax incentives to SEZ operators.
The communique noted that the Chairman of the Presidential Committee on Fiscal and Tax Reform, Taiwo Oyedele, expressed willingness to engage further with stakeholders to address their concerns regarding the bill.
It stated, “Stakeholders resolved to participate actively in the upcoming National Assembly public hearing on the Tax Reform Bill to advocate a business-friendly regulatory framework that supports both local and foreign investments in SEZs.”
The National Assembly public hearings began on February 24, 2025.
Further, stakeholders lauded the Federal Government’s commitment to prioritising SEZs as part of its industrialisation and economic transformation agenda. They also acknowledged the progress made through the Ministry of Foreign Affairs in repositioning Nigeria’s Economic Desk in foreign missions to attract Foreign Direct Investment into SEZs.
Participants commended the African Union for designating Nigeria as the hub of digital free zones in Africa, adding, “Regulatory authorities and free zone enterprises must harness this status by exporting digital services and integrating digital technologies into manufacturing processes to enhance competitiveness and productivity.”
In addition, the meeting resolved to strengthen collaboration in developing smart infrastructure, circular economy initiatives, and advanced manufacturing technologies with the international business community.
The communique further highlighted the need for the leadership of the Nigeria Economic Zones Association, NEPZA, and OGFZA to engage with the Central Bank of Nigeria in finalising guidelines for offshore banking in SEZs.
Stakeholders reaffirmed their commitment to ensuring SEZs remain a vital driver of Nigeria’s economic growth and industrialisation efforts.
