Lagos, Nigeria — Stakeholders in Nigeria’s Free Trade Zones have voiced concerns over aspects of the 2024 Tax Bill, particularly proposals that could alter key fiscal incentives for the Special Economic Zones (SEZs).
These concerns were highlighted in a communiqué issued at the 3rd Special Economic Zones Annual Meeting, organized by the Nigeria Economic Zones Association (NEZA) in Lagos.
According to a statement signed by Mr. Toyin Elegbede, Executive Secretary of NEZA, stakeholders stressed the need for a tax framework that encourages sustainable inflows of local and foreign investments into the SEZ ecosystem.
They acknowledged the willingness of Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal and Tax Reform, to engage further with stakeholders regarding contentious provisions in the Tax Bill. This, they noted, reflects a commitment to repositioning the SEZ scheme for enhanced productivity.
In a bid to strengthen the SEZ framework, the meeting urged NEZA, the Nigeria Export Processing Zones Authority (NEPZA), and the Oil & Gas Free Zones Authority (OGFZA) to collaborate with the Central Bank of Nigeria (CBN) in finalizing guidelines for offshore banking within the SEZs.
Stakeholders also reaffirmed their commitment to fostering synergy for the advancement of smart infrastructure, circular economy initiatives, and cutting-edge manufacturing technologies, in partnership with the international business community.
The meeting concluded with a call for continuous dialogue to ensure policies support the long-term growth and competitiveness of Nigeria’s Special Economic Zones.
By Enoch Odesola|February 23, 2025.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
