As Nigeria seeks to strengthen its position in the global export market, stakeholders are pushing for a more integrated regulatory framework for Special Economic Zones (SEZs).
At the 3rd Special Economic Zones (SEZs) Annual Meeting, stakeholders urged SEZ regulatory authorities to collaborate more closely with government agencies to boost export growth.
Specifically, they called on FIRS, NAFDAC, NIS, SON, DSS, and the NPF to streamline regulatory processes and improve operational efficiency.
Boosting Exports With Customs Support
Furthermore, participants emphasised the need for SEZ operators to strengthen their partnership with the Nigeria Customs Service (NCS).
By doing so, businesses could ramp up production and expand exports, particularly within Africa.
Additionally, they highlighted the Africa Continental Free Trade Area Agreement (AfCFTA) as a crucial opportunity for Nigeria to increase its export earnings.
Concerns Over Nigeria Tax Bill 2024
Also, stakeholders voiced concerns over the Nigeria Tax Bill 2024.
They criticised the proposal to remove tax incentives under the NEPZA and OGFZA Acts, arguing that such changes could discourage investment.
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In response, chairman of the presidential committee on fiscal and tax reform, Taiwo Oyedele, engaged directly with SEZ operators to address their concerns.
As a result, stakeholders resolved to participate actively in the National Assembly public hearing on tax reforms to advocate for business-friendly policies.
Government Commitment To SEZs
Meanwhile, the meeting acknowledged the federal government’s ongoing efforts to support SEZs.
According to him, the Ministry of Foreign Affairs has been repositioning Nigeria’s Economic Desk in foreign missions to attract Foreign Direct Investment (FDI).
At the same time, the African Union’s decision to designate Nigeria as Africa’s digital free zone hub created new opportunities.
As a result, stakeholders urged SEZ operators to integrate digital technologies into their operations to enhance competitiveness.
Finalising Offshore Banking Guidelines
Lastly, participants called on NEPZA, OGFZA, and the NEZ Association to work with the Central Bank of Nigeria (CBN) to finalise offshore banking guidelines.
By ensuring policy stability and regulatory efficiency, Nigeria could unlock the full potential of its SEZs and drive sustainable economic growth.
