NEPZA, House of Representatives Committee Join Forces to Boost Nigeria’s Economy

In a move to enhance Nigeria’s economic growth, the Nigeria Export Processing Zones Authority (NEPZA) and the House of Representatives Committee on Public Accounts have resolved to strictly enforce regulations guiding operations within Free Trade Zones.

This decision aims to ensure prompt and full remittances into the Federation Account, promoting transparency, accountability, and fiscal probity.

During an oversight visit to the Dangote Refinery and Petrochemicals Free Zone Enterprise and the Lagos Free Zone, the Committee expressed satisfaction with the level of investment and industrial activities in these zones. However, they emphasized the need for all Free Trade Zones to meet their obligations to the government and for NEPZA to expand the scheme to other regions, ensuring equity and balance in the nation’s industrialization process.

NEPZA’s Managing Director, Dr. Olufemi Ogunyemi, reaffirmed the Authority’s commitment to accountability and regulatory compliance, noting that while some zones have fared well in remittances, others need to step up their efforts. The Authority has notified all operators of its readiness to strictly apply regulations to achieve maximum compliance.

With 42 active Free Trade Zones and over 500 licensed enterprises, Nigeria is poised to catalyze industrial development and attract both local and foreign investment.

The Dangote Refinery and the Lagos Free Zone, licensed under NEPZA’s regulatory framework, will serve as a benchmark for other operators in the scheme.

This collaborative effort between NEPZA and the House of Representatives Committee is expected to have a positive impact on Nigeria’s economy, promoting industrial growth, and ensuring that the Free Trade Zone scheme serves its primary objective of accelerating national economic growth and industrialization.