By Lucy Ogalue
The Nigeria Export Processing Zones Authority (NEPZA), says the country’s Free Zones have remitted N11.11 trillion to the Federation Account as of October 2023.
The Managing Director, NEPZA, Olufemi Ogunyemi, said this during an oversight visit of the members of the Senate Committee on Industry, Trade and Investment on Tuesday in Abuja.
According to Ogunyemi, this achievement underscores the importance of special economic zones (SEZs) in Nigeria’s economic landscape.
The News Agency of Nigeria (NAN) reports that the Nigerian SEZ scheme, governed by the NEPZA Act, allows for public, private, or public-private operations in these zones.
The managing director said the zones had facilitated wealth and revenue generation for various states and agencies.
“In 2023 alone, the Nigeria Customs Service (NCS) generated N59.38 billion, Immigration Services received N828.7 million, the Nigerian Ports Authority (NPA) garnered N8.738 billion, and states collected N998…
Source: News Agency of Nigeria
