… Pledges Support for Current Leadership
The Honourable Minister of State for Industry, Senator John Owan Enoh, has emphasized the importance of achieving impactful performance within the industrial sector, stressing the need for tangible benefits that directly improve the lives of Nigerians. He made this call on Thursday, December 19, while receiving a delegation from the Nigeria Export Processing Zones Authority (NEPZA), led by its Managing Director/CEO, Dr. Olufemi Ogunyemi, in his office.
The visit was aimed at presenting a progress report on NEPZA’s activities. Senator Enoh charged the agency to prioritize initiatives that align with the Renewed Hope Agenda of the current administration. He stressed the need for greater focus on industrial projects that deliver meaningful outcomes for Nigerians, reaffirming his commitment to collaborating with NEPZA’s leadership to achieve these goals.
In highlighting the achievement of NEPZA’s, Dr. Ogunyemi, in his presentation, highlighted NEPZA’s achievements and outlined ongoing efforts to reposition the authority for growth and excellence. He noted that under the current administration, NEPZA has expanded its Free Trade Zones (FTZs) and clusters to 55 across the country, creating 13,720 jobs in the process.
Registration of New Enterprises and Trade Zones: 39 new enterprises and three additional trade zones were registered during the review period.
Facilitation of Major Projects: The Lekki Deep Sea Port development within the Lagos Free Trade Zone was completed in record time.
Foreign Direct Investment (FDI): NEPZA attracted $1 billion in investments through its trade zones in 2023 alone.
Customs Revenue Contribution: Trade zones contributed ₦425 billion in customs duties to the Nigeria Customs Service.
Dr. Ogunyemi also revealed NEPZA’s collaboration with key stakeholders such as the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NGX) to draft regulations that will enable Free Zone Enterprises to list on the Nigerian Stock Exchange. This initiative aims to provide free zone entities with access to additional financing, enhance capital market growth, and improve regulatory oversight.
READ ALSO:
Nigeria’s $42.01 Billion External Reserves Can Sustain Over Nine Months of Imports – CBN
HEDA, NiMet, NIHSA to host train- the -trainer workshop on climate prediction and flood forecasting
Book Launch: Author highlights benefits of therapy in checking trauma, pain
In calling for support to address challenges, Dr. Ogunyemi appealed for the Minister’s support in overcoming the challenges facing NEPZA. He outlined several issues, including:
Outdated legal and regulatory frameworks.
Limited understanding of the Free Trade Zone concept.
Multiple taxation by revenue agencies.
Inadequate access to foreign exchange.
Senator Enoh assured NEPZA of his backing, reiterating the administration’s commitment to fostering an enabling environment for industrial growth and innovation. He encouraged continued engagement and collaboration to ensure the agency fulfills its mandate effectively.
