Association Commends Buhari, Minister For Protecting US$20bn Free Zones Investment
The Nigeria Economic Zones Association (NEZA), the umbrella body of investors, has commended President Muhammadu Buhari and the Minister of Finance, Zainab Ahmed, for protecting over $20 billion investment in Nigerian Free Trade Zones.
The free zones have recently come under regulatory and fiscal intrusions from both the Customs Service and Revenue services, raising eyebrow about potential violations of the NEPZA Act under which investors entered the zones.
In a letter of appreciation to the Minister of Finance, the Executive Director of NEZA, Toyin Elegbede, described the ministerial and presidential interventions as a timely action to protect investors who invested in the zones, based on the Free Zone Act (NEPZA Act).
The association made reference to the minister’s letter with Ref. No. F. 18300/297, dated 18 March, 2021: “In respect of your intervention regarding the demand notices issued to our members, Messrs De United Foods Industries Limited and Multipro Consumer Products Limited respectively, by the Nigeria Customs Service (NCS), based on un-utilized PAAR value on finished goods.
“We are happy to note that the Federal Government, under the leadership of President Muhammed Buhari GCFR, has shown, through this intervention, that it is committed to ensuring the protection of our members investments, estimated at over 20 billion dollars across Free Trade Zones (FTZs) in Nigeria,” NEZA said.
The association noted that the consolidation amd preservation of the free zones under NEPZA Act is now more imperative in view of the new African Continental Free Trade Association (AFCFTA).
“We are equally delighted that this is coming on the heels of Nigeria appending her signature to the African Continental Free Trade Area (AFCFTA) Agreement.
“This will send a strong signal to our members as well as prospective investors in our Free Trade Zones that the Federal Government of Nigeria is ready to play the game by rules governing Free Trade Zones and Enterprises throughout the world,” the letter stated.
The group commended the minister’s “bold and sincere intervention” and urged her “to further examine some other obnoxious measures being introduced by some government agencies to frustrate investment in the Nigeria Free Trade Zones, with the purpose of reversing them.”
It would be recalled that the World Free Trade Zones Association recently described Nigerian free zones under NEPZA as “Nigeria’s saving grace within the advent and context of AFCFTA”
