The Federal Government of Nigeria, through the Nigeria Export Processing Zones Authority (NEPZA) and the House of Representatives Committee on Public Accounts, has announced plans to intensify regulatory enforcement on Free Trade Zones (FTZs) to ensure full revenue remittance to the Federation Account.
During an oversight visit to the Dangote Refinery and Lagos Free Zone, NEPZA’s Managing Director, Olufemi Ogunyemi, reaffirmed the agency’s commitment to transparency, accountability, and fiscal responsibility. He warned that stricter compliance measures would be applied across all FTZs, as some zones still fall short in meeting remittance obligations.
While commending compliant operators like Dangote and Lagos Free Zone, Ogunyemi stressed that all FTZs must honor their agreements with the government.
According to him, “The Authority has again notified all operators of its readiness to strictly apply the regulation to achieve maximum compliance in this regard.
“ I would like to assure the committee of our resolve to continue to uphold the tenets of Transparency, Accountability and Fiscal Probity in the management of the scheme,” Ogunyemi said.
Chairman of the House Committee on Public Accounts, Bamidele Salam, praised the performance of the zones visited, highlighting their role in attracting both local and foreign investment. He, however, stressed the need for all FTZs to meet their obligations, particularly regarding remittances.
Salam noted that the Free Trade Zone initiative was designed to accelerate economic growth and industrialisation. He affirmed that all necessary regulations would be enforced to promote transparent business operations and ensure complete remittance to national coffers.
While lauding the success of the Lagos Free Zone and Dangote Refinery as models, Salam called on NEPZA to expand the scheme to other regions to promote equity and balanced industrial development nationwide.
