The Nigeria Export Processing Zones Authority (NEPZA) clarified that Free Trade Zones contributed only N11.1 billion between 2020 and 2023, correcting an earlier erroneous submission of N11.11 trillion. Dr. Olufemi Ogunyemi, NEPZA’s Managing Director, acknowledged the mistake as a typographical error during his statement to the Senate Committee on Trade and Investment in Abuja on Monday.
Dr. Ogunyemi detailed the actual figures, stating that N377.33 million was generated in 2020, N3.11 billion in 2021, N3.44 billion in 2022, and N4.17 billion in 2023. He emphasized that the erroneous N11.11 trillion figure had caused confusion and clarified that the correct remittances totaled N11.1 billion over the mentioned period.
Regarding revenue distribution, Dr. Ogunyemi highlighted contributions to other government agencies: in 2023 alone, the Nigeria Customs Service received ₦59.38 billion, Immigration Services ₦828.7 million, and the Nigerian Ports Authority ₦8.738 billion from Free Trade Zones.
NEPZA aims to enhance the Free Trade Zones into sustainable economic gateways, focusing on sectors such as Manufacturing (45%), Services (30%), and Oil & Gas (11%). Currently, 53 Free Trade Zones host 580 enterprises with a cumulative investment value of USD 30 billion.
The Authority also collects various revenues including USD 500,000 for declaration fees, USD 60,000 annually for Operation License (OPL), and USD 300 to USD 500 for registration fees, all in line with existing regulations.
Overall, NEPZA seeks continued support to further develop the scheme and maximize its potential as a cornerstone of Nigeria’s economic diversification efforts.
E-Signed:
Martins Odeh, Ph.D
Head of Corporate Communications, NEPZA