Nigeria's FG Tightens Regulations for Special Economic Zones
The Federal Government of Nigeria is taking steps to tighten the regulatory framework governing the country's Special Economic Zones (SEZs) to protect legitimate investors and close loopholes that have allowed abuse of the Free Zones scheme. Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, provided this assurance as the Special Economic Zones Legislative and Regulatory Reform Committee began a drafting retreat aimed at revising legislative and regulatory instruments.
The retreat included representatives from the Federal Ministry of Justice, the Federal Ministry of Industry, Trade and Investment, the Nigeria Export Processing Zones Authority, the Oil and Gas Free Zones Authority, the Nigeria Customs Service, and the Nigeria Revenue Service. Oduwole emphasized that the reforms are not intended to dismantle the Free Zones regime or withdraw existing incentives, such as duty-free importation of capital goods and tax exemptions on qualifying export profits.
The initiative follows increased scrutiny of the Free Zones scheme due to allegations of goods being diverted into the domestic market.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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