Nigeria’s Export Free Zones have attracted over $300 billion in investments as of January 2024, generating N650 billion in government revenue and creating more than 100,000 direct and 500,000 indirect jobs.
These figures, confirmed by the Nigeria Economic Zones Association—a coalition of 98 operators in the zones—were detailed in a communiqué following an emergency meeting to address the impact of proposed tax reform bills.
The revenues were generated through key agencies, including the Nigeria Customs Service, Nigerian Ports Authority, and Free Zone Regulatory Authorities. Tax collections like Pay As You Earn (P.A.Y.E.) also contributed.
The communiqué highlighted concerns over the proposed tax reform bills, particularly provisions that could repeal laws granting tax exemptions to enterprises in the free zones. Operators warned that such amendments might lead to capital flight and job losses and hinder Nigeria’s industrialization and export growth.
They urged the Federal Government to amend the bill, protect the free zone scheme, and exclude certain sections detrimental to its success, such as Sections 60, 198(2), and 198(3).
REPORTER: OSSOM RAPHAEL, ADBN NEWS.
