The Nigeria Export Processing Zones Authority (NEPZA) has announced that Free Trade Zones generated N11.1 billion in revenue between 2020 and 2023. This clarification comes after an earlier submission to the Senate Committee on Trade and Investment mistakenly reported the figure as N11.11 trillion.
NEPZA Managing Director Dr. Olufemi Ogunyemi, speaking on Monday in Abuja, described the initial figure as a regrettable typographical error.
According to a statement by Dr. Martins Odeh, Head of Corporate Communications at NEPZA, the Authority generated N377.33 million in 2020. This amount increased to N3.11 billion in 2021. In 2022, the total remittances reached N3.44 billion, with an impressive N4.17 billion generated in 2023.
“The attention of management has been drawn to reports suggesting that the Authority remitted N11.11 trillion to the Federation Account as of October 2023,” the statement read. “This was a typographical error and is deeply regretted.”
Dr. Ogunyemi further detailed the contributions from various services within the Free Trade Zones. In 2023, the Nigeria Customs Service generated ₦59.38 billion, the Immigration Service received ₦828.7 million, and the Nigerian Ports Authority garnered ₦8.738 billion.
Dr. Ogunyemi highlighted NEPZA’s ongoing transformation efforts, aiming to make the scheme a sustainable economic gateway for the country. The focus is currently on three critical investment areas: Manufacturing (45%), Services (30%), and Oil & Gas (11%).
The scheme operates 53 Free Trade Zones, hosting 580 enterprises with a cumulative investment of USD 30 billion. NEPZA collects 20 types of revenues, including USD 500,000 for declaration fees, USD 60,000 annually for Operation Licenses (OPL), and USD 300 to USD 500 for registration fees, in line with regulations on internally generated revenue.
Additionally, the scheme charges USD 100 to USD 300 for examination and documentation fees per transaction, occurring daily.
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