The Nigeria Export Processing Zones Authority (NEPZA)has disclosed that it generated N6 billion in the first six months of this year.
This is an improvement compare to the N8 billion in generated at the end of 2023.
Managing Director of NEPZA, Dr Olufemi Ogunyemi, disclosed this on Tuesday in Abuja, during an oversight visit by members of the House of Representatives Committee on Commerce and Investment, led by the Chairman, Ahmed Munir.
He explained that out of the N8 billion generated in 2023, N4 billion was remitted to the Federal Government while N4 billion was retained in the agency’s coffers.
According to Ogunyemi, upon assumption of office, he inherited 52 free trade zones and had given licences to an additional two that have expressed a commitment to invest about $3 billion in Nigeria.
He decried interagency rivalry between NEPZA and other agencies such as the Federal Inland Revenue Service, and Nigerian Customs Service, a situation he attributed to the obsolete NEPZA Act of 1992.
The managing director further lamented the poor state of infrastructure in free trade zones in spite their critical role played in the country’s industrialisation s well as poor funding to the agency.
Responding, the Committee Chairman advised the NEPZA boss to take swift action, as this would ensure quick amendments to its Act and enable him to achieve his mandate.
Munir urged NEPZA to forward to the House specific areas in the Act that needed amendment for quick redress, as relying on the Executive Order might linger and delay implementation.
He also urged the authority to forward details of the nonfunctional trade zones to the House to enable it ascertain their status and determine a path forward.
